Charitable Donations
The Tax Benefits of Giving
By: Susan Gottlieb
Below is an introduction of a larger publication entitled “Charitable Giving”
As a whole, Canadians are a caring group. We care about our social and religious institutions, community facilities, arts, education, research and hospitals. We care especially about those less fortunate than us. Canadians donate their time, volunteer, fundraise for charities and make charitable donations. All of these efforts contribute to the country’s social, medical, educational and cultural well-being.
For years, Canadians have looked to various levels of government to fund much of the good work that charitable groups provide to enhance the quality of our lives. In recent years, governments have cut back on direct funding, and it’s now up to individuals and corporations to fill the gap. As a result, the government has introduced tax incentives to encourage Canadians to give charitably.
When done properly, charitable giving benefits both society and you, the donor. It allows you to help the causes you care about. If you are considering making large gifts, be sure to include these gifts in your tax, financial and estate planning. Prior to making any large gift, it is strongly recommended that you contact your professional tax and legal advisors to discuss the various charitable giving options to ensure all of your needs are met.
Charitable giving in this guide is defined as giving a gift to a registered charitable organization in a way that achieves both personal donation goals and at the same time provides tax and estate planning benefits to the donor. The gift may be a one-time donation, a series of payments over a set period or ongoing support. It may be a gift the charity can use now or a deferred gift, available to the charity in the future, perhaps even after your death. This guide discusses some of the options to consider when making a gift to a charity: Charitable giving; Tax benefits; Charitable giving options; Leaving a legacy; Other donation options; and Corporate donations.
Feel free to request an e-copy of the guide at susan.gottlieb@rbc.com or reference it at
www.susangottlieb.com
This publication is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. Interest rates, market conditions, special offers, tax rulings and other investment factors are subject to change. This information is not investment advice and should be used only in conjunction with a discussion with your RBC Dominion Securities Inc. Investment Advisor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest available information. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The inventories of RBC Dominion Securities Inc. may from time to time include securities mentioned herein. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved. MyGPSTM is a trademark of Royal Bank of Canada. 18_90083_048 (01/2018)
