Tax Credits
Early in the year the Treasurer of the Party will issue Official Receipts for all contributions made to the Party in the previous calendar year. Separate receipts will be issued for cash donations (cheque, credit card, PayPal) and contributed Goods and Services. Political donations may be reported on the Ontario Credits page (ON479) of your Income Tax return. This is a refundable tax credit, so even if you owe no income tax you will get this money back.
Calculation of Tax Credit
75% of the first $372.00 50% of the next $868.00 1/3 of the next $1,581.00
These amounts are adjusted for inflation (CPI) every five years. The next adjustment will be effective January 1, 2014.
Official Receipts may be reported by the donor or the donor's spouse. If the total donation is over $400.00, the Treasurer usually splits the contribution between two receipts.
Sample Tax Credits
Here are sample of tax credits and net cost of donations for various amounts.
| Donation | Tax Cr | Net |
| 10 | $7.50 | $2.50 |
| 25 | $18.75 | $6.25 |
| 30 | $22.50 | $7.50 |
| 50 | $37.50 | $12.50 |
| 100 | $75.00 | $25.00 |
| 200 | $150.00 | $50.00 |
| 300 | $225.00 | $75.00 |
| 372 | $279.00 | $93.00 |
| 400 | $293.00 | $107.00 |
| 500 | $343.00 | $157.00 |
| 750 | $468.00 | $282.00 |
| 1000 | $593.00 | $407.00 |
| 1240 | $713.00 | $527.00 |
| 1500 | $799.67 | $700.33 |
| 1600 | $833.00 | $767.00 |
| 2100 | $999.67 | $1,100.33 |
| 2500 | $1,133.00 | $1,367.00 |
| 2820 | $1,239.67 | $1,580.33 |
| 2821 | $1,239.95 | $1,581.05 |
| 2822 | $1,239.95 | $1,582.05 |
| 9300 | $1,239.95 | $8,060.05 |