I’m wondering if it’s worth donating my car to the teen challenge program here in Ontario. They will give me a tax credit for the amount the car is valued, which is 1000-2700$ . I make 29k, a year, is it worth while for me to get the tax credit, I mean how much will it give me durin’ income tax time?
Tax Credit For Donating Car To Teen Challenge Ontario Canada?
21
Nov
Lillian
November 21, 2009 at 9:29 am
Federally, you get 15% tax credit on the first $200, and 29% of donation > $200. There is a similar credit in Ontario.
The amount of tax savings is roughly $1,000 assuming the car is worth $2,700.
Ryan
November 21, 2009 at 9:40 am
18% of the value of the tax receipt issued. If your nonrefundale tax credits are more than 0 then there is no benefit except the warm bubbly feeling you get inside.
Karen K
November 21, 2009 at 10:16 am
Are you doing to help or for just the tax credit. If you are doing it for the credit is not worth it. You will get more cash if you just sell it.