How To Claim Your January-February 2025 Donations For 2024 Tax Year
When the Government of Canada extended the donation tax credit in response to the late 2024 Canada Post strike, which disrupted many businesses, it was welcome news for charities and donors alike.
Now, instead of Dec. 31, 2024, being the cutoff for donations to be eligible for donation tax credits for the 2024 calendar tax year, the new deadline is Feb. 28, 2025.
It is important to note that this extension applies to cash and cash-like donations only. Cold hard cash, cheques, Electronic Funds Transfers, these all qualify. Gifts of non-cash assets like securities, real estate, cryptocurrency, preferred shares, etc., do not qualify for this extension. Additionally, you do not have to claim these for 2024, you can choose to wait and claim them for the 2025 tax year as per usual.
How do I claim my 2025 donations for 2024 with my GiveWise Tax Donation Receipt?
With a GiveWise Giving Fund, your tax donation receipt is always available on demand, totaled up to the current day you request it from our system, with each individual donation dated and itemized. If you desire to claim your 2025 donation up to Feb 28th for 2024 tax filings, simply:
- Sign in to your GiveWise Giving Fund.
- From the light blue menu ribbon, choose Tax Receipts > Year To Date. Make sure you grab your 2024 receipt as well if you haven’t already done so.
- Access the PDF from your browser downloads, save it in your preferred place, and it will be ready for your accountant or tax preparer. They will know how to use this legally.
IMPORTANT TO NOTE: At the end of 2025, when you go to download your 2025 donation tax receipt, these Jan-Feb donations will still show on that receipt. So, if you claimed all or some of your Jan-Feb donations for 2024, the onus is on you as the donor to make sure these do not get claimed again in 2025. There is zero accounting/reporting between charities and the CRA as to whether a donor has claimed their tax donations or not, so you cannot rely at all on your charities to keep track of this for you.
As always, the GiveWise Support team is here to help! Please direct questions toward support@givewise.ca.