What conditions have to be met in order for a corporation to deduct charitable donations? Is it Dollar for Dollar?
What conditions have to be met for a Canadian Corporation deduct chaitable donations?
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Generally speaking, a corporation can claim a deduction for charitable donations made up to 75% of its net income for the year. The donation must be made in the year to a registered charity and the corporation should receive a donation receipt specifying the name of the organization, the date the donation was made, the amount of the donation, and the charity’s registration number. Furthermore, donations made by a corporation should be reported on Schedule 2 of the T2 corporate income tax return.
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