Charitable Giving
Why do individuals give to charity:
● Leave a legacy
● Essential to organizations
● Meaningful tax relief for contributors
There are many ways to give and lots of potential tax savings:
1. Simple Cash Gifts
– Charitable tax credit
2. Gifts in Kind
– Charitable tax credit based on fair market value, if the market value is over $1,000, it’s best to get an independent valuation.
3. Bequest through your will
– Year of death up to 100% of net income for year of death and carryback for year preceding death
4. Life Insurance
Depending on setup:
5. Proceeds of RRSPs/RRIFS at Death
– Proceeds of income donated as charitable donation
6. Charitable Annuities
– Provide income to yourself and portion goes to charity
To learn more about charitable giving, please contact us.
