You Can Donate That?!
|
|
- Logan Ford
- 6 years ago
- Views:
Transcription
1 WELCOME V A N C O U V E R C A L G A R Y E D M O N T O N S A S K A T O O N R E G I N A L O N D O N K I T C H E N E R - W A T E R L O O G U E L P H T O R O N T O V A U G H A N M A R K H A M M O N T R É A L
2 You Can Donate That?! Non-Traditional Gifts That Can Make a Big Difference Natasha Smith Nicole D Aoust November 21, 2017 V A N C O U V E R C A L G A R Y E D M O N T O N S A S K A T O O N R E G I N A L O N D O N K I T C H E N E R - W A T E R L O O G U E L P H T O R O N T O V A U G H A N M A R K H A M M O N T R É A L
3 Natasha Smith Associate, Social Impact Group (Toronto) Provide advice to charities and non-profits on corporate governance and tax compliance Assist in transactional proceedings and re-structurings Expertise in social enterprise and social finance Co-editor, Social Impact Newsletter 3
4 Nicole D Aoust Associate, Social Impact Group (Toronto) Advises charities, not-for-profits, and social enterprises on a broad range of topics CPA-Canada In-Depth Tax Co-editor, Social Impact Newsletter Chair, Toronto Symphony Orchestra Impresarios Club ndaoust@millerthomson.com 4
5 What are traditional gifts? Cash Single donations Monthly donations Specific monetary bequests Bequests of residue 5
6 What are non-traditional gifts? Gifts-in-kind RRSPs, RRIFs and TFSAs Life Insurance Cultural Property Ecological Property Public Company Shares Private Company Shares Flow-Through Shares Stock Options Services* *Services can not be gifted directly 6
7 Why is this Important? Assist you in generating revenue or other assets of value for your organization Help you to tailor your ask to individual donors and their circumstances Help you to assist individual donors in making a donation that is right for them 7
8 Overview of Charitable Receipting Rules 8
9 Charitable Receipting Rules A gift is a voluntary transfer of property to a charity without consideration Receipts must be issued for the eligible amount of the gift The eligible amount is the fair market value of the gift less any advantage provided by the charity to the donor 9
10 Charitable Receipting Rules cont d Inter-vivos gifts: Receipts can be used by individual and corporate donors on up to 75% of their income in a given year (100% in some cases, depending on the type of gift) Receipts can be carried forward for 5 years or 10 years, depending on the type of property gifted Gifts by estate: Receipt can be used on up to 100% of the deceased s income (in the year of death or the prior year) Possible to carry forward receipt for up to 60 months IF estate qualifies as a graduated rate estate 10
11 RRSPs, RRIFs, and TFSAs 11
12 RRSPs, RRIFs and TFSAs RRSPs, RRIFs and TFSAs = Estate (post-mortem) gifts Mechanics: Donor has investments housed in RRSP, RRIF or TFSA Donor designates charity as beneficiary (on plan or in Will) On death donor s estate receives receipt for full or partial FMV of the assets of the plan 12
13 RRSPs, RRIFs and TFSAs cont d... Advantage to the donor: Donation receipts received are used to minimize tax in the estate Donor has full access to funds during lifetime Advantage to the charity (if designation made in plan): Proceeds are paid directly to the charity No delay on account of estate litigation Not subject to probate fees Not available to most creditors of the estate 13
14 Life Insurance 14
15 Life Insurance 4 Ways to Structure a Gift of Life Insurance: 1. Gift of Paid-up Policy 2. Gift of Death Benefit 3. Donation of Premiums 4. Bequest of Proceeds 15
16 Gift of Paid-up Policy Mechanics: Donor purchases a life insurance policy and pays the premiums in full Donor donates the paid-up policy to the charity outright Receipt is provided to the donor for FMV when policy is transferred On death no receipt is issued on the payout of the policy 16
17 Gift of Paid-up Policy cont d Advantage to the donor: Donor receives an immediate tax benefit during his/her life time Advantage to the charity No continued administration required (as is the case for other types of gifts of life insurance) On death proceeds flow directly to the charity 17
18 Gift of Paid-up Policy cont d Key Considerations: Need to determine the FMV of the policy in order to issue a proper receipt Actuarial valuation will consider: cash surrender value loan value face value health of the insured and life expectancy other terms of the policy replacement value Who is going to pay for the valuation? 18
19 Gift of Death Benefit 19
20 Gift of Death Benefit Mechanics: Donor designates charity as the beneficiary in the policy and pays the premiums On death donation receipt is issued to the estate when the death benefit is paid to the charity Receipt is issued for the FMV of the death benefit, which is deemed to be the value of the death benefit immediately before death No receipt(s) are available on the premiums because the individual is the owner of the policy (not the charity) 20
21 Gift of Death Benefit cont d Conditions to making a valid gift: Donor must be the life insured Proceeds must be transferred to the charity as a consequence of death and must be pursuant to the obligation under the policy Charity cannot be a policyholder nor an assignee of the policy 21
22 Gift of Death Benefit cont d Advantage to the donor: Donor retains control of the policy during their lifetime and can re-designate if needs/desires change Donation receipt can be used to minimize taxes owed in the estate Donation can remain anonymous (if designation is made outside of donor s Will) 22
23 Gift of Death Benefit cont d Advantage to the charity: Insurance proceeds are paid directly to the charity so: no delay on account of estate litigation the proceeds of the insurance policy are not included in the donor s estate for probate purposes (not subject to probate fees) proceeds are not available to most creditors of the estate (less risk of the gift being minimized) 23
24 Donation of Premiums 24
25 Donation of Premiums Mechanics: Donor gifts a life insurance policy to charity Donor agrees to make premium payments and retains the investment portion of the policy Split donation receipt is issued to the donor for each premium payment(s) that is made (directly or on behalf of charity) donor may receive one cumulative receipt for the year or a receipt for each individual payment On death no receipt is issued on the payout of the policy 25
26 Donation of Premiums cont d Advantage to the donor: Donor receives an immediate tax benefit Advantage to the charity: Charity gets immediate payout on death 26
