Crowdfunding contributions may be taxable if the recipient does not have tax-exempt status (applies to both Personal and Organization campaigns).
Registered charities/non-profits or organizations fiscally sponsored by another organization with their charity/non-profit status are tax-exempt. There are also citizens of countries with residents in indigenous nations that will be tax-exempt. However, if you are unsure if you’re exempt, chances are you aren’t, and you will have to report funds raised as income.
Disclaimer: This article is by no means legal advice. Please consult a certified accountant to know for sure.
Look for how to set up your tax receipts? Click here! (Organizations only)
Here are some websites that might help, depending on where you claim taxes:
USA – IRS
https://www.irs.gov/pub/irs-pdf/p1771.pdf
Canada – CRA
https://www.canada.ca/content/dam/cra-arc/formspubs/pub/p113/p113-19e.pdf
UK – GiftAid
https://www.gov.uk/claim-gift-aid
EU
https://ec.europa.eu/taxation_customs/national-tax-websites_en
