Better Ways To Give From Your Estate
By Tina Tehranchian
If you are one of the generous Canadians who regularly donate to charities, you are giving to causes that you care deeply about, and tax incentives are the last thing on your mind. However, by having a strategic approach to your giving you can substantially reduce taxes on your income, and minimize the significant taxes that will be paid by your estate after you pass.
Reduce your tax bill: How donation tax credits work
You may be aware that when you make a donation to charity, you receive a donation tax credit to help pay down the taxes you owe. But did you know that for gifts over $200, your donation tax credit can be almost half the size of your donation? This can go a long way towards paying down your taxes, particularly on your estate which will likely receive a hefty tax bill.