Digital News Subscription Tax Credit For $500
For 2020 until 2024, anyone who paid for a digital news subscription with a qualified Canadian journalism organization will be entitled to a non-refundable tax credit equal to 15 per cent of the fees paid. The maximum annual eligible subscription amount is $500, for a maximum credit of $75.
For an eligible subscription that provides access to non-qualifying news content such as a non-digital content portion, you will be able to claim only the stand-alone portion of the digital news content that you have access to as a result of your subscription.
If you cannot determine the stand-alone cost of the digital content portion, then you can use a comparable stand-alone cost and estimate the qualifying subscription expense. In the you cannot determine a stand-alone cost for the digital news or you cannot get a comparable cost, then only half of the total subscription cost is eligible for the tax credit.
If you would like to learn more or to set up a consultation call Marlies Y Hendricks, CPA at 416-766-3941.
The above information is of a general nature only and should not be relied upon for specific situations.