As the holiday season nears, many Canadians may decide to make charitable donations. The attached article will cover options for the donation of securities within your investment portfolio and the associated tax implications of this.
According to Statistics Canada, on an annual basis Canadians donate $10.6 billion to charitable and nonprofit organizations for selfless reasons. It’s important to understand the benefits to taxpayers when they have qualifying charitable donations to include on their tax return.
Most charitable organizations will accept investment securities as a gift or donation instead of cash. So, if you are considering donating, check your investments and consider making the donation by transfer of securities – you may be able to save on tax and make a larger charitable contribution. And most importantly, you will be contributing to a worthy cause.
Contact Gareth Whiteside of Ford Keast Wealth Management if you have questions related to the above.