The Political Contribution Tax Credit allows individuals or corporations that make donations to qualifying political parties or election candidates to claim a tax credit.
The tax credit amount is:
- 75% of the first $400 donated;
- 50% of the next $350 donated; and
- 33 1/3% of the next $525 donated.
The following restrictions apply:
- The maximum annual tax credit available to a donor is $650;
- The tax credit is non-refundable and non-transferable; and
- Unused amounts cannot be carried forward for future use.