Making a Donation
There are many factors to consider when making a charitable gift. Depending on the structure of your gift, you can receive a charitable donation receipt to either help offset taxes payable during your lifetime or by your estate. Canada Revenue Agency regulations allow you to claim up to 75% of your net income in charitable donations each year and any excess may be carried forward for up to 5 years. In the year of death, 100% of income may be claimed and the excess may be applied to the previous year’s tax return.
With careful planning, it may be possible to eliminate all taxes payable by your estate while providing a very significant gift to a cause you care about deeply.
Some information on the tax benefits associated with various charitable gifts is outlined below. We encourage you to consult with your financial/estate advisor for more detailed information on maximizing your potential tax savings.
Ways to Give and Tax Benefits of Charitable Gifts
One time gift
Make a donation to Boost For Kids Foundation where every donation helps us to offer the most effective child abuse prevention programs and services possible. You will receive a tax receipt for your gift.
Monthly gift
Join the Boost Monthly Giving program and help support our programs and services all year long. Your regular monthly gifts add up to make a big difference to Boost. You will receive a tax receipt at the end of the year.
Cash gifts
You will recieve a charitable tax receipt for the full amount of your donation.
Stocks, Bonds, Mutual Funds
You will receive a charitable tax receipt for the fair market value of your donation, and will not be required to pay any capital gains.
Tribute/Memorial Gifts
A charitable donation receipt will be issued for the full amount of your gift.
Endowed Gifts
For gifts made to Boost’s Endowment during your lifetime, you will receive a charitable donation receipt for the full amount of your donation. Gifts to the endowment made through a bequest will result in a charitable donation receipt for the full value of your gift to help offset taxes payable by your estate.
Bequests
When Boost receives a bequest following a death, a charitable donation receipt will be issued for the full value of the donation. In the year of death, 100% of income may be claimed and the excess may be applied to the previous year’s tax return.
RRSP/RRIF
When Boost For Kids Foundation is named the beneficiary on registered retirement plan documents a charitable donation receipt for the value of the investment gifted will be issued to your estate to be applied toward final income tax return.
Life Insurance
If you name Boost as owner and beneficiary of an existing policy, you will receive a charitable donation receipt for the value of the policy at the time of the ownership transfer and any remaining annual premium payments as they are made.
If you name Boost as the owner and beneficiary of a new policy you will receive charitable donation receipts for each of the annual premium payments.
If you retain ownership of the policy during your lifetime, but donate the proceeds of the policy to Boost through a bequest, your estate will receive a charitable donation receipt for the amount of the proceeds.
Gifts of Property
A charitable donation receipt will be issued for the value of the property based on a qualified appraisal. When a principal residence is given, no taxable capital gains are triggered.
The information provided is general in nature and is not intended to be a substitute for professional legal or financial advice. Boost For Kids Foundation encourages donors to seek independent legal and/or financial planning advice.
Gift Planning
The following is a list of useful links that can provide additional information for gift planning activities:
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