Planned giving (also known as legacy giving) lets you continue to support the causes you care about into the future. Whether through a bequest left in your will, a gift of securities, or a life insurance policy, anyone can create a legacy gift. Plus, there are tax benefits meaning more of your estate can go to those you care about.
Donate a gift of securities such as stocks, bonds or mutual funds. Your gift assists us in fulfilling our charitable mission to provide compassionate end-of-life care at no cost to individuals with life-limiting progressive illnesses, and give support to their caregivers and families.
*Hospice Muskoka strongly recommends you seek the professional services of a lawyer, accountant or financial advisor to ensure that your financial goals are considered, your tax situation reviewed, and your planned gift tailored to best fit your circumstances.
Tax Benefits of Charitable Donations
Donating to a cause that is close to your heart not only provides support for something you are passionate about, it also teaches younger generations about philanthropy and makes them aware of causes that are important to you. Lastly, you and your estate can also benefit from the tax advantages of charitable giving.
Details to consider:
When you combine your donation receipts at tax time, you’ll get a charity tax credit you can use to reduce both your provincial and federal income taxes payable. Other benefits can also add up to significant savings:
A first-time donor’s super credit is available, which offers an incentive to donate if you haven’t before.
If you and your spouse share a joint bank account from which you make donations, it is easier to claim on one tax return. You can give up to $200 to receive the credit at the lowest tax rate. Donations of more than $200 have the credit calculated at a higher rate.
If you don’t have income or any income tax owing you won’t be able to benefit from the tax credit in that year but, you can carry the credit forward for up to five years.
What are Capital Gains?
When you sell a capital asset the difference between the adjusted basis of the asset and the amount you realized from the sale is a Capital Gain. These amounts are payable on your income tax. Examples of when Capital Gains applies include a second home or cottage, personal items such as art, jewelry, collectibles and stocks or bonds held as investments. Your accountant or financial advisor can help make wise choices in this area to help benefit you and your beneficiaries in the best way.
Hospice Muskoka has a direct link for your financial advisor or lawyer to use for any stocks, bonds, & mutual fund donations in a secure platform here.
Thank you for considering Hospice Muskoka for your charitable giving!
Bequests & Donations Given By Will
A bequest is property given by will and planned prior to passing. These bequests and planned gifts can include the giving of stocks/securities, life insurance policies, RRIF/RRSP, and real estate.
Donating to Hospice Muskoka through a bequest or planned gift is a wonderful way to leave a legacy that you know will help improve the quality of lives of (those) individuals and their loved ones who are and will be experiencing one of life’s most difficult journeys.
Planning a gift for the future ensures your wishes will be followed and this will also greatly benefit a charity that is important to you. This type of giving is not about the size of the gift, it is about the intention to have some of your assets dedicated to hospice services and care. We encourage you to discuss any details of a bequest or planned gift with your professional advisor and your family. Your lawyer or financial planner can also give you more insight into how planned giving can benefit your beneficiaries and estate tax outlook.
We are so grateful for your consideration in providing Hospice Muskoka with a planned gift.