Donate your car to any registered charity and earn a tax receipt in Lower Mainland. This receipt enables you to have a tax advantage which can reduce the amount of tax you owe. The amount which can be claimed for your auto donation is said to be the eligible amount. This is the fair market value of your vehicle minus any advantage value given back to the donor. Think of the advantage as a sort of thankful partial compensation on the part of the charitable organization to the donor. In order to be eligible for a tax deduction for your donated vehicle, ensure that the recipient is considered to be a registered charity or another organization qualified to issue donation receipts.
This Includes, but Is Not Limited To
Donating a car in Canada is considered to be a charitable contribution of depreciable property, which is a type of gift in kind. That being said, a deduction made for your car donation will be subject to the appropriate deduction procedure.
No matter what the value of your deduction is, be sure to get a tax receipt which clearly lists the name of charitable organization, donation date, model and year of the donated vehicle, donor’s name, appraisal information, appropriate signature, as well as the charity’s registration number. Also take note that there is a time frame in which the receipt must be sent. Your tax receipt should be sent within 4 to 6 weeks of the time of sale of your donated vehicle.
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