It’s tax season, which is a painful time for a lot of us. Even if we won’t owe any extra money, getting everything organized hurts.
First, there’s good news for charitable givers, because the money you gave last year to help others can now be of benefit to you. You can claim your charitable donations as a tax credit, so some of what you’d pay in taxes back goes back into your own pocket. Canada Revenue Agency has a nifty tax calculator if you want to see just how much your donations saved you.
There’s also good news if you did all your giving through Chimp — organizing your receipts has been done for you. They’re all kept in one spot (here, after you log in). You can see your list of receipts then download them all in a single report. Email the report to your accountant, and you’re set. If you do your own taxes, just grab the total amount that’s listed on this page; no need to even download. Your receipts will be stored with Chimp pretty much forever.
For donors who gave outside of Chimp, did you get tax receipts both mailed and emailed? Keeping them organized can be a nightmare, but hopefully you haven’t lost any. Because you can’t claim the donation unless you have a receipt proving it (i.e. you lose your tax credit.)
Receiving receipts on Chimp
Since a lot of people ask, we want to be sure you understand when you get a tax receipt. You were receipted each time you added money to your fund. That’s ADDED money to your fund – no receipts when you send money to a charity, when someone else sends money to you, or when you receive matching money from an employer or a promotion.
Why does the receipt come when you add money? Because when you add money to your fund, you’re actually making a donation to a charity – the Chimp Foundation. When you send the money on to a charity, technically you’re advising Chimp Foundation where to send the money in your fund. Chimp Foundation is a donor advised fund, a term that makes more sense now, right?
Happy tax season!