Tax Credits
Tax Credits for Political Contributions
Although contributions can take the form of money, goods or services, only a contribution of money to a registered political party, a registered electoral district association or a candidate qualifies for an income tax credit under the Income Tax Act. According to a Canada Revenue Agency interpretation, a monetary contribution to a candidate is eligible for a credit only if it is received between the date that the candidate’s nomination is confirmed by the returning officer and 30 days after election day.
| Contribution | Tax Credit |
|---|---|
| $0.01 to $400 | 75 percent |
| $400.01 to $750 | $300 plus 50 percent of the amount by which the contribution exceeds $400 |
| $750.01 and over | The lesser of:
|
Source: “The Electoral System of Canada” (4th Edition, Ottawa, Office of the Chief Electoral Officer of Canada)
Resources
See Also
- Taxation
- Income Tax