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How Does a Charitable Donation Work?
Should a Prestige Member choose to support a charity registered with BarterWorld™:
- You may donate up to 75% of your taxable income in any one calendar year.
- Donations in excess of an annual donation limit may be carried forward and claimed in any of the next 5 years.
- The first $200 of a donation receives a tax credit calculated at the lowest marginal tax rate (marginal tax rates vary depending on your province of residence).
- Donations in excess of $200 receive a tax credit calculated at the highest combined marginal tax rates (Example: 46.41% in Ontario)
Members who donate their TradeBUX™ will be entitled to a charitable donation receipt from the charity to which they have made the donation. The receipt will be in an amount equal to the value of the TradeBUX™ donated. Subject to valuation, it is projected that for donation purposes, one TradeBUX™ will equal $0.90 CDN. Donors may file those receipts with their annual tax returns and claim tax credits.
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