Nearly 70% of Canadians support the “First-Time Donor’s Super Credit” introduced in the federal budget, according to a BMO Harris Private Banking study.
The report also found:
- 93% of Canadians feel that the new credit will encourage more charitable giving or maintain current levels of support.
- 50% of young Canadians (18-34 years old) say that they will contribute more to charities because of the new credit.
The “First-Time Donor’s Super Credit,” which is available until 2017, is aimed at encouraging Canadians, and particularly younger people, to support charities by giving new donors an extra, one-time 25% tax credit for cash donations up to a maximum of $1,000.
According to Statistics Canada, Canadians gave almost $8.5 billion to charitable causes during the 2011 tax year, an average of almost $1,500 per tax filer.