Schedule V: Tax credits for donations and gifts

What’s in this article?

 

What is this?

Schedule V is used to calculate the tax credit for charitable donations, gifts of cultural property, ecological gifts, and gifts of musical instruments you made in the year and preceding five years, provided the amounts have not been used to calculate the tax credit before.

Revenu Québec says…

In general, the total eligible amount of the charitable donations and gifts for which you are claiming the tax credit cannot exceed 75% of the amount on line 275 of your return. That said, if you donated capital property (a building, land, etc.) or if you are a member of a religious order, the limit can be increased. In such a case, complete the work chart on page 3 of Schedule V to determine the amount that can be added to the limit. However, even if you add an amount to the limit, the total eligible amount of your charitable donations and gifts cannot exceed 100% of the amount on line 275 of your return.

Any unused portion of the eligible amount of a donation or gift, that is, the portion for which you did not claim the tax credit, can be carried forward five years from the year in which you made the donation or gift.

 

If you made only monetary donations in the year to a registered charity, a registered amateur athletic association or a recognized political education organization and are not carrying forward an amount of donations from a previous year, complete Work chart 395 instead of Schedule V. If you want to claim the additional tax credit for a large cultural donation or the tax credit for cultural patronage for donations of at least $5,000 to a registered charity operating in Québec in the arts or culture sector, then complete Schedule V along with the Work chart 395.

To claim the federal tax credit for donations to registered charitable organizations, use Schedule 9.

 

Am I eligible?

If you made charitable donations, gifts of cultural property, ecological gifts, and gifts of musical instruments in the year or preceding five years, complete Schedule V to calculate your tax credit.

Note: Amounts from preceding years must not have been used previously to calculate the tax credit.

You must also complete Schedule V if you want to claim the additional tax credit for a large cultural donation or the tax credit for cultural patronage for donations of at least $5,000 to a registered charity operating in Québec in the arts or culture sector.

 

Where do I claim this?

Important: Before you begin, ensure that you told us that you lived in Québec on December 31st of the 2015 tax year, in H&R Block’s tax software. To do this:

1. Click the HOME tab.
2. Click the ABOUT YOU icon, and click the Your residence link. You will find yourself here:

Note: As a resident of Québec, you must complete both a Schedule 9 and Schedule V. Our tax software will automatically use the information entered to complete your Schedule 9 to complete your Schedule V.

To enter your donation amounts, follow these steps:

1. Click the PREPARE tab.
2. Click the OTHER icon. You will find yourself here:


3. Under the CHARITABLE & POLITICAL CONTRIBUTION section, select the checkbox related to Donations and gifts (Schedule 9 & Schedule V).
4. Scroll to the bottom of the page and click Continue.

When you arrive at the page for Schedule V, enter your information into the tax software.

 

Where can I learn more?