27 Donation of Premiums cont d Key consideration: Significant administration to ensure that the premiums are paid and receipts are issued What happens if the donor defaults? 27
28 Bequest of Insurance Proceeds 28
29 Bequest of Insurance Proceeds Mechanics: Donor s estate is named as the beneficiary of the insurance proceeds on death Insurance proceeds fall into the estate and the estate then makes a gift of those proceeds to the registered charity/charities listed in the donor s Will Estate is issued a receipt (or receipts) once the estate makes the donation 29
30 Bequest of Insurance Proceeds cont d Advantage to the donor: Donation receipts are used to minimize tax in the estate Advantage to the charity: No administration; just wait to receive the gift Key consideration: Mechanism does NOT maximize the value of the gift 30
31 Gifts of Cultural Property 31
32 Gifts of Cultural Property What is Cultural Property? Objects that are considered be of outstanding significance and national importance to Canada s cultural heritage What is the Tax Benefit in donating Cultural Property? Full capital gains exemption Receipt can be used to offset 100% of the donor s taxable income for the year Carry forward is 5 years (standard) 32
33 Gifts of Cultural Property cont d FACILITATING THE GIFT For a charity to accept the gift need to be a designated institution charity (not the donor) must apply to the Minister of Canadian Heritage and demonstrate that it is capable of preserving the cultural property for a long time For the donor to receive the tax benefit property needs to be certified Charity (not the donor) must apply for tax certification of the property as cultural property Need to make the case that the property is cultural property Need one (or two) appraisals 33
34 Gifts of Cultural Property cont d Key considerations: Can you preserve the gift? Do you want that responsibility ($$)? Who is going to pay for all of this? Can you retain the appropriate experts? 34
35 Gifts of Cultural Property cont d Why bother? Mission-related rationales: acquiring certain cultural property can help generate revenue by enticing people to visit your organization and pay to view the item(s) (museums, art galleries, archives, library) may be able to generate revenue by acquiring the property and thereby demonstrating to donors/potential donors your commitment to preserving Canadian artifacts (cultural organization) 35
36 Gifts of Ecological Property 36
37 Gifts of Ecological Property What is Ecological Property? Includes ecologically sensitive land and a partial interest in ecologically sensitive land Ecologically sensitive land land that has been certified by the Minister of Environment and Climate Change Canada as land that is ecologically sensitive and therefore important to conserve and protect as part of Canada s environmental heritage Partial Interest donor continues to own a piece of property, but they provide (via a donation) to the recipient charity, a conservation easement which is registered on title to the land and restricts the potential uses of the land in favour of conservation 37
38 Gifts of Ecological Property cont d What is the Tax Benefit in donating Ecological Property? Full capital gains exemption Receipt can be used to offset 100% of the donor s taxable income for the year 10-year carry forward 38
39 Gifts of Ecological Property cont d Ways to make an eco-gift: Donor gifts the land outright Donor gifts a partial interest in the land Donor gifts the land and receives part of the FMV of the land in the form of a tax receipt and part of FMV as a cash payment (split receipt) Donor gifts the land and structures the donation as a life estate 39
40 Gifts of Ecological Property cont d FACILITATING THE GIFT For a charity to accept the gift need to be an approved recipient organization If charity eligible environmental charity, that has as its primary mandate the conservation and protection of Canada s environmental heritage For the donor to receive the tax benefit property needs to be certified Submit an application Obtain an ecological assessment Obtain an appraisal of FMV 40
41 Gifts of Ecological Property cont d Key considerations: What is your mandate? Who will bear the costs of getting the land certified and appraised? Can you retain the appropriate experts? What are the costs associated with stewardship of the property? 41
42 Gifts of Ecological Property cont d Why bother? If conservation charity one of the ways to demonstrate to donors/potential donors that you are dedicated to conserving the environment in Canada If you are able to facilitate the gift and assist the donor may be able to encourage that donor to contribute more by way of an additional monetary contribution 42
43 Gifts of Shares and Stock Options 43
44 Gifts of Public Company Shares A public company is a company/corporation the shares of which are listed and traded on a public stock exchange (TSX, VSE, NASDAQ Canada, Canadian Securities Exchange, etc.) Donor s inclusion rate on capital gains is zero Charitable donation tax receipt issued for the fair market value of the shares on the closing price on the date of transfer Electronic or physical transfer of shares possible 44
45 Gifts of Public Company Shares The rules for gifts of public company shares also apply to the following types of capital property: shares of the capital stock of mutual fund corporations; units of mutual fund trusts; interests in related segregated fund trusts; prescribed debt obligations (for example, government savings bonds); and shares, debt obligations, or rights (for example, security (stock) options) listed on a designated stock exchange 45
46 Gifts of Private Company Shares A private company is a company/corporation that does not list its stock on a public stock exchange A privately-owned company, typically by related individuals or groups of individuals Donor s capital gains inclusion rate is 50% Determination of fair market value for receipting purposes is not straightforward and will depend on the particular circumstances 46
47 Gifts of Flow-Through Shares Corporations in the mining, oil and gas, renewable energy, and energy conservation sectors issue flowthrough shares to help finance their exploration and project development activities Resource expenses are transferred to the investors Majority of shares are publicly-listed; few privately-held Capital gains exemption for publicly-listed shares Charitable donation tax receipt issued for the fair market value of the shares on the closing price on the date of transfer 47
