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Take this short, three-question quiz to test your knowledge on giving in Canada.

In 2021, Pavli bought $10,000 worth of cryptocurrency. It is currently worth $11,000 and he wishes to donate it to charity. What would the value of his charitable donation receipt be?

$11,000. Although cryptocurrency can be donated, some charities may not be in a position to accept the donation. It's always best to check. Regardless, Pavli will receive a receipt for the full amount of his donation (the market value of $11,000).

$1000, which is the difference between $11,000 and $10,000

$10,000

$11,000

$0. Charities cannot accept cryptocurrency.

Jenny donates $5 to charity every time she buys groceries. She wants to claim these donations on her taxes. She should:

While Jenny's money is going to a worthy cause, the way she is giving is inefficient. Without a proper donation receipt, she cannot claim any donation tax credits against her income. Moving forward, Jenny would be better donating directly to the charity and getting a receipt in her name.

Claim 52 weeks x $5/week = $260 as charitable donations

She can't claim anything as she does not have an official donation receipt.

Call the charity and ask them to issue her a formal receipt.

She can claim up to $200 in donations without a formal receipt.

How much can someone donate to charity each year?

Charities have no access to your personal information, and there is no limit to the amount of money you can donate to charity in any given year. However, when claiming a donation tax credit you can claim a maximum amount of 75% of your net income (100% in Quebec). Fortunately, any unused contributions can be carried forward up to five years and used to offset future tax liabilities.

Consider working with a professional tax advisor to determine how to maximize the tax advantages that a donation tax receipt can provide.

There is no limit to how much can be donated.

Donations cannot exeed total net family income.

Donations cannot exceed 75% of total taxable income.

Charities will not issue a receipt if your donation exceeds your taxable income.

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