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You can make a difference
Gifts and bequests to the Foundation are fully secure and professionally managed.
One hundred percent of the original donation will be invested for the ongoing betterment
of Mission and its residents. The original donation will never be touched; grants will
only be made from the earnings derived from the original gift.
Frequently Asked Questions
How can I maximize my donation?
All charitable donations are tax-deductible and the Mission Foundation will issue a
tax receipt for all gifts over $10.
However, the tax credit available depends on the amount you donate. For example, up to $200,
the credit is 26% and the actual cost to you will be $148. For amounts over $200, the tax
credit increases to 44%, which means that on your second $200, the actual cost to you would
be $112.
You could also leave the Foundation as the beneficiary of any life insurance policy that you
currently have. That will leave a considerable tax deduction on your estate when you die.
Another innovative way to maximize your donation, if you contribute regularly, is to buy a
life insurance policy with the Mission Foundation as the owner and beneficiary of the policy
while you pay the premiums. The whole amount of the premium is deductible as a charitable
donation. The net result of this option will be a larger contribution for the same cost.
Can I leave real property to the Foundation and if so, how do I benefit with regard to taxes?
The short answer is yes. This is referred to as a "gift in kind". When you make such a donation,
Revenue Canada considers that you have disposed of it at fair market value. You will be required
to pay tax on 50% of the difference between the "Fair market value" and what you originally paid
for the property. However, the Mission Foundation will issue a tax receipt for the full market
value which you can use as a tax deduction and thus avoid having to pay capital gains tax. You
can also use any remaining amount of tax credit to reduce up to 100% of other taxable income
during the year of your real property donation.
Is there any benefit in donating stocks, bonds, or mutual funds?
This is also regarded as a "gift in kind" and the same rules apply. But if you donate stocks,
bonds or mutual funds directly to the Foundation, you are only required to pay tax on 50%
of the capital gains; an even bigger saving!
Why is it a good idea to remember the Foundation in my will? When you die, Revenue
Canada considers that you disposed of all your property just prior to death. That means that
the tax liability for the year of your death could be quite considerable. In many instances,
this will result in being taxed at the highest rate. If you leave a donation to the Foundation
in your will, 100% of the donation can be applied against your taxes for the year of your death.
Any excess can be used to claim a refund on your taxes for the year prior to your death.
Other than cash, how can I donate to the Mission Foundation? Other ways to give to the
Mission Foundation include donations of :
- Real estate
- Artwork, coin sets, rare books,etc.
- Life insurance policy or the proceeds thereof
- Insured annuity
- A gift in memory of a friend or relative
- A multi-year pledge
- An interest-free loan for a specified period
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