48 Gifts of Stock Options A stock option is a type of benefit given by a company to an employee to buy stock in the company at a discount or a predetermined fixed price On exercising the stock option, the employee becomes a shareholder in the company (i.e., an owner of the company) If the employee decides to gift his or her stock option to charity, a receipt can only be issued once the charity exercises the stock option A receipt can be issued for the fair market value of the shares at the time of the exercise of the option by the charity 48
49 Shares Gifted by a Corporation The individual is not the donor, the corporation is the donor A private company gifts either: (1) private company shares; or (2) public company shares (common) A public company gifts public company shares (rare) High net worth individuals have sophisticated tax plans Opportunity for tax planning around capital gains rules Department of Finance consultation paper on tax planning using private corporations (released summer 2017) proposes changes Paper has received significant backlash 49
50 General Rules for Gifts of Property 50
51 General Rules for Gifts of Property Art that is not Certified Cultural Property, other types of property such as supplies, materials, equipment, etc. Generally speaking, the eligible amount of the gift for receipting purposes is the fair market value of the property transferred less the value of any advantage that the donor receives in exchange for the gift However, there are several anti-avoidance rules in the Income Tax Act (Canada) for gifts of property that have increased in value since acquisition by the donor Result of these rules is that buy-low/donate-high planning is not straightforward 51
52 General Rules for Gifts of Property Summary of anti-avoidance rules: If donated property purchased within 3 years, the eligible amount of the gift is the purchase price of the property If the fair market value ( FMV ) of the property at that time is less than the purchase price, then the receipt is issued for the lower amount If the donation is made within 3 years of purchase and the donor never intended to donate the property to charity, then a receipt can be issued for FMV If, when looking at the facts, the property was bought within the previous 10 years and it is reasonable to conclude that the donor purchased the property with the intention of gifting it to charity, then the receipt is issued for the lesser of the purchase price and FMV 52
53 Providing Services to a Charity 53
54 Providing Services to a Charity Contributions of services (time, skills, or efforts) are not property, and therefore do not qualify as gifts for purposes of issuing official donation receipts A charity cannot issue an official donation receipt for services rendered free of charge It may be possible to issue a receipt when a right to reimbursement for any actual expense incurred on behalf of a registered charity has been established A charity may issue an official donation receipt if a person provides a service to the charity, the charity pays for the service, and the person then returns the payment to the charity as a gift 54
55 Key Takeaways and Recommendations 55
56 Key Takeaways Most common gift is cash There are lots of other types of property that can be gifted to charity These other types of property have significant value High net worth individuals have diverse assets, sophisticated tax plans, and corporate structures Donors look to charities for guidance on how to make gifts Charities should be a resource for donors 56
57 Recommendations Review and update your charity s Gift Acceptance Policy Create a condensed version of the Policy that can be shared with donors Familiarize yourself with the existing rules Stay current Tailor the ask Gifts should be structured with care 57
58 M I L L E R T H O M S O N. C O M 2017 Miller Thomson LLP. All Rights Reserved. All Intellectual Property Rights including copyright in this presentation are owned by Miller Thomson LLP. This presentation may be reproduced and distributed in its entirety provided no alterations are made to the form or content. Any other form of reproduction or distribution requires the prior written consent of Miller Thomson LLP which may be requested from the presenter(s). This presentation is provided as an information service and is a summary of current legal issues. This information is not meant as legal opinion and viewers are cautioned not to act on information provided in this publication without seeking specific legal advice with respect to their unique circumstances. V A N C O U V E R C A L G A R Y E D M O N T O N S A S K A T O O N R E G I N A L O N D O N K I T C H E N E R - W A T E R L O O G U E L P H T O R O N T O V A U G H A N M A R K H A M M O N T R É A L
Reference Guide CHARITABLE GIVING
Reference Guide CHARITABLE GIVING In order to promote and encourage charitable giving, the Income Tax Act of Canada (the Act ) allows a tax credit to be claimed for eligible charitable gifts made by an
More informationREFERENCE GUIDE Charitable Giving
REFERENCE GUIDE Charitable Giving Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness. All opinions expressed and data provided
More informationDonation receipt for full amount Straightforward transactions Satisfaction of seeing gift at work today
Types of Gifts Type of Gift Gift of Cash Available for immediate use Liquid No risk Donation receipt for full amount Straightforward transactions Satisfaction of seeing gift at work today Cash Cheque Credit
More informationChoosing the right charitable giving strategy
Giving Smarter: Choosing the right charitable giving strategy With 84% of Canadians giving charitable donations of $12.8 billion annually (according to Statistics Canada s General Social Survey on Giving,
More informationRBC Wealth Management
Charitable giving 2 RBC Wealth Management RBC Wealth Management RBC Wealth Management provides comprehensive services designed to address your multi-faceted financial concerns, simplify your life, give
More informationRBC WEALTH MANAGEMENT PUBLICATIONS
CHARITABLE GIVING RBC WEALTH MANAGEMENT RBC Wealth Management provides comprehensive services designed to address your multi-faceted financial concerns, simplify your life, give you the freedom to pursue
More informationMaking the Most of Your Charitable Gifts for 2016
Making the Most of Your Charitable Gifts for 2016 October 19, 2016 No. 2016-48 Canada s tax incentives for charitable donations are designed to make it easier for you to support your favourite charities.
