5 Things to Know About Donating to a Charity This Holiday Season
Giving out of your own pocket is a big decision and we understand it’s not one to be taken lightly. Many charitable organizations rely on donations to supplement the majority of their funding and Inn from the Cold is no different. Here are five important things you need to know.
Even small donations can have a big impact
We don’t want your monetary donations to break the bank! On our online donation form, we’ve left space for you to choose any dollar amount. Not all donations are large amounts and all are truly valued. Give what you can and don’t get hung up on the number!
You may be eligible for tax deductions
In Canada, when you donate to a registered charitable organization the federal government may offer a deduction against your income tax! According to canada.ca, in one year you are eligible to claim:
- donations made by December 31 of the applicable tax year;
- any unclaimed donations made in the previous five years; and
- any unclaimed donations made by your spouse or common-law partner in the year or in the previous five
You are allowed to claim eligible amounts of gifts to a limit of 75% of your net income, which is why many Canadians try to maximize their giving toward the end of the year in December. Donations to Inn from the Cold of $10 or more automatically receive an electronic tax receipt! Please note: if you are mailing a gift as an end of year donation, packages must be postmarked before December 31, 2018.
Donations can be gifts or tributes
You can give in honor or memorial in a loved one’s name! Whether it’s a Christmas gift for a philanthropist or in honor of someone’s memory, a donation made on another person’s behalf can be a lovely, meaningful tribute.
It can be a group project
Sponsoring a lunch at Inn from the Cold requires a $100 donation, but there is no rule against splitting this sponsorship between a group of people to lighten the load. Think about chatting with your colleagues or friends if sponsoring a meal is something you’re interested in but can’t do on your own.
Time is money
If a financial commitment isn’t feasible for you this year, we’re very happy to have your smiling faces join us at the Inn. We have many volunteer opportunities all throughout the year – whether it’s a one-time opportunity or recurring volunteer position, the donation of your time is incredibly valuable too. The first step to volunteering with the Inn is filling out a volunteer profile on Better Impact. Start your volunteer profile here.
Giving feels good
Time and time again, the number one reason why people donate to charities is that they feel compassion for people in need. And research shows that helping those in need increases activity in the area of the brain that registers pleasure!
Make a difference for a homeless family and donate today! Together we can do amazing things and provide homeless children and their families with safe, stable housing to help every child and every family thrive.