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Wednesday February 1992 Page Charitable donations advice per cent of the first of donations arc a credit against ederal tax A further 29 per cent credit for donations in excess of 10 is available against Income tax the amount of donations eligible for the credit cannot exceed per cent of net income in any one year If you ore making dona lions that one spouse makes all donations to maximize the amount at the per cent credit If you are donating to US shanties you are restricted to a credit on an amount equal to per cent of your S source income However dona tions to certain S colleges and universities are not subject to this restriction In order to claim your charitable donation you must in elude an official receipt with your personal tax return You do not have to donate cash to receive a donation receipt Donations of property also qualify for this credit The amount of that donation is usual Smart At Tax by Gary A Dykstra the Fair Market Value of the properly donated Special rules apply in respect of Canadian cultural property You can be creative utilizing your capital gains exemption to create a large gain on the disposition of proper ty which will entitle you to a large donation credit In this method the income from the disposition is sheltered by the use of the capital gains exemption and you are en titled to a full donation receipt The donation tax credit can thus be used against other taxes payable The implementation of tiny tax saving strategy is based on your persona financial situation Pro fessional advice should be obtain before any of the suggestions contained herein You can discuss these and other tax planning ideas with your local partner who is fialiated with Gunning and International dunning and International is a sophisticated management consulting group assisting ac counting and tax professionals run more practices In your area your local partner is Gary A Accounting and lax Professional 232 St Suite 1 Lower Level Georgetown Ontario STAND BEHIND SMALL The economic success of our community relies on a strong commitment to our independent businessmen and women Thats why we make a special effort to understand and support your small business in every way possible For everything from startup loans to longrange financial planning our small business professionals are behind you every step of the way Goebelle Alexander Chartered Accountants Partners In The Community WITH THREE LOCATIONS TO SERVE GEORGETOWN BRAMPTON Rd Check with state Farm Competitive Rates on Individual Retirement Annuities Guaranteed Lifetime Income Waiver Premium lor Disability Option Good Neighbor Service GREENE Agent Visit Your Local Good Neighbor LORA GREENE 72B Main Street Moore Park Plaza Georgetown Like a good neighbour State Form is there FARM