How much can you save by making a donation?
This is intended to give Canadians an idea of tax savings obtainable when you donate to Naval Marine Archive – The Canadian Collection – but please note that we are a maritime and nautical foundation, not chartered accountants and numbers can change with each federal and provincial budget. We strongly urge you to double check your benefits with your own accountant.
Canadians often underestimate the true value of tax credits for charitable donations because of the complicated way of calculating them. The Canada Revenue Agency heve helpful pages to assist you with the principles:
- Giving to charity: Information for donors
- Charitable donation tax credit estimator
- Answers to common questions about donating to a charity in Canada.
There are also some specific cases:
- Time or services that you donate to the Society are not eligible for the tax credit. However, if the Society pays you for your services and you later give the same amount back as a cash donation, you can claim your tax credit. The two transactions - payment and gift - must be separate. For example, do not simply endorse and return the cheque of payment for your time or services - deposit it and make a separate donation.
- In order to issue a tax receipt for a donation of books, documents etc to be included in the collections, the Naval Marine Archive – The Canadian Collection must be able to establish fair market value. Please refer to our donation page.