WEDNESDAY, APRIL 6, 2022
To say we are in times of change could be considered an understatement. Locally, nationally and globally we can see the challenges many individuals and causes are realizing. Global health concerns, on top of environmental, societal and other areas make us realize how real the need is.
So how do we help? What if we can’t jump on a plane, discover some new treatment, or invent a program which would solve the world’s many issues? Many feel the “Lord giveth and CRA taketh away”. In actuality our ability to give of our resources to make a difference in the charitable causes we believe in is encouraged by our tax system. This enables us to give now or in the future while saving tax and potentially even increasing the remaining amount we have on hand now and to pass onto our loved ones now and in the future.
The advantages of donating to charity can be substantial and achieved through a wide range of methods. A plan can be tailored to fit the needs of the charities as well as your overall planning.
A donation of cash, investments, land, property, collections, life insurance, and other items now or through a Trust or your Will can save you up to .43 cents on every dollar of value donated. If you were to directly donate shares or investment funds, instead of selling them first, any normally realized taxable gains would be tax free and you will get a receipt for the full value at time of transfer. Great planning tool which can allow you to then offset tax payable on other assets at time of sale. The inclusion of structures such as life insurance in your giving plans can greatly multiply your ability to assist charities for literarily pennies on the dollar and increase the amount you are able to have for your other current planning as well as give to your loved ones now and in the future.
We can all make a difference and help those causes near and dear to our hearts without negatively impacting our family and businesses. There are many options and structures available. Design a flexible plan that fits your needs. We are all in this together
Posted 9:14 AM