More informationGRADUATED RATE ESTATES AND GIFTING ON DEATH
Richard Eisenbraun Borden Ladner Gervais LLP Calgary Colin Poon Borden Ladner Gervais LLP Calgary Ruth Spetz Borden Ladner Gervais LLP Calgary 2015 Prairie Provinces Tax Conference INTRODUCTION There have
More informationLeave a Legacy Newfoundland and Labrador
Leave a Legacy Newfoundland and Labrador Charitable Bequests Tips & Considerations Presented by Catherine Barrett, Memorial University of Newfoundland November 3, 2016 What is Planned Giving Also known
More informationGifting. Charities. The donation credit
Gifting Why not use your hard-earned money to make a difference, by helping out the people you care for the most, or your favorite charity? Meanwhile, you benefit from the opportunity to reduce your taxes.
More informationCharities and Charitable Giving as Part of Estate and Succession Planning. Presented by: James M. Parks September 15, 2016
Charities and Charitable Giving as Part of Estate and Succession Planning Presented by: James M. Parks September 15, 2016 Table of Contents 1. Types of Charitable Entities 2. Forming Private Foundation
More information2014 Canadian Federal Budget - How will it affect the Canadian charitable sector?
www.canadiancharitylaw.ca 2014 Canadian Federal Budget - How will it affect the Canadian charitable sector? By Mark Blumberg 1 (February 11, 2014) There are over 400 pages of material in the 2014 Federal
More informationTax, Retirement & Estate Planning Services CHARITABLE GIVING THE FACTS
Tax, Retirement & Estate Planning Services CHARITABLE GIVING THE FACTS Giving to charity is a strong tradition in Canada. But with cutbacks, the amount of public funding received by charitable organizations
More informationWhat Works, Why and at What Cost? Tax Credits and Capital Gains Strategies
MODERNISING CHARITY LAW CONFERENCE Australia April 26 to April 18, 2009 What Works, Why and at What Cost? Tax Credits and Capital Gains Strategies By Terrance S. Carter, B.A., LL.B., Trade-mark Agent 2009
More informationAgenda. Graduated Rate Estates Qualified Disability Trusts Subsection 104(13.4) Estate Donations Subsection 104(13.3)
Kim G C Moody FCA, TEP Darryl R Antel LLB Moodys Gartner Tax Law LLP December 16, 2014 Agenda Graduated Rate Estates Qualified Disability Trusts Subsection 104(13.4) Estate Donations Subsection 104(13.3)
More informationDonating Appreciated Securities
BMO Wealth Management Donating Appreciated Securities The benefits of making a charitable donation are countless from helping those in need to the personal satisfaction we feel when giving back to the
More informationFamily Business Succession Planning. How to Beat Death and Taxes
Family Business Succession Planning How to Beat Death and Taxes Presenters: Michael A. Goldberg, Minden Gross LLP Succession Planning 101 Aaron S. Grubner, Minden Gross LLP Succession Planning - Family
More informationPROCEDURE POLICY GOVERNING PRINCIPLE PROCEDURE ER GIFT ACCEPTANCE ACCEPTING, ACKNOWLEDGING AND DOCUMENTING THE RECEIPT OF GIFTS
Section: Subject: External Relations (ER) Fundraising Legislation: Effective: March 12, 2004 Revision: September 1, 2016 (reformatted) ER.3.1.11 GIFT ACCEPTANCE ACCEPTING, ACKNOWLEDGING AND DOCUMENTING
More informationProfessional Wealth Management
Professional Wealth Management C H A R I T A B L E G I V I N G RBC INVESTMENTS RBC INVESTMENTS FINANCIAL PLANNING PUBLICATIONS You have choices when it comes to managing your finances. But how do you make
More informationCharitable Giving Guide
Charitable Giving Guide Charitable Giving Guide Giving to charity has a strong tradition in Canada. But with recent cutbacks, the amount of public funding received by charitable organizations from the
More informationInsurance Solutions for Individual Needs
Insurance Solutions for Individual Needs This brochure looks at some of the different needs individuals can experience and it shows how insurance can help meet those needs. Leaving a Legacy at Death Life
More informationINDEX. pro-rating, 11
INDEX A grandfathered policies, 11, 12, 13 21-year deemed disposition rule, keyperson insurance strategy and, 301 302 205, 207, 208 Crummey trust and, 325 pro-rating, 11 Accounting for life insurance,
More informationTax Incentives for Charitable Giving. Jamie Golombek Managing Director, Tax and Estate Planning CIBC Wealth Strategies Group
Tax Incentives for Charitable Giving Jamie Golombek Managing Director, Tax and Estate Planning CIBC Wealth Strategies Group Toronto Arts Foundation September 7, 2016 Agenda 1 Charitable donations Overview
More informationOLDS COLLEGE POLICY POLICY NUMBER:
OLDS COLLEGE POLICY Olds College recognizes the need for Policies and Procedures, and the need for staff and students to be familiar with and follow such policies and procedures. It is the intent of Olds
More informationALTER EGO TRUSTS AND JOINT PARTNER TRUSTS
ALTER EGO TRUSTS AND JOINT PARTNER TRUSTS This issue of the Legal Business Report provides current information to the clients of Alpert Law Firm on estate planning, including alter ego and joint partner
More informationPODCAST PRESENTATION. Northern Trust DIVERSITY OF PHILANTHROPIC FUNDING ALTERNATIVES HOST:
Northern Trust PODCAST PRESENTATION DIVERSITY OF PHILANTHROPIC FUNDING ALTERNATIVES Hello and welcome. Northern Trust is proud to sponsor this podcast, The Diversity of Philanthropic Funding Alternatives,
More informationINDEX. Segregated funds, Structured pre-1990 contracts, settlements deferred annuities, accrual taxation rules,
INDEX 21-year deemed disposition rule, 328 329 Crummey trust and, 353 A Accounting for life insurance, 224 226 Accounting standards, 71 72 Accrual reporting annuities, 431 433 keyperson insurance strategy
More informationCharitable Endowment Donor Advised Funds
Charitable Endowment Donor Advised Funds Endowments are used to support specific programs or activities of a charity, foundation or qualified institution Donors will have very specific requirements on
