RBC Dominion Securities Inc.
EXPERT ADVICE - FINANCIAL
12 DAYS OF CHARITABLE GIFT GIVING The Smith Team of RBC Dominion Securities Inc. offers 12 tips for effective charitable donations Submitted By RBC Dominion Sercurities Inc. Photos Louise Vessey of Light and Vision Photography
The holiday season is one of giving – and charitable gifting can be one of the most meaningful and rewarding ways to give. Not to mention you’ll receive tax incentives at the same time. Whether you’re supporting a cause that’s important to you, helping those in need or pursuing your personal charitable values, proper planning can help drive impact with your giving. IN the spirit of the holiday season, the Smith Team of RBC Dominion Securities Inc. is offering 12 charitable gift-giving insights to help you make the most of your generosity.
▲ (L-R) Jeffery Smith, Celeece MacIsaac, David Smith, Sandra MacDonald, Bradon Coffin
2. WHAT QUALIFIES AS A GIFT:
can issue donation receipts for the gifts received from individuals or corporations. The Canada Revenue Agency (CRA) keeps a list of qualified donees which you can check to determine if a particular charity is registered and can issue donation receipts.
In most cases, the Canada Revenue Agency (CRA) considers a gift to be a voluntary transfer of money or property for which the donor expects and receives no consideration. Gifts can take a variety of forms, including: • Cash • Gifts of ecologically sensitive land • Certified cultural property • Gifts in-kind—including securities such as stocks, bonds, ETFs and mutual funds or real estate. • A right to a future payment—for example, this may be the death benefit from a life insurance policy.
4. ACCOUNTS WE SERVICE:
The Smith Team currently services two large local PEI foundations investment accounts: the Queen Elizabeth Hospital Foundation and the Confederation Centre of the Arts Foundation. We handle their in-kind donations and are happy to assist you with steps on how to give in-kind to these foundations. We also manage similar accounts for various other community based organizations such as churches and other charities.
1. A CHARITY, DEFINED:
So, what is a charity? A charity is an organization established and operated exclusively for charitable purposes, such as the relief of poverty, the advancement of education, the advancement of religion, or other purposes that benefit the community in a way that courts have determined are charitable.
3. QUALIFYING DONATIONS:
To qualify for the donation tax credit, you must make a donation to a qualified donee. Qualified donees are generally those organizations which
Made with FlippingBook - Online magazine maker