The Political Contributions Tax Credit is a non-refundable tax credit on contributions made to registered political parties, registered district associations or registered non-affiliated candidates, as defined under the Elections Act, 1991, of Newfoundland and Labrador.
The Political Contribution Tax Credit is equal to the lesser of $500 or the sum of
- 75% of the total contribution amount if the total amount does not exceed $100;
- $75 plus 50% of the contribution amount by which the total amount exceeds $100 if the total amount exceeds $100 and does not exceed $550; or
- $300 plus 33 1/3% of the contribution amount by which the total amount exceeds $550 if the total amount exceeds $550
Official receipts for political contributions must accompany the corporation’s T2 Corporation Income Tax Return.
For more information on the Political Contributions Tax Credit, please refer to Section 47 of the Income Tax Act, 2000.
The Canada Revenue Agency (CRA) can answer your corporate income tax questions. You can contact them at 1-800-959-5525.