More informationDonation or Sponsorship? Know the Rules, Reap the Rewards
IMAGINE CANADA Charity Tax Tools Webinar October 18, 2011 Donation or Sponsorship? Know the Rules, Reap the Rewards By Terrance S. Carter, B.A., LL.B., TEP, Trade-mark Agent tcarter@carters.ca 1-877-942-0001
More informationInvestors Group Charitable Giving Program. Program Guide
Investors Group Charitable Giving Program Program Guide 1 Investors Group Charitable Giving Program Program Guide This program guide (the Guide ) contains selected important information to help a potential
More informationProfessional Wealth Management Since 1901
Charitable Giving Professional Wealth Management Since 1901 RBC Do m i n i o n Se c u r i t i e s In c. Fin a n c i a l Pl a n n i n g Publications At RBC Dominion Securities Inc., we have been helping
More informationDonating Appreciated Securities
BMO Nesbitt Burns Donating Appreciated Securities The benefits of making a charitable donation are countless from helping those in need to the personal satisfaction we feel when giving something back to
More information2012 Year End Tax Planning Considerations
2012 Year End Tax Planning Considerations Tax planning is a year-round activity and a vital component of the financial planning process. Since we are approaching the end of the calendar year, it is an
More informationIdeally your contribution should be made as soon as possible in the year in order to shelter the investment income from tax.
Maximize RRSP Contributions. You should make your maximum RRSP contribution while you are working. You will get a tax deduction now at your current tax rate and you will be able to take the money out later
More informationPlanned Giving CHARITABLE WILL BEQUESTS. The Benefits to You
Planned Giving Thank you for your interest in supporting the Unitarian Church of Edmonton and our many programs. For more information on our planned giving program, please call us at (780) 454-8073. CHARITABLE
More informationTESTAMENTARY GIFTS AND WILLS
TESTAMENTARY GIFTS AND WILLS (Instruments of Stewardship) Canadian Council of Christian Charities Conference Building Ministries/Building Community Tuesday September 26, 2006 RICHMOND BRITISH COLUMBIA
More informationPROGRAM GUIDE. Mackenzie Charitable Giving Program
PROGRAM GUIDE Mackenzie Charitable Giving Program This program guide (the Guide ) contains selected important information to help a potential investor Donor make an informed decision about donating to
More informationCharitable Planning CLIENT GUIDE
Charitable Planning CLIENT GUIDE CHARITABLE PLANNING Giving to charity can provide many benefits and opportunities, both to the charity and to you. The charity, benefits from a donation that can help further
More informationCross-Border Conservation Gifts: Fact Sheet for Potential Donors of Land or Conservation Easements April 2018
Cross-Border Conservation Gifts: Fact Sheet for Potential Donors of Land or Conservation Easements April 2018 Adapted from 2006 original work by Bonnie Sutherland Nova Scotia Nature Trust 1 Introduction
More informationCharitable Gift Funds Canada Foundation 2014 All Rights Reserved (R0514) 5
Charitable Gift Funds Canada Foundation 2014 All Rights Reserved (R0514) 5 TABLE OF CONTENTS WELCOME... 3 ABOUT GIFT FUNDS CANADA... 3 THE PROGRAMS AN OVERVIEW... 4 Classic CGF... 4 Flex CGF... 4 Legacy
More informationYear-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden
www.segalllp.com December 2018 Year-End Tax Planner Our latest ideas and tips in reducing your 2018 tax burden Welcome! Dear clients and friends, as we approach the end of another year, now would be a
More informationPROGRAM GUIDE. Mackenzie Charitable Giving Program
PROGRAM GUIDE Mackenzie Charitable Giving Program This program guide (the Guide ) contains selected important information to help a potential investor Donor make an informed decision about donating to
More informationPrincipal Residence Rules An Update
Principal Residence Rules An Update Presented by: Josh Harnett December 7, 2016 Table of Contents 1. One Plus Rule 2. Trusts 3. Subsection 107(4.1) 4. Compliance Rules 2 One Plus Rule Current Rule Individual
More informationUNIVERSITY OF WISCONSIN OSHKOSH FOUNDATION GIFT ACCEPTANCE POLICY
UNIVERSITY OF WISCONSIN OSHKOSH FOUNDATION GIFT ACCEPTANCE POLICY Approved by the Foundation Board of Directors 10/23/08 PART ONE: GLOSSARY OF KEY TERMS Gift: A voluntary transfer of cash and kind, from
More informationForeword...iii What s New...xvii
TABLE OF CONTENTS Foreword...iii What s New...xvii Chapter 1: Introductory Concepts 1.1 Introduction...1 1.2 Tax Systems Around the World...3 1.3 Income to Date of Death...4 1.4 Deemed Realization of Income...4
More informationGIFTS YOU CAN MAKE NOW
SPECIAL REPORT This Special Report is brought to you by HOOK LAW CENTER Legal Power for Seniors Tel: 757-399-7506 Fax: 757-397-1267 Locations: Virginia Beach 295 Bendix Road, Suite 170 Virginia Beach,
More informationESTATE PLANNING PACKAGE
ESTATE PLANNING PACKAGE Honest. Straightforward. Expertise. ESTATE PLANNING PACKAGE TABLE OF CONTENTS Estate Planning Your Estate Plan: A Step-by-Step Approach... 1 Estate Planning Checklist... 2 The Executor
More informationFEDERAL BUDGET A balanced-budget, low-tax plan for Richardson GMP: Trusted. Canadian. Independent. Tax & Estate Planning
FEDERAL BUDGET 2015 INSIGHTS FROM OUR TAX & ESTATE PLANNING PROFESSIONALS A balanced-budget, low-tax plan for 2015 The Conservative Government has announced that it has fulfilled its promises and that
More informationOur Children Our Future: A Guide to Legacy Gifts
Legal Name: Boys & Girls Clubs Address: 301, 1195 Esquimalt Rd, Victoria, BC V9A 3N6 Tel: 250.384.9133 Fax: 250.384.9136 Web: www.bgcvic.org Email: development@bgcvic.org Canada Revenue Agency: Charitable
More informationWhat is Planned Giving?
