As the end of 2023 draws near, you may be thinking of ways to contribute to your favourite registered charities. Charitable donations are a great way to support the causes that are important to you and they can help reduce your taxes owing for 2023. Before making your donations, you may want to consider the best way to do so, as your tax savings may be improved by making gifts of a certain type. Whether you ultimately choose to make a cash donation or a gift of property (known as a “gift-in-kind”), you’ll still have to make your charitable gifts by December 31, 2023 if you want to claim the donation tax credit on your 2023 tax return.
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KPMG in Canada provides the latest Canadian tax news and international tax news for you and your business
KPMG in Canada provides the latest Canadian and international tax news for your business