Ottawa recently made charitable giving much more attractive for first-time donors
If you’ve ever thought of making a donation to U of T, but so far haven’t, now might be the time to act: the federal government has made charitable giving a more attractive proposition for first-time donors – and for those who haven’t made any kind of charitable donation since 2007.
In its 2013 budget, Ottawa announced that first-time donors would be eligible for a temporary “super credit” on charitable gifts up to $1,000. For gifts up to $200, donors will receive a credit of 40 per cent. The credit rises to 54 per cent for the portion of donations between $200 and $1,000.
This means that for someone who has never previously given to a charity, a $500 gift to U of T in 2013 would yield a $242 credit on next year’s tax return. (The existing charitable donations tax credit would yield a benefit of just $117.)
Dean Hughes, executive director of annual and leadership giving, encourages members of the U of T community to make their first donation in support of the university’s historic Boundless campaign. “You can designate the U of T faculty, college or program that means most to you,” says Hughes. “You will be making a real difference to our students – and making the most of your donation dollars.”
Support for scholarships is particularly welcome. Chancellor Michael Wilson observes that almost 50 per cent of U of T students depend on financial aid to continue their education, and that donations allow U of T to offer enriched learning experiences through a wide variety of co-curricular activities. “Today, more than ever, it is up to U of T’s community of alumni and supporters to ensure that our university remains at the forefront of academic excellence,” he says.
Learn more about the first-time donor’s super credit and how your gift can help U of T.