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

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