What is Planned Giving? By Mark Blumberg (July 3, 2013) Planned giving involves tools and techniques to facilitate gifts to charities typically involving the assistance of professional advisors who attempt
More informationGIFT ACCEPTANCE POLICIES AND DONORS RIGHTS
GIFT ACCEPTANCE POLICIES AND DONORS RIGHTS AUTHORIZATION The Jewish Community Foundation of Montreal is authorized to encourage donors to make both outright and deferred gifts. The types of gifts include,
More informationDeath & Taxes When Life s Two Certainties Collide. Shaun M. Doody
Death & Taxes When Life s Two Certainties Collide Shaun M. Doody 1 2 INTRODUCTION Death and taxes are two certainties that have been with us just about from the beginning of civilization No other tax event
More informationBUDGET TIM CESTNICK, Managing Director, Advanced Wealth Planning KEVIN TRAN, Director, Tax Advisory Services. From Thirty Thousand Feet
BUDGET 2015 It s All About Balance TIM CESTNICK, Managing Director, Advanced Wealth Planning KEVIN TRAN, Director, Tax Advisory Services Table of Contents 2 Personal Tax Measures 4 Business Tax Measures
More informationGIFT ACCEPTANCE POLICIES AND GUIDELINES Adopted by the Board of Trustees October 5, 2017
GIFT ACCEPTANCE POLICIES AND GUIDELINES Adopted by the Board of Trustees October 5, 2017 Carnegie Hall, a New York not-for-profit corporation, encourages and depends on gifts to further and fulfill its
More informationGifting publicly traded securities
The Navigator INVESTMENT, TAX AND LIFESTYLE PERSPECTIVES FROM RBC WEALTH MANAGEMENT SERVICES Ketchen Asset Management RBC Dominion Securities Charitable donations of securities Gifting shares instead of
More informationTAX TIPS. Audit Tax Advisory
Audit Tax Advisory TAX TIPS Crowe Soberman LLP Join our online community In this issue: Investment income 3 Facebook.com/CroweSoberman On Crowe Soberman s Facebook page, you can stay in the loop with the
More informationThe University of British Columbia Board of Governors
The University of British Columbia Board of Governors Policy No.: 114 Approval Date: September 1993 Last Revision: [Anticipated June 2015] Responsible Executive: Vice-President, Development and Alumni
More informationCharitable Donations of Securities Gifting shares instead of cash could enhance your tax benefit Gifting publicly-traded securities
November 18, 2010 Charitable Donations of Securities Gifting shares instead of cash could enhance your tax benefit Gifting publicly-traded securities To encourage individuals to increase their charitable
More informationNewsletter PERSONAL. November 2018 Issue 46
IN THIS ISSUE The Principal Residence Exemption Life Insurance Low-Tax Bracket Family Members Testamentary Trusts RRSPs and RRIFs Shares and Partnership Interests Donations Spouse and Common-Law Partner
More informationBudget 2014: Canada s Olympic Budget
FEBRUARY 11, 2014 Budget 2014: Canada s Olympic Budget By Tim Cestnick and Francesca Tarantino The federal budget of 2014 will best be remembered as the Olympic budget. Not because the budget was tabled
More informationUpdate to the Estate Administration Checklist for Solicitors advising Estate Trustees
Update to the Estate Administration Checklist for Solicitors advising Estate Trustees Jag C. Gandhi VANCOUVER CALGARY EDMONTON SASKATOON REGINA LONDON KITCHENER- WATERLOO GUELPH TORONTO VAUGHAN MARKHAM
More informationSample Plan For Illustrative Purposes Only
Your Retirement Plan RETIREMENT ANALYSIS This section of the plan provides an illustration of your retirement situation based on the Surplus Cash Flow Assumption discussed on page 13 and the various recommended
More informationTODAY S TRUSTS FOR ESTATE PLANNING
TODAY S TRUSTS FOR ESTATE PLANNING Jana Steele and Mariana Silva* There are a variety of options available to individuals who are interested in using trusts as part of their estate plan. This paper discusses
More informationGIFT ACCEPTANCE POLICY
GIFT ACCEPTANCE POLICY Statement of Policy Individual giving helps ensure the Louisiana-Mississippi-West Tennessee Kiwanis District (here to referred to as the District) serves the children of the world.
