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Tax Deduction Calculator

Tax Deduction Calculator

It's Easy! Just enter the donation amount into the form and it will automatically calculate the tax credit amounts, as well as the net cost of your donation.

Donation amount:   $  

Tax receipt:   $ 0
Tax credit (on first $200):   $ 0
Tax credit (anything above $200):   $ 0

Total tax credit:   $ 0

Net cost of donation:   $ 0
 
 
This calculation assumes the donor is an Ontario resident; as provincial tax rates vary across Canada. Individuals can claim up to 75% of their net income in charitable donations each year. Any unused tax credit can be carried forward for up to five years. 
 
The formula used in the calculation is 20.05% x donation amount up to $200 + 40.16% x donation amount above $200. Based on Federal Tax Credit: 15% on donation amount up to $200 then 29% on remainder and Ontario Provincial Tax Credit of 5.05% on donation up to $200 then 11.16% on remainder.
 
For gifts from an estate, this tax calculator may not capture all of the available tax benefits. It is recommended that you discuss your intended donation as well as specific calculations with your personal financial, legal or tax advisor.
 

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