Take advantage of an additional 25% tax credit for your first major cultural donation and leave your mark on the history of JM Canada
In June 2013, following the tabling of the Bourgie Report (Vivement, pour une culture philanthropique au Québec), the Government of Quebec introduced a program offering an additional 25% tax credit to encourage initial large donations to the arts.
Don’t delay! This program ends on January 1st, 2023!
To take advantage of this benefit, the tax credit:
- can only be used once in a taxpayer’s lifetime
- must be applied to a donation of $5,000 to $25,000
- must be applied to a donation made by January 1st, 2023 ET
- must be applied to a donation made to a cultural organization
For example, the net cost of a $5,000 donation would be $1,250 and the net cost of a $25,000 donation would be $6,750*.
These exceptional donations will be put into an endowment fund in perpetuity with one of three community foundations (Foundation of Greater Montreal, Fondation Québec Philanthrope, The Jewish Community Foundation of Montreal), from which the JM Canada Foundation or JM Canada (depending on the selected Fund) will receive 3.5% interest annually.
Involvement of various levels of government
This exceptional contribution will also be taken into account by two government matching programs. This gives us the potential to increase fundraising amounts in the following ways:
- Through the Canadian Heritage program, which matches up to 100%**, an additional $25,000
- Through the Conseil des arts et des lettres du Québec’s Mécénat Placements Culture program, which also matches up to 100%*, adding another $25,000
In other words, with a net cost donation of $6,750, your initial contribution could be increased up to an amount of $75,000, thanks to government levers.
Placed in an endowment fund in perpetuity, your contribution will have the potential to support JM Canada’s new initiatives now and for generations to come, while ensuring the sustainability of our activities.
BEHIND EVERY CONCERT, THERE IS AN EXCEPTIONAL DONATION!
*The real after-tax cost assumes that the individual is a resident of Quebec with a taxable income that is sufficiently high enough to absorb the donation’s tax credits. For individuals with taxable income of over $225,000, the net cost of a $25,000 donation could be $5,425.
**Based on available budget allocations and weighting that takes into account the amount of previously received subsidies, the annual budget, and the organization’s investment choices.
For more information:
Donors should also speak to their tax advisor to discuss their financial situation.