70% of Canadians support new charity credit

Nearly 70% of Canadians support the “First-Time Donor’s Super Credit” introduced in the federal budget, according to a BMO Harris Private Banking study.

The report also found:

• 93% of Canadians feel that the new credit will encourage more charitable giving or maintain current levels of support.
• 50% of young Canadians (18-34 years old) say that they will contribute more to charities because of the new credit.

The “First-Time Donor’s Super Credit,” which is available until 2017, is aimed at encouraging Canadians, and particularly younger people, to support charities by giving new donors an extra, one-time 25% tax credit for cash donations up to a maximum of $1,000.

According to Statistics Canada, Canadians gave almost $8.5 billion to charitable causes during the 2011 tax year, an average of almost $1,500 per tax filer.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.