Year end giving tips for seniors PDF Print E-mail

Year end giving tips for seniors

Making a year end donation to get a tax credit can be tough for cash strapped seniors, especially on a fixed income. Here are some tips that will help your small donations put money back in your pocket:

Get a receipt. If you only have a few dollars a month you can spare to donate, getting a tax receipt can be tough. One good way to get a tax credit for a small monthly donation is to sponsor a child through an organization like Christian Children's Fund of Canada. You will have your receipt well before the time you do your taxes.

Every bit counts - so use your leftovers. Sure, you may only have a few dollars to spend - but think what that might mean to a family who lives on less than a dollar a day! Websites like www.ccfcanada.ca offer a gift catalogue where $15 can buy food or school supplies for a child-in-need. If you don't have the Internet but have a few dollars you can request a print catalogue by calling 1-800-263-5437.

Unused life insurance policy. Do you have a life insurance policy you don't need because your children are grown? There is an immediate and very significant tax credit available for using this policy to make your year end donation - and it doesn't cost you a cent! For more information about this type of gift call Dorothy Tam, CFRE, Christian Children's Fund of Canada, 1-800-263-5437 ext. 525.

- News Canada

 

 
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