053 | Year End Charitable Contributions
During the holiday season, many people look for ways to combine their desire to help causes they are passionate about, with their desire to save on taxes.
Canada Revenue Agency offers #tax breaks on Charitable Contributions that are made before December 31st of each year. Generally, if you itemize your deductions, making charitable contributions can decrease your tax bill, thus enjoying a particularly large tax benefit from charitable contributions.
According to statistics, most donations to nonprofits occur in the last three months of the year, but 30% of all annual donations are made in December. What’s more, from the 29th to the 31st of December, nonprofits receive 10% of their total annual giving. That’s 10% of the entire year’s donations in the last 3 days!
So as the year comes to an end, we hope you will reach out to your favorite causes and make a difference leaving a positive footprint along your life's journey. We support The Kevin Richardson Foundation throughout the year and are passionate about saving lions in the wild.