Donating Securities to United Way – it’s fast, it’s easy, and both you and your community benefit. The Federal Budget now states that you are no longer subject to capital gains tax when you donate publicly traded securities to qualified charities. You are also still entitled to receive a charitable tax receipt for the fair market value of the securities donated. As a result, donating securities to Northumberland United Way may produce a greater tax benefit than selling the shares first, and then donating the cash.
Download the BMO form.
Download the CIBC form.
Download the RBC form.
The securities must be transferred to United Way Northumberland and not be sold by the donor. The gift will not qualify for the reduced capital gains tax if the securities are sold, and the cash is then gifted. A charitable tax receipt is issued for the fair market value of the security on the date of transfer.
See a simplified example to illustrate the benefits. In the first option, you transfer the shares directly to United Way Northumberland. The second option involves selling the shares and then giving the cash to United Way Northumberland.
In the first option, you transfer the shares directly to United Way Northumberland. The second option involves selling the shares and then giving the cash to United Way Northumberland.
By donating your appreciated securities or mutual funds directly to United Way you can eliminate your capital gains tax bill.
An opportunity to make a greater difference in your community.
Your gift will be honoured during your lifetime.
Securities are easy to transfer. Your broker transfers the shares from your account to United Way Northumberland brokerage account.
If you are thinking about transferring assets that have appreciated in value, please seek expert advice from a tax specialist or your broker to ensure that your financial goals are considered, your tax situation reviewed and that your gift is tailored to your circumstances.
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