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“I always look forward to the AMI Quebec fundraisers! I leave them inspired and proud to know that I have contributed to a fantastic organization. A fun way to help break the stigma of mental health and to celebrate a meaningful organization like AMI!!”
There’s a reason planned giving has become so popular over the past number of years. It’s a win-win way of donating and there are several options.
Your charitable gift can become more significant if you look into the different planned giving options available. A small amount can grow into a much larger benefit. You and your family can derive important tax breaks and legacy benefits. And the donee you choose could benefit for many years to come.
You can realize significant tax savings by naming AMI as a beneficiary in your will. For those wanting to leave a legacy, a foundation can be set up that will help families for generations in the form of annual grants.
Say you own shares in a company that have significantly increased in value. If you sell them, 50% of your capital gain will be taxed. If you decide to donate those shares instead, you won’t pay any tax. This also applies to donations of securities or RRSPs.
There are other opportunities that allow you to give a charitable gift and still be entitled to receive monthly payments. This concept is known as a charitable gift annuity. The recipient you choose immediately benefits from the funds, you are provided with a tax receipt and also with a revenue stream for the rest of your life.
There are also charitable gifts that you decide to make part of your estate. Increasing numbers of people are doing just that. Bill Gates and Warren Buffett set up the Giving Pledge whereby individuals donate portions of their wealth to charity. But you don’t have to be a billionaire to benefit from this type of planned giving.
Upon death, a life Insurance policy is paid directly to the named charity. A charity then issues a tax receipt that can be used on your final tax return.
For more information about planned giving, click HERE.
If you are interested in planned giving, please contact your financial advisor or another professional who can assist you in choosing the best option for your financial situation. If you don’t know where to begin, we can help guide you–contact our Executive Director Ella Amir (514-486-1448; firstname.lastname@example.org).