Charitable Donation

This calculator estimates the after-tax cost of a charitable donation.
Ontario
Net income (maximum value $1,000,000)
100,000
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Net Income
Enter the net income amount from line 234 of your personal income tax return. This calculator assumes your taxable income (line 260) is the same as net income.
Charitable donation amount (maximum value $75,000)
20,000
X
Input Error: Charitable Donation Amount
Enter an amount between $200 and $75,000, the maximum allowable amount.
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Type of donation
Up to 75% of net income can be claimed as charitable donations. In the year of death or the year preceding death, 100% of net income can be claimed as donations.
Taxes Owed
$21,659
$13,667
Without Donation
With $20,000 Donation
Results
Without
Donation		With
Donation
Net income$100,000$100,000
Income tax$21,659$21,659
Donation tax credit$0$7,992
Taxes owed$21,659$13,667
Charity receives$20,000
Donation tax credit$7,992
After-tax cost of donation$12,008


Expand Donation Credit Calculation
Donation amount$20,000
First $200 of donation$200
Balance of donation$19,800

Provincial CreditTax Credit RateTax Credit Amount
On first $200 of donation5.05%$10
On next $19,800 of donation11.16%$2,210
Total Provincial CreditA$2,220

Federal Credit
On first $200 of donation15.00%$30
On next $19,800 of donation29.00%$5,742
33.00%$0
Total Federal CreditB$5,772

Total Donation Tax CreditA+B$7,992

 
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Assumptions
This calculator is for illustration purposes only and is not intended to calculate your actual tax liability. Calculations use 2024 donation tax credit rates. The regular donation claim limit is $75,000 or 75% of net income. Net income is used as taxable income in the tax calculations. Calculations use marginal tax rates as of January 2024. Rates take all federal and provincial taxes and surtaxes into account and the basic personal tax credit.


Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results.©Copyright 2024 Ativa Interactive Corp. All rights reserved. Powered by Ativa.com.