What is a Tax Receipt?
Tax Receipt happens when a donation is made to a registered charity. And the charity can
issue an Tax Receipts for donations that meet government requirements.
Learn more at Turbo Tax.
What Does This Mean?
This means you can make a donation and the total value of the product, good or item is a (non-cash donation). And acts as a tax deductible which increases your tax return. These 'stored credits' called 'tax credits' become available from the Tax Receipt issued from the registered charity that the government recogonizes as a form of money only used under specific conditions and government process.
Learn more at CRA Website.
Your Tax Receipt can increase your tax return or decrease your owing amount.
In other words it acts as stored Tax Credits to be used upon specific conditions.
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