More informationCHARITY LAW BULLETIN NO. 44
CHARITY LAW BULLETIN NO. 44 MAY 31, 2004 Editor: Terrance S. Carter CHARITIES DIRECTORATE PROVIDES GUIDANCE ON GIFTS IN KIND By Terrance S. Carter, B.A., LL.B., Trade-mark Agent Assisted by Nancy E. Claridge,
More informationCharitable Gift Program. Helping you create a lasting legacy
Charitable Gift Program Helping you create a lasting legacy It s a good feeling to be able to support charitable causes you care about in a meaningful way. Whether you want to help fund life-saving medical
More informationPrivate Giving Foundation
TD Wealth Private Giving Foundation Program Guide A simple, effective way to support the causes that matter to you Introduction The Private Giving Foundation (the PGF ) is an independent, non-profit charitable
More informationAlter Ego and Joint Spousal/Partner Trusts The Trust and Tax Issues. Miller Thomson Seminar: Private Client Services Update October 22, 2009
MILLER THOMSON LLP Barristers & Solicitors Patent & Trade-Mark Agents Robson Court 1000-840 Howe Street Vancouver, BC Canada V6Z 2M1 Tel. 604.687.2242 Fax. 604.643.1200 www.millerthomson.com VANCOUVER
More informationWhite Paper Estate Freeze Technique: Bargain Sale
White Paper Estate Freeze Technique: Bargain Sale www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,
More informationConsiderations in Corporate Giving *
Considerations in Corporate Giving * CAROLE CHOUINARD Gowling Lafleur Henderson, LLP, Ottawa, ON This article addresses certain tax aspects of corporate giving, specifically, the tax aspects of giving
More informationDeath and Taxes It s Never Too Early To Plan. Franklin H. Famme, CPA, CA
Death and Taxes It s Never Too Early To Plan Franklin H. Famme, CPA, CA Benjamin Franklin Agenda Understanding Estates Taxes Upon Death Probate Income Tax Taxes After Death Understanding Estates Jointly-Held
More informationCHARITY LAW BULLETIN NO. 330
CHARITY LAW BULLETIN NO. 330 FEBRUARY 12, 2014 EDITOR: TERRANCE S. CARTER BUDGET 2014: IMPACT ON CHARITIES By Karen Cooper, Theresa Man, Nancy Claridge, Sean Carter, Ryan Prendergast and Terrance Carter
More informationInsight on estate planning
Insight on estate planning august.september.2007 What to do with the collectibles? Incorporate them into your estate plan Trusting your heirs The ins and outs of an inheritor s trust All in the family
More information10/6/17. Tips and Traps For Tax Time(d) Donation Planning. Kathy Hawkesworth, Edmonton Community Foundation. George Lois. Holdco.
Tips and Traps For Tax Time(d) Donation Planning Kathy Hawkesworth, Edmonton Community Foundation George Lois Holdco RRSP Shares Mutual Funds Personal Investing Personal Investing Opco Old Life Insurance
More informationPLANNED GIVING PROGRAM. 1. Protocol
UNIVERSITY OF NORTHERN BRITISH COLUMBIA Policies and Procedures SUBJECT: PLANNED GIVING PROGRAM 1. Protocol University of Northern British Columbia is authorized to encourage donors to make both outright
More informationBudget 2015 More splash than cash
April 2015 Budget 2015 More splash than cash Introduction Finance Minister, Joe Oliver, delivered the 2015 Federal Budget which contained many measures that were leaked prior to the Budget. In some cases,
More informationBudget 2015: It s All About Balance By Tim Cestnick and Kevin Tran
APRIL 21, 2015 Budget 2015: It s All About Balance By Tim Cestnick and Kevin Tran The federal government today tabled its Economic Action Plan 2015 a balanced budget for the first time since fiscal 2008.
