Northwest Territories Political Contributions Tax Credit
Tax Credit
Description:
A corporation can claim a tax credit on contributions made to a candidate for an election to the Northwest Territories Legislative Assembly.
Comments on Funding:
The annual maximum credit is $500 and is calculated as follows:
– 100% of the first $100 contributed;
plus
– 50% of the next $800 contributed.
Rolling Deadline
Eligibility:
The applicant must be a corporation that has political contribution to a candidate for an election.
Application Steps:
On line 898 of Schedule 5, Tax Calculation Supplementary – Corporations, applicants must enter the total amount of qualifying contributions, and on line 700, enter the amount of the credit they are claiming.
Documentation Needed:
Applicants must keep the receipts with their return, and submit them when asked by CRA.
Other Things to Note:
About the author
Maurice
