As speculation continues that Canada is heading into a recessionary period, it’s a good time to think about those who will be most affected by consequent job cuts or reductions in income. High levels of inflation are already undermining many low-income individuals’ and families’ abilities to purchase healthy food, fuel their vehicles, and heat their homes.
According to a story by the CBC, “Canadian charities hit by the double whammy of rising costs, more demand”, over the summer, many not-for-profits were seeing enormous growth in demand for their services, but donations were slowing down due to fears of a recession.
“I encourage everyone who is fortunate enough to be able to make charitable contributions this year to consider investing in the community through charitable giving. There are urgent needs out there right now, especially at this time of year,” says Sharlane Bailey, owner of Canwest Accounting, with offices in Victoria and Langford. “We frequently hear about how food bank shelves are becoming bare because they are dealing with unprecedented numbers of people in need.”
A few years ago, the team at Canwest Accounting discussed giving back and decided to support a charity at work in the local community.
“We wanted it to be an organization that helps our neighbours,” Sharlane said.
After searching, they discovered a local charity that met their criteria and then some. Canwest Accounting’s team has been supporting HeroWork Victoria for a few years now. HeroWork helps other local charities by doing “Radical Renovations” on their facilities so these other organizations can help support the most vulnerable and at-risk in Greater Victoria. These miraculous renovations add much more function and dignity to spaces where community members receive help.
To be able to claim a charitable donation on your 2022 income tax return, the donation must be made by the end of December 2022. Revenue Canada Agency (CRA) offers a lot of information to donors about charitable tax receipts, which you must have to claim the donation on your taxes.
To have the exceptional team at Canwest Accounting save you time and money by consulting on how to recession-proof your business, doing your taxes, bookkeeping, tax planning for your business, or filing estate returns, tel:250-388-4094 or email us.
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.