NSCAD University is registered as a charitable organization with the Canada Revenue Agency, charitable Number 107788192RR0001, and is authorized to issue receipts for income tax purposes.
Donors receive an income tax receipt for contributions of $10 and above. The receipt may be used to claim the charitable tax credit.
Do you qualify for the new First-Time Donor’s Super Credit?
For the 2013 taxation year, an individual can qualify for a First-Time Donor’s Super Credit if neither the individual nor the individual’s spouse or common-law partner has claimed the charitable donations tax credit in any of the five preceding tax years. The First-Time Donor’s Super Credit will be given an additional 25% charitable tax credit on donations up to $1,000. Visit Canada Revenue Agency for more details.
Under the Canadian-US income tax convention, US donors are entitled to an income tax deduction for contributions to NSCAD University if the donor or a family member is or was enrolled at the university.
US donors who are not alumni, or have a family member that is or was enrolled at the NSCAD University, can make a donation to NSCAD through the Council for Canadian American Relations. Visit Council for Canadian American Relations for more details.
Gifts of Stocks
A tax change announced in the 2006 federal budget means donors pay no tax on capital gains when they donate publicly listed securities (i.e. shares, bonds, mutual funds) to registered charities.
If you own publicly traded securities that have increased in value, you will pay tax on them when they are sold. But, as of May 2006, if you donate the securities to a registered charity you pay no tax and still receive a charitable receipt for the full market value of the securities.
For example, the following scenario assumes both a tax rate of approximately 46.5 per cent and that other charitable donations for the year exceed $200. The general annual limit on charitable donations is 75 per cent of net income. Donation claims may be carried forward up to five years.
| Fair market value of donation|| $10,000.00|| $10,000.00|
| Typical cost basis of securities|| $4,000.00|| $4,000.00|
| Capital gain on security|| $6,000.00|| $6,000.00|
| || || |
| Taxable portion of capital gain|| 50 % of $6,000.00|| .00|
| || || |
| Taxable on capital gain (cost)|| $1,395.00|| .00|
| Value of Charitable Donations Credit|| $4,650.00|| $4,650.00|
| || || |
| Net tax savings|| || |
| Tax credit|| $4,650.00|| $4,650.00|
| Tax payable on gain|| - $1,395.00|| .00|
| Net tax savings|| $3,255.00|| $4,650.00|
| || || |
To be eligible for this tax exemption, the securities must be: publicly traded; appreciated in value; and donated or in-kind to a registered charity.
Please see: Agreement to Donate Publicly Listed Securities (PDF)