The Coaldale Community Wellness Association values and respects the resources that are entrusted to us. The CCWA is committed to their effective use in improving the well- being of residents in Coaldale and area, and expect the same level of commitment on the part of those who receive funding.
GIFTING OPPORTUNITIES IN THE COMMUNITY OF COALDALE
HOW WOULD YOU LIKE TO BE REMEMBERED?
Gifting is a great way to receive tax credits and, essentially, re-direct funds that would normally go to Revenue Canada to a charity of your choosing. A cash gift is great in itself, but there are other scenarios to consider where the benefit could be greater.
WHAT EXACTLY IS PLANNED GIVING?
You can create your charitable gift to support future Coaldale community enhancement projects. The Coaldale Community Wellness Association advocates, acts as a catalyst, and provides funding to improve the well-being and quality of life for residents of Coaldale and area.
WHY WOULD I WANT TO GIVE IN THIS WAY?
According to Canada’s tax regulations, you may give money to non-profit registered charities, like the Coaldale Community Wellness Association, that would otherwise go to Canada Revenue Agency in the form of a tax payment.
Shares, Stocks and More Can Be Donated
If you choose to donate shares “in kind”, you receive the tax credit for the full value of the shares. For example: if you buy a stock for $100 and it increases to $200, when you sell it, you will pay tax on capital gains of $100. If you donate the stock, you receive a donation receipt for $200 AND you don’t have to pay the capital gains tax.
Unsure of How Much Your Investments are Worth
Perhaps you have old shares or mutual funds or even bonds that have value, but you’ve held off on selling because you don’t have a record of the purchase price. Without that record you don’t know what to claim on your taxes, so have continued to hold onto them. You could gift the shares. The purchase price then becomes irrelevant and you receive a charitable receipt for the market value.
PLAN A DONATION IN YOUR PERSONAL WILL.
Consider donating in your Will. If you pass away with funds in your RRSP or RRIF, the full balance of the account becomes taxable income. So, if you had a $400,000 RRIF and pass away, your taxable income in the year of death is $400,000 plus all other income you normally would have. Considering our top tax bracket in Alberta is 48%, that means a large part of your RRIF or RRSP will go towards paying taxes. Many people consider gifting in their Will as a way to lower the overall tax payment.