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By Nicola Elkins, CEO/Founder, BenefAction

tax-filing-for-charity-1 (1)(1)

1. Gift to a registered charitable organization.

If you want to claim a charitable contribution, you must have made a donation during the tax year to a registered charitable organization or other qualified donee, and submit a valid donation receipt with your tax return.

2. Determine which spouse should claim the donation.

Gifts may be claimed either by the person who made the gift, or by the spouse or common-law partner of the person who made the gift. Calculate the claim on Schedule 9 Donations and Gifts, and add the amount to the non-refundable credits on Schedule 1 Federal Tax, line 349.

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Your invitation to the TE Wealth Speaker Series event: The Art of Charitable Giving Never believe that a few caring people can’t change the world. For, indeed, that’s all who ever have. — Margaret Mead You don’t need to have millions to be a philanthropist. Master the art of meaningful giving that lasts by learning […]

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via The Globe and Mail | March 27, 2015

Wesley and Eva are just months away from paying off their mortgage and are wondering whether they can afford to move up to a larger home in the same neighbourhood.

He is 37, she is 39. They have two children, ages 5 and 7.

Together, they bring in more than $220,000 a year, he as a civil servant, she as an executive with a non-profit organization. Both have defined-benefit pension plans.

“While we are very happy in our smallish townhome in a great neighbourhood, we are wondering if we are able to afford to move to a larger home in the next five years to accommodate our growing children without compromising our ability to rent a summer cottage and/or travel during the summer months,” Wesley writes in an e-mail.

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via The Globe and Mail | March 27, 2015

Wesley and Eva are just months away from paying off their mortgage and are wondering whether they can afford to move up to a larger home in the same neighbourhood.

He is 37, she is 39. They have two children, ages 5 and 7.

Together, they bring in more than $220,000 a year, he as a civil servant, she as an executive with a non-profit organization. Both have defined-benefit pension plans.

“While we are very happy in our smallish townhome in a great neighbourhood, we are wondering if we are able to afford to move to a larger home in the next five years to accommodate our growing children without compromising our ability to rent a summer cottage and/or travel during the summer months,” Wesley writes in an e-mail.

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