I don't know if any of you guys can answer this one--
Let us assume I converted my professional corporation to a holding company when I retired.The retained earnings are invested in GICs and generate $40000 in interest annually.Can I donate the $40000 to charity and deduct it from earnings or is the donation limited to 75% of income as it would be if it was donated personally?
Also can the corporation deduct the donation or does it claim a tax credit?There seems to be a possible advantage over paying out the money as a dividend and then making the donation or is that an illusion?(other than avoiding clawback if I'm in that income bracket of course)
Deducting charitable donations in a holding company
Deducting charitable donations in a holding company
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