It’s Time to Stretch!
Approximately 84% of Canadians give to charity. In recognition, the government allows donors to claim a tax credit. Imagine Canada, the umbrella organization representing Canadian charities, is proposing that the federal government increase this tax credit to encourage and recognize the importance of charitable donations. The proposal is called the Stretch Tax Credit.
The Stretch Tax Credit would increase the federal charitable tax credit on giving that exceeds a donor’s previous highest giving level. The tax credit would increase from 15% to 25% for eligible amounts below $200, and from 29% to 39% for eligible amounts above $200. The credit is intended to encourage more Canadians to give, and especially to encourage those who already give to give more.
“Imagine Canada exists to work alongside other charitable sector organizations – and often in partnership with the private sector, governments and individuals in the community – to ensure that charities continue to play a pivotal role in building, enriching and defining our nation” (Imagine Canada website).
Donors might wonder “Well, how exactly will it benefit me?” We know charities are important and the demands for their services continue to rise. The Stretch Tax Credit would be available to help all donors stretch their giving year after year. The proposed credit would be beneficial to many Canadians, and to charities as well, in one way or another. It is a win-win situation.
For more general questions and information on the Stretch Tax Credit,
To learn more about the proposed implementation, visit: http://www.imaginecanada.ca/sites/default/files/stretch-implement-faq-en.pdf
How people can get involved and spread the word.
By visiting the Imagine Canada website, you are able to take action in just 4 easy steps. http://www.imaginecanada.ca/our-programs/public-policy/its-time-stretch#block-block-111
Follow #StretchCredit on Twitter and see what others have to say about the Stretch Tax Credit. http://www.imaginecanada.ca/our-programs/public-policy/its-time-stretch#block-block-131
If you would like to stay connected and up to date on The Stretch Tax Credit proposal or would like to learn more, visit: http://www.imaginecanada.ca/our-programs/public-policy/its-time-stretch#block-block-141