It’s Giving Season: Tax Credits for Charitable Donations vs. Political Contributions

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By: Alexandra Tzannidakis In the public mind, the idea of tax credits for giving to ‘good causes’ sometimes leads to confusion and conflation of charitable tax credits and political tax credits. The truth is that charities and political causes are legally very distinct concepts (there is no such thing as a political charity) and although an individual can get tax credits for donating to both, the schemes that govern the reporting and calculation of these credits are quite different. With the holiday season upon us,…

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The Penny Drops

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It is common knowledge that taxation authorities around the world are playing catch up with the developments of new technology. One of the most interesting areas of such ongoing technological development has been the advent of Bitcoin. But at least in the case of Bitcoin it seems that the Income Tax Act’s broad general definitions mean the Department of Finance is ahead of the game for once. Bitcoin is a type of virtual currency. It is not issued by any central bank nor subject to…

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Back to the Tax Basics

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Lawyers and advisors in the charitable sector often discuss high level tax topics in articles and seminars – but, for many, tax remains a dark and mystical art. Indeed, even those who once professed an understanding of the system may, over time, lose touch with the basics if they do not remain current on developments. This is a somewhat reasonable reaction to the complexity of anything tax related, but ostriches do not have a good track record at avoiding difficulties. A donor’s reason to understand…

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