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Leon Fioro has 2021 net and taxable of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not
Leon Fioro has 2021 net and taxable of $70,400. Each week, without fail, he plays a nation-wide lottery. While over the years he has not had any winnings of consequence, his fortunes have changed and, in 2021, he wins over $320,000. As he had hoped to do for many years, he donates $120,000 of these winnings to the Canadian Cancer Society in 2021. He chooses to claim $15,000 of the donations in 2021. In 2022, his net and taxable income remains the same at $70,400 and he makes no further donations. Determine Mr. Fiero's charitable donations tax credit for 2021, as well as the maximum amount of the donation that he can use in 2022. Until what year can he claim any unused portions of his 2021 donation
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