Nunavut Political Contributions Tax Credit

Amount:

Type:

Tax Credit

Description:

A corporation can claim a tax credit on contributions made to a candidate for an election to the Nunavut 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.

Deadline:

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:

Maurice

About the author

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Canada to identify and maximize funding to grow their business.

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