Charitable Intent? 'Tis the Season!

December 18, 2018 | Sarah Timm


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With the Holiday season upon us we are reminded of goodwill to others and we should all take time to reflect on our daily blessings and the impact we can have on those less fortunate. This holiday season, the McIntyre Group has sponsored a family of five for Christmas. Katie and Sarah have shared this giving experience with our little ones, having Kasey, Jordyn and Chase participate in the shopping and preparations for our family. We hope this experience has inspired our children with generosity and care for our community. Michael spear headed this initiative and will be busy wrapping and packaging our gifts for delivery to our family.

 

The McIntyre Group, with support from the RBC Foundation, has made generous donations throughout 2018 to the Women and Children's Shelter of Barrie , Camphill Foundation  and Grove Park Home in addition to sponsoring local senior's curling and minor hockey. Katie and Sarah continue to be active members of the Ripple of Kindness Barrie , giving back to our community throughout the year.

 

Sarah's son Chase has been busy serving our community through his hockey with the BCHL, volunteering some time to the Special Olympics.

 

Do you share the same charitable intent? Canada Revenue Agency (CRA) considers a gift to be a voluntary transfer of money or property for which the donor expects and receives no consideration. Gifts can include cash, securities, a right to future payout (such as life insurance proceeds) certified cultural property or gifts of ecological sensitive lands. Certain donations are not considered gifts for tax purposes, such as time or service or property of little value, such as used clothing or furniture. But the gift of time or service is certainly heartwarming and definitely feel good! A gift of service is a great way to experience firsthand the impact many charitable organizations have in our community. The McIntyre Group spent a day of service helping Camphill Foundation organize and clean their art studio this year. What an awesome experience meeting a few of many who benefit from Camphill and their day programs!

 

Donations can be made both personally and corporately, personal donations can be made during your life time or as a legacy. Donations can include cash, transfers of securities or employee stock options, donations of a RRIF/RSP, even life insurance policies. As a means to encourage Canadians to give, there are some tax incentives available. Generally, when a gift is made to a registered charity, a donation receipt is issued for the fair market value of the donations. You may then be able to claim a donation tax credit in the year of the gift. When you choose to claim a tax credit on your personal tax return, the donation tax credit reduces your federal and provincial income taxes in the year you make the claim. The donation tax credit is non-refundable, meaning that the tax credit cannot reduce the amount of your tax below zero. You are not required to claim the donation tax credit in the year you make the donation, you can choose to carry forward your donation for a maximum of 5 years. Corporate donations are entitled to a tax deduction for the donation amount against their income, thereby reducing their tax liability. Corporate donations generally can be carried forward up to five years and a corporation can claim a deduction up to 75% of the corporate's net income for the year.

 

Charitable donations provide you with the chance to give back to your community and receive tax incentives at the same time! Contact us for additional information regarding charitable giving. We have helped many clients with philanthropic planning through the RBC Charitable Gift Program!

 

From Katie, Sarah, Michael and our families, we wish you a safe and happy holiday season! All the best for 2019!