More information2018 Personal Tax Calendar
BMO Wealth Management 2018 Personal Tax Calendar While most Canadians are aware of the April 30 personal income tax filing deadline, there are other important tax deadlines that must be observed over the
More informationCross-Border Conservation Gifts: Fact Sheet for Donors
Cross-Border Conservation Gifts by U.S. Residents: Fact Sheet for Appraisers Cross-Border Conservation Gifts: Fact Sheet for Donors October 2006 Bonnie Sutherland Nova Scotia Nature Trust PO Box 2202 Halifax,
More informationThe essence of 104(13.4), as adopted, is two fold it deems the life interest trust to have a year end at the end of the day of death of the life
The essence of 104(13.4), as adopted, is two fold it deems the life interest trust to have a year end at the end of the day of death of the life interest beneficiary and it deems the capital gain arising
More informationCharitable Giving: Tax Benefits and Strategies
Charitable Giving: Tax Benefits and Strategies CPAs Attorneys Enrolled Agents Tax Professionals Professional Education Network TM Contents 1 Introduction 2 Overview of Tax Benefits 3 Tax Treatment of Gifts
More informationAdvisory. Will and estate planning considerations for Canadians with U.S. connections
Advisory Will and estate planning considerations for Canadians with U.S. connections Canadian citizens and residents may be exposed to U.S. estate, gift, and generation-skipping transfer tax (together,
More informationSucceeding at Succession The Tax Aspects of Finding Lost Opportunities in the Intergenerational Transfer of Family Cottages
Click to edit Master title style Succeeding at Succession The Tax Aspects of Finding Lost Opportunities in the Intergenerational Transfer of Family Cottages LL.B. Barrister & Solicitor aaptowitzer@drache.ca
More informationTAX LETTER. January 2016
TAX LETTER January 2016 DRAFT LEGISLATION FOR 2016 TAX CHANGES FINANCE PROPOSES CHANGES TO RULES GOVERNING SPOUSAL AND SIMILAR TRUSTS TAX-FREE TRANSFERS OF PROPERTY TO YOUR CORPORATION CAPITAL DIVIDENDS
More informationTax & Estate Planning for HNW Clients
Tax & Estate Planning for HNW Clients October 11, 2012 Wood Gundy National Business Conference Jamie Golombek Managing Director CIBC Private Wealth Management High Net Worth Integrated Advisory Offer Bringing
More informationSAMPLE PLAN FOR ILLUSTRATIVE PURPOSES ONLY
RBC Wealth Management Prepared exclusively for Bob and Mary Smith Halifax, Nova Scotia January 2017 Prepared by: The Wealth Management Services Team and John Bell RBC Wealth Management Table of Contents
More informationLooking back to 2011 and FORWARD TO 2012
December 2011 YEAR-END TAX PLANNER 2011/2012 IN THIS ISSUE Federal Highlights 1 Provincial Highlights 1 Entrepreneurs 1 Personal Tax Matters 2 United States Matters 5 International Matters 5 Key Tax Dates
More informationTrusts - Basic Concept Taxation of Trusts Uses of Trusts Spousal Trust Farm Purification Strategic Philanthropy Alter Ego Trust Conclusion
Trusts - Basic Concept Taxation of Trusts Uses of Trusts Spousal Trust Farm Purification Strategic Philanthropy Alter Ego Trust Conclusion TRUSTS IN FARM TRANSITION PLANNING Trusts can be a valuable planning
More informationTax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals
October 21, 2010 Tax-Free Savings Account (TFSA) How the TFSA can help you reach your financial goals The Tax-Free Savings Account (TFSA) was introduced by the federal government in the 2008 budget. Since
More informationEastern Washington University Foundation Gift Acceptance Policies and Guidelines
Eastern Washington University Foundation Gift Acceptance Policies and Guidelines Board Approved: June 22, 2007 Revised & Approved: October 21, 2010 Revised & Approved: April 16, 2014 Finance Committee
More informationWill Planning To Meet Your Estate Needs
Many people recognize that a Will is an essential component of the estate planning process but they fail to give this subject the time or consideration that it requires. It is important to remember that
More informationTAX LETTER. April 2014
TAX LETTER April 2014 FEDERAL BUDGET TAX HIGHLIGHTS CHARITABLE DONATIONS MADE BY YOUR ESTATE ALLOWABLE BUSINESS INVESTMENT LOSSES TAX-FREE GIFTS FOR EMPLOYEES CAPITAL GAINS SPLITTING WITH YOUR MINOR CHILDREN
More informationBRIGHT PAPER LIFE INSURANCE. for the WEALTHY: the myth-busting benefits KEY INSIGHTS:
BRIGHT PAPER APRIL 2014 LIFE INSURANCE for the WEALTHY: the myth-busting benefits KEY INSIGHTS: 1. Insurance can help preserve affluent lifestyles 2. Permanent life insurance can protect or enhance financial
More informationThe importance of assistance
TRANSFERRING Estate Planning Guide for Ontario Resident The importance of assistance Table of contents Creating Your Legacy.... 02 Steps in Setting Up an Estate Plan.... 02 1. Gather Your Information............................................
More informationThe Gift Acceptance Committee shall consist of a designee from the offices of the General Counsel, External Affairs and the Chief Operating Officer.
THE MUSEUM OF MODERN ART GIFT ACCEPTANCE POLICIES AND GUIDELINES The Museum of Modern Art, a not- for- profit educational institution organized under the laws of the State of New York, encourages and accepts
More informationGlossary of Charitable Giving Terms
Glossary of Charitable Giving Terms (Adapted, revised and updated based on material presented in Planned Giving for Canadians, by Frank Minton and Lorna Somers, 2nd Edition, 1997). Below are definitions
More informationWings of Gold Society
Wings of Gold Society The Naval Aviation Museum Foundation founded the Wings of Gold Society in 1993, to recognize planned gift donors who contributed to the sustainment of the National Naval Aviation
More informationA. The purpose of this gift acceptance policy is to:
Chi Phi Educational Trust and Chi Phi Fraternity GIFT ACCEPTANCE POLICY adopted by the Chi Phi Educational Trust on July 25, 1999; amended April 6, 2001; amended March 28, 2010 I. Introduction A. The purpose
More informationComprehensive Charitable Planning
Advanced Markets Client Guide Comprehensive Charitable Planning Charitable gifts that preserve personal wealth. Comprehensive Charitable Planning Giving to charity can provide many benefits and opportunities,
More informationKelowna Vancouver Surrey Edmonton Calgary Regina Whitehorse Yellowknife WINTER 2017
Kelowna Vancouver Surrey Edmonton Calgary Regina Whitehorse Yellowknife Year End Tax Planning Issue WINTER 2017 Introduction Welcome to our 2017 tax planning issue, full of topics and opportunities that
More information