You may have heard that if you save your charitable donation receipts over the years, it will give you back more money. THIS IS 100% TRUE!!
You are refunded 15% of donations $200 and under but are refunded 29% for anything over $200.
For instance, if you claimed $100 in charitable donation receipts every year for 5 years, the total it would give you in ‘extra’ refund is $15 a year for a total of $75.00 over 5 years. You received 15% of the first $200 you contributed to charities each year.
If you had saved those receipts and claimed $500 all in one taxation year (instead of each year), you would have received 15% for the first $200, which is $30 and you would have received 29% for the other $300, which is $87.00. So that is a total of $117 instead of the $75.
If you plan on claiming them only every 5 years – do NOT submit them to me each year. The accumulation of donation receipts rests squarely on your shoulders.
