DONATIONS
Feeling charitable in the lead up to the festive season? Whether you’re digging deep to support your favorite charity or dropping five bucks into a donation bucket, hang onto those receipts! You might be able to claim a deduction next tax time. For your donation to be deductible, it must be for $2 or more and made to what’s called a ‘deductible gift recipient’ (DGR). Organizations entitled to receive tax-deductible gifts are called 'deductible gift recipients' (DGRs). You can only claim a tax deduction for gifts or donations to organizations that have DGR status. The person that makes the gift (the donor) is the person that can claim a deduction. What is a DGR? A deductible gift recipient (DGR) is an organization or fund that can receive tax-deductible gifts. Not all charities are DGRs. For example, in recent times crowdfunding campaigns have become a popular way to raise money for charitable causes. However, many of these crowdfunding websites ...