Contributions to the Yukon Liberal Party entitle you to a Political Contributions Tax Credit on your next tax return. This will reduce the amount of tax you have to pay or, if you have no tax owing, increase the amount of your tax refund.
Both individuals and corporations are eligible for the tax credit.
While there is no limit to how much you can donate, you will receive a tax credit for donations up to $500. The credit amount is calculated as the sum of:
- 75% of the first $100 of contributions
- 50% of the next $450 of contributions
- 33.33% of the next $600 of contributions
For example, if you contribute $100.00, you will receive $75.00 off your taxes, making the actual cost to you only $25.00.