How to Reduce Your Annual Tax Expenses While Helping Those in Need

Close-up Of A Businessperson's Hand Giving Cheque To Colleague At Workplace
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As 2019 approaches, you can make an end-of-year donation by December 31 that will lessen your tax burden and help The Salvation Army improve the lives 1.7 million people who come to us for assistance each year.

“Every year, more and more people are struggling to make ends meet and need our support,” says Lt-Colonel John Murray, Territorial Secretary for Communications. “We rely heavily on, and are truly grateful for our generous donors who make it possible for us to assist people in need.”

Did you know…
1. When you donate online at by 11:59 p.m. on December 31, 2018, you qualify for a 2018 charitable tax receipt, which will help reduce your income tax.

2. A charitable donation of publicly-tradedsecurities 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. [Note: It’s important to donate the stocks directly to a charity because if 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 after.]

Giving is simple. Consult your financial advisor to decide which investments make the most financial and philanthropic impact for you.

A large portion of The Salvation Army’s fundraising occurs during its Christmas campaign and at the close of the calendar year. These donations set the precedent for the upcoming year and help us to continue to support millions of people in need across Canada.