Canadians a "Giving" People, Says Philanthropy Expert and Author Nicola Elkins, Who Provides Her Top Nine Charitable Contribution Tips for 2009
November 5, 2009
|
Toronto, November 5, 2009 — Despite the economic downturn, Canadians remain a "giving" people, says Nicola Elkins, author of a new book, Master Your Philanthropy: How to maximize your strategic giving, published by The Knowledge Bureau.
"Canadians know that giving brings with it a tremendous sense of connection and fulfillment," says Elkins, Founder and CEO of Benefaction Foundation, a registered charitable foundation. "We are a giving people. While there's no question that the recession has affected contribution levels in the short term, all the trends -- demographic, economic, legislative and societal - support the long-term growth in giving."
With the giving season underway, Elkins has provided her top nine charitable giving tips for Canadians:
1. Save tax by taking full advantage of tax planning opportunities.
Structure and time your gifts to limit any tax on the capital gain
and obtain full benefit of the tax credits available to you.
2. Make gifts of securities instead of giving cash. In addition to the
tax credit, NO tax on any capital gain applies to gifts of
publicly-traded securities given to charities.
3. Limit taxes for your estate by gifting your RRSP or RRIF. Naming a
charity as the beneficiary for your RRSP or RRIF usually eliminates
the tax on this investment.
4. Executives should consider donating optioned stock. Cash proceeds
from optioned stock may be donated within 30 days of the exercise
date. Like public securities, the donated portion will incur NO tax
on the capital gain.
5. Make your gift go farther. By designating a charity as the
beneficiary of a life insurance policy, donors can bequeath many
times more to their favorite charity.
6. Know your limits. Up to 75% of net income (100% in the year of death)
can be deducted annually. Any excess can be carried forward for the
"Canadians know that giving brings with it a tremendous sense of connection and fulfillment," says Elkins, Founder and CEO of Benefaction Foundation, a registered charitable foundation. "We are a giving people. While there's no question that the recession has affected contribution levels in the short term, all the trends -- demographic, economic, legislative and societal - support the long-term growth in giving."
With the giving season underway, Elkins has provided her top nine charitable giving tips for Canadians:
1. Save tax by taking full advantage of tax planning opportunities.
Structure and time your gifts to limit any tax on the capital gain
and obtain full benefit of the tax credits available to you.
2. Make gifts of securities instead of giving cash. In addition to the
tax credit, NO tax on any capital gain applies to gifts of
publicly-traded securities given to charities.
3. Limit taxes for your estate by gifting your RRSP or RRIF. Naming a
charity as the beneficiary for your RRSP or RRIF usually eliminates
the tax on this investment.
4. Executives should consider donating optioned stock. Cash proceeds
from optioned stock may be donated within 30 days of the exercise
date. Like public securities, the donated portion will incur NO tax
on the capital gain.
5. Make your gift go farther. By designating a charity as the
beneficiary of a life insurance policy, donors can bequeath many
times more to their favorite charity.
6. Know your limits. Up to 75% of net income (100% in the year of death)
can be deducted annually. Any excess can be carried forward for the
Companies Mentioned:
 |
|
