Tax Information

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Tax Information for Corporations
- Donations are generally fully tax deductible - subject to income limits.
- Increased limits for 1999 are 75% of net income.
- The increase in the limit applies to unused donations carried forward from before 1998, not just new donations.
- Excess donations can be carried forward and used in any of the next five years.

Tax Information for Individuals
- Charitable donations (including gifts in-kind) create a tax credit, which will reduce taxes payable.
- The value of the combined federal and provincial tax credit increases based on the total contributions made in the year:
On the first $200 donated, you will earn an effective tax credit of approximately $46 and for every $200 after that, the credit will be worth approximately $91.
- The individual limit on a donation credit is 75% of net income (the same as with corporations).
- You can carry forward unused donation credits for a period of five years.

Donate a "Gift-in-Kind"
- Consider donating a gift in kind to reduce your tax liability and possibly get a refund this year
Examples of this include hockey/basketball tickets (or other auction items) or bottles of champagne to be served on the night of the dinner.
- Revenue Canada considers a gift of almost any property of more than nominal value eligible for a donation receipt for the fair market value of the property.
- There are special benefits for gifts of publicly traded shares.
- Donated services of any kind are not eligible for a tax receipt.

Tax Planning Ideas
- Spouses can allocate donation receipts to either person in the most beneficial manner (regardless of who actually donated).
- Combine receipts of donations in the year made by both spouses and maximize the benefit by allowing one person to claim the tax credit.
- Expecting to be in a large tax refund position from an unusually large charitable donation this year? You may wish to ask Revenue Canada to authorize your employer to withhold less income tax from your pay in the year of the donation.

These tax implications have been generously provided by the Tax Department of Deloitte & Touche, (604) 669-4466 and only serve as and are not intended to cover all circumstances. All charitable donations must be supported by official receipts. Please phone the Canadian Cancer Society Diamond Ball Office at (604) 675-7133 if you have any questions or wish to make a donation.

The Canadian Cancer Society Diamond Ball Office: 565 West 10th Avenue, Vancouver, BC V5Z 4J4
Tel: (604) 675-7133 Fax: (604) 675-7135

Click Here to Download our auction donation contract
To ensure inclusion in the auction catalogue, please fax
the completed contract to 604-675-7135 by February 28, 2002.