Gifts of Stock – There has never been a better time to Donate!

With TAX RULE CHANGES on the horizon in 2024 now is the time to think about donating securities or mutual funds.

On January 1, 2024, the federal government will change donation-related tax rules. These changes will significantly negatively impact charities as any capital gain on these donated securities will no longer be tax-free. If you have been thinking about making a Gift of Securities or Mutual Funds, NOW is the time, as the capital gains taxes don’t apply in 2023!

According to Blumbergs Canadian Charity Law:

“For many enlightened donors, who are strongly interested in the tax incentives, it would make a lot of sense to arrange further donations in 2023.  If you are a High Net Worth (HNW) individual interested in philanthropy, talk to your tax advisor, and I am sure they can do a calculation for you as to how much more beneficial donating this year will be compared to next year. Furthermore, as the tax benefits relating to the donation of appreciable marketable securities are not sacrosanct, it may make sense to think about making donations more quickly over the next few years.

In essence, next year (2024), but not this year, there will be an overhaul of the alternative minimum tax (AMT) system and some very wealthy donors who are affected by AMT will get slightly less tax benefits for donations of marketable securities.  My takeaway from this is that if you are very wealthy and affected by the AMT, consider giving as much as possible this year if you want to maximize your tax benefit.”

Through your tax receiptable gift, you will be giving the gift of Hope for a better future, Independence and Safety to the children, veterans, 1st responders and families we so proudly serve.

For more information on how to donate Gifts of Stock to National Service Dog Training Centre Inc. (NSD) contact dani@nsd.on.ca or 519-623-4188 ext 112