Comments on Funding:
For individuals or sole proprietorships, the amount of the tax credit depends on how much you give and is calculated as 25% of the value of the qualifying donations. Applicants must also claim the qualifying donations under the charitable donations tax credit in the same year.
For corporations, the tax credit is equal to 25% of the corporation’s qualifying donations for the tax years ending after December 31, 2013, that the corporation claimed on Schedule 2, Charitable Donations and Gifts.
An eligible person means:
A trust is not entitled to claim this tax credit.
A qualifying donation is:
An eligible community food program is a person or entity:
Other Things to Note:
- Individuals or a sole proprietors must fill a completed Form ON428, Ontario Tax, with their personal income tax and benefit return (T1 return). Those who file their return electronically, need to keep all their receipts and documents for six years. If they file a paper return, attach all official receipts for their qualifying donations to their paper return.
- Corporations claim the credit by filing a completed Schedule 2, Charitable Donations and Gifts, with their corporation income tax return (T2 return). Receipts do not have to be attached to the corporate income tax return. Applicants must keep all official receipts in case they are asked for them later during an audit.