Political Contributions Tax Credit
$500.00
Tax credit
Description:
The Political Contributions Tax Credit is a non-refundable tax credit on contributions made to registered political parties, registered district associations or registered non-affiliated candidates.
Comments on Funding:
The Political Contribution Tax Credit is equal to the lesser of $500 or the sum of:
– 75% of the total contribution amount if the total amount does not exceed $100,
– $75 plus 50% of the contribution amount by which the total amount exceeds $100 if the total amount exceeds $100 and does not exceed $550, or
– $300 plus 33 1/3% of the contribution amount by which the total amount exceeds $550 if the total amount exceeds $550.
Rolling deadline
Eligibility:
Applicants must:
1. be Newfoundland and Labrador corporations,
2. have made contributions to registered political parties, registered district associations or registered non-affiliated candidates.
Application Steps:
Applicants must file the corporation’s T2 Corporation Income Tax Return together with the official receipts for political contributions.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
About the author
Maurice
