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Charitable Giving

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We’ve reached over $33,000!

We’ve now reached over $33,000 for our Charitable Foundation!  Our foundation is so proud to be working with Harvest House and Covenant House in our home community of North Vancouver...

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Charitable Giving

Everyone has their favourite charities. If you donate $20 or more to a registered charity, you qualify for a tax credit. To encourage donations, the federal and provincial governments provide tax credits at the highest marginal tax rate for combined contributions over $200. How could you give larger amounts to charities and reduce your tax bill further?

  • Create your own Charitable Giving Fund. Enjoy the benefits of having your own private foundation without the administrative costs and complications. Dynamic Funds lets you create your own donor-driven legacy fund for as little as $10,000. Choose a name such as “The Bob & Mary Smith Charitable Foundation”. You receive a tax credit for the full amount you contribute in the first year and you create an enduring legacy. Each year you determine the charities that will receive the distributions.
  • Donate shares of mutual funds or other publicly traded securities that have unrealized capital gains. In addition to the tax credit for the full amount, there is no tax on any capital gains. If you have an investment that cost $5,000 and has grown to $10,000, you won’t have to pay the capital gains tax on the growth and you’ll get a tax credit based on the full $10,000 donation.
  • Name a charity as one of your beneficiaries in your will. This could help a charity that you care about and significantly reduce the tax owing on your final tax return.
  • Name your favourite charity as the beneficiary of an insurance policy. You can bequeath significantly more to your favourite charity by designating it as the beneficiary of a life insurance policy.

These can be stand alone ideas or you can combine them. Be creative!

Donate shares that have a capital gain, or use the proceeds of an insurance policy, to create a Charitable Giving Fund.

If you have a $300,000 RRIF which will be fully taxable in the year of death, use an insurance policy with a face amount of $300,000 to offset the tax owing and leave the RRIF money intact for your children. Imagine what a difference a legacy fund for $300,000 could make!

 

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The Ultimate Gift

“Jason thought his inheritance was going to be the gift of money and lots of it. Was he ever in for a big surprise. Based on the best-selling book "The Ultimate Gift" by Jim Stovall, the story sends trust fund baby Jason Stevens on an improbable journey of discovery, having to answer the ultimate question: "What is the relationship between wealth and happiness?"  Jason had a very simple relationship with his impossibly wealthy Grandfather, Howard "Red" Stevens. He hated him. No heart-to-heart talks, no warm fuzzies, just cold hard cash. So of course he figured that when Red died, the whole "reading of the will" thing would be another simple cash transaction, that his Grandfather's money would allow him to continue living in the lifestyle to which he had become accustomed.

 But what Red left him was anything but simple. Red instead devised a plan for Jason to experience a crash course on life. Twelve tasks, which Red calls "gifts," each challenging Jason in an improbable way, the accumulation of which would change him forever.”

During the holidays, this movie is a timely reminder of the importance of values, family and giving. And the key messages in the film are just as relevant for a teenager as for a grandparent.

http://youtu.be/rwXe5eKZr6M?t=8s

The Ultimate Gift

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