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:
- Simple Cash Gifts – Charitable tax credit
- 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.
- Bequest through your will – Year of death up to 100% of net income for year of death and carryback for year preceding death
- 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.