Share Share Share June 26, 2015 Retirement Share, Split & Combine for Spousal Tax Savings – Tip #3 This is the third of a 5-part financial tips series focusing on tax savings opportunities and strategies for spouses.Spousal Tax Savings Tip #3 - Charitable DonationsWhile the first $200 of charitable donations claimed is eligible for a 15% federal tax credit, donations in excess of $200 are eligible for a 29% federal tax credit. As a result, spouses may want to combine their donations in order to take advantage of the higher tax credit on donations in excess of $200. Donations can also be carried forward for up to 5 years allowing individuals who donate smaller amounts to combine and claim their donations in a single year to also take advantage of the higher tax credit on donations in excess of $200.Note that the 2013 Federal Budget also introduced a tax credit for first time donors to charity (defined as individuals who have not donated to charity since 2007). This super new credit supplements the charitable donation tax credit with an additional 25% tax credit o up to $1,000 in cash donations, entitling donors to a 40% federal tax credit for donations of $200 or less, and a 54% federal credit for the portion of donations over $200.Beginning Feb. 10, 2014, the value of a cultural property gift made through a tax shelter arrangement is limited to the amount paid by the donor for the donated property.In The Series:Spousal Tax Savings Tip #1 - Split Income With Your SpouseSpousal Tax Savings Tip #2 - Medical ExpensesSpousal Tax Savings Tip #3 – Charitable DonationsSpousal Tax Savings Tip #4 – TransfersSpousal Tax Savings Tip #5 – Sharing Your CPPShare, Split & Combine for Tax Savings Courtesy of Marta Stiteler, MA CFP CIM CLU, Financial Planner at Pillar Retirement Group/Worldsource Financial Management Inc.Marta can be reached at: Pillar Retirement Group, 50 Coreslab Drive, Flamborough ON L9H 0B2. T: 905-690-5038 E: firstname.lastname@example.orgThe information provided herein is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering of tax, legal, accounting, or professional advice. Readers should consult their own subject matter experts for advice on the specific circumstances before taking any action. This information has been obtained from sources, which we believe to be reliable, but we cannot guarantee its accuracy or completeness. Worldsource Financial Management Inc. does not assume any liability for any inaccuracies in the information provided. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and some Segregated Funds are offered by Marta Stiteler through Worldsource Financial Management Inc. while other products and services are offered through Marta Stiteler.