5 Good Reasons to Consider Year-end Giving

5 good reasons to consider year-end giving
by SalvationArmy.ca
Categories: Articles, Feature, Mobile, Newswire

Living in such a rich and developed country, it may be hard to comprehend that 1 in 5 Canadians skip meals to make ends meet and 36 percent of food-bank users are children.

“More and more people need our support,” says Major John Murray, Territorial Public Relations and Development Secretary. “We rely heavily on, and are truly grateful for our generous donors who make it possible for us to assist over 1.9 million vulnerable people each year.”

Did you know…
1. When you donate online at SalvationArmy.ca by 11:59 p.m. on December 31, 2017, you qualify for a 2017 charitable tax receipt, which will help reduce your income tax.

2. A charitable donation of publicly-traded securities such as stocks, mutual funds, bonds or futures results in a tax receipt for 100% of the value of the gift on the day received by the charity.

3. Donating your publicly traded stock or mutual funds will provide you with a charitable tax receipt for the full market value on the day they are received, eliminate capital gains tax and may be carried forward if your donation exceeds your annual limit.

4. When you sell your shares for cash, you’re responsible for the tax due on the gain, even if you plan to donate the proceeds from the sale. If you pay the tax out of those proceeds, there’s less money left to donate. Your charity receives a smaller donation and you have a smaller donation to claim for your charitable tax credit at the end of the year.

5. Giving is simple. Consult your financial advisor to decide which investments make the most financial and philanthropic impact for you. Then ask your broker to transfer your securities to the Salvation Army by completing the appropriate transfer form. You can find it online at www.salvationarmy.ca/how-you-can-help/financial-support/securities/.