There are few feelings as satisfying as providing a gift to a worthy cause that you believe in. When you’re planning your charitable contributions for the year, many Canadians forget a major potential source of charitable contribution: their stocks. For a variety of tax-related reasons, supporting a charity by donating your securities can be beneficial both to you and to the recipient of your gift. Read on for everything you need to know about donating your securities!
Give More Through Security Donation
When you donate a security, you stand to provide a larger donation than what a gift of the same cash value would provide if your security has appreciated in value. When you donate your securities to an eligible organization, your gift is exempt from the capital gains tax, which is a tax on the profit gained from selling a security. Donating your securities directly to the charitable organization of your choice allows you to evade this tax, so that the full amount of your security is directed to the charity.
Ensure Your Favourite Organizations Qualify
A variety of different organization types qualify for “donee” status, allowing you to tailor your contribution to the organizations you care the most about supporting. When planning your contributions, make sure yours qualifies. All registered charities qualify, along with registered amateur athletic associations, registered Canadian municipalities or public bodies, and United Nations agencies.
Consider Supporting a Rae Lipskie Charity
At Rae Lipskie, we’re very active in the community and support a variety of organizations in the Region. Here are a few of the fantastic organizations we support!
St. Mary’s Hospital Foundation: Supporting the cardiac centre, diagnostic technology, and improved patient care, St. Mary’s Hospital Foundation is an organization doing important work for our community’s health.
Centre in the Square: Centre in the Square is the Region’s largest performing arts centre, and as a registered charity, it relies on the support of community members to continue offering outstanding cultural programming.
Nature Canada: Nature Canada is Canada’s oldest nature conservancy organization, supporting conservation work across the country to help preserve our national and global ecosystem.
Big Brothers Big Sisters of Waterloo Region: the regional chapter of Big Brothers Big Sisters is committed to providing mentorship opportunities for youth in need ages 6-16 across the region.
Family and Children’s Services: Family and Children’s Services of Waterloo Region provides crucial support to families within the community through a variety of initiatives, including public education and children’s welfare. The organization provides donors with many different ways of supporting the organization, including education and health programs.
Carizon: Carizon provides counselling and mental health support to those who need it in our community. Offering both family and individual counselling, Carizon seeks to offer hope and healing to the most vulnerable members of our community.
Which organizations are you most passionate about supporting in our community? Let us know in the comments. As always, Rae Lipskie’s experienced wealth managers are available to offer their expert advice on how to make your wealth work harder — both for your future, and our community’s.