How you can easily access your tax receipts for your charitable giving.
We are looking forward to what 2021 will bring. While there are many uncertainties, there’s at least one thing for sure: tax season is coming up this spring. (Hat tip to Benjamin Franklin and others.)
Surprisingly, some of us may really enjoy doing our taxes (up to 41% of Canadians according to this study). Still, there are definitely hassles that come with it. Like organizing those pesky reams of crumpled receipts.
Did you know that Charitable Impact helps you track all your receipts in one place? You can claim your charitable donations towards a tax credit, allowing you to reclaim some of the money you gave.
Why claim tax receipts? Because by doing so you can give more to the causes you care about, while staying within a budget.
When you give through Charitable Impact—whether while logged into your Impact Account on a desktop or a mobile device—organizing your receipts has been done for you. Your tax receipts for donations are all stored securely online and can easily be accessed by following a few simple steps.
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. There’s no need to download because your receipts will be stored with Charitable Impact for when you need them.
If you give through Charitable Impact without an Impact Account, your tax receipt will be emailed to the address you provided when you made your donation.
When you give to charity without using your Impact Account, you need to keep track of all your receipts that are mailed or emailed to you. Lose your receipt and you lose that tax credit.
Receiving receipts on Charitable Impact
Since a lot of people ask, we want to be sure you understand when and how you get a tax receipt through Charitable Impact. You were receipted each time you added money to your Impact Account.
Because receipts are only generated when you add money to your Impact Account, you do not receive receipts when you send money to a charity, when you receive charitable dollars sent to you by someone else, or when you receive matching charitable dollars (for example, from your employer).
Another quick tip to keep in mind: When you add money to your Impact Account, you’re actually making a donation to Charitable Impact Foundation, a registered charity and public foundation. It’s why you get a tax receipt after adding money.
The funds stay in your account until you let us know via the web or the app that you’d like to send charitable gifts to others, including charities, Giving Groups, or friends and family on Charitable Impact.
Charitable Impact operates as a donor-advised fund. That means you can add money to your Impact Account, take the time to find charities that align with your interests and passions, and give when you feel inspired.
We hope you feel more prepared and ready for this tax season. Remember, we are here to support you and to answer any questions about your giving. Reach out to us by phone (1-877-531-0580), email (firstname.lastname@example.org), or chat.
You can manage all your charitable giving on the go with the Impact Account iOS app. It’s one app for all your giving. Download your Impact Account app now.