U.S.-Based Gift contributions (Donations) in Canadian Taxing System?
I’m aware that donations made to a U.S. registered charity organization are tax-deductable from U.S.-Income even for a Canadian Citizen. I’m not sure how this is classified though.
Assume one makes monthly donations to a particular registered institution in the states but earns income in Canada and in the Canadian Currency(CND) but also invests in U.S. equities and earns some U.S dollars. Now will the deductions work towards the U.S dollar income earned through equities? or there are other criteria to consider?
Thanks Yeech,
Already gave it a shot, not very detailed.
Hopefully, an accounting consultant can give me with more info.
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As per my last answer, in as much as your US dividends are US income, yes, you can deduct up to 75% of that as charitable contributions.
You will be converting everything to CAN$ on your return, so what currency is earned is not the issue.
Line 2 on Schedule 9 will need an attached explanation of how you computed allowable donations.
Try http://www.cra.gov.ca
Donations made to a U.S. registered charity organization are only deductible against US income. If you had no US income you can not claim a deduction.