Best ways to donate or invest money for Canadian tax credits or deductions
I'm about to do some research on it, figured I'd ask the smartest people I know at the same time
So far I know of donating to Political parties, Non profits and Churches gives different degrees of ratio'd tax credits
I was wondering if there's any investment opportunities that also give tax credits and deductions. I know there's First time home buyer's tax credit of 15k
Specifically for tax credits / deductions what do you guys think?
This is a really broad question and a lot of it depends on what province you live in and whether you have your own business that's setup as a sole proprietorship.
You're not likely to find anything that gives both tax credits and deductions on a personal level.
** Advice:** start looking at opportunities to set up a business online and you can deduct utility costs (based on square footage), computer hardware/software, licenses, subscriptions, travel etc. As far as deductions go, there aren't that many unless you've got an income to offset.
Full list of federal tax credits can be found from the CRA here https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/td1/td1-02-20e.pdf.
thanks fren