May is LEAVE A LEGACY month.

10 Things You Can Do Today To Leave a Legacy
  1. Prepare a Will.
  2. Leave a gift in your Will for a not-for-profit organization that makes a difference in your life.
  3. Leave a specific dollar amount or a percentage of your assets to a not-for-profit organization.
  4. Consider using assets for your legacy gift.
  5. Name a not-for-profit as a beneficiary of your RRSP, RRIF or pension plan.
  6. Name your favourite not-for-profit as the beneficiary of an existing life insurance policy.
  7. Purchase a new life insurance policy naming your favourite not-for-profit as the beneficiary.
  8. Remember loved ones with memorial gifts.
  9. Encourage family and friends to leave gifts to not-for-profits in their Wills.
10. Ask your financial or estate planning advisor to include charitable giving as part of your financial plan and to 
      incorporate in their counsel to other clients.

*Information courtesy of the Canadian Association of Gift Planners

Anthony Gerardi, CIM, FCSI
National Bank Financial
Foundation Board Member

Thanks to changes in the Income Tax Act, individuals looking to donate to their favourite charity can do so in a way that reduces their tax bill as well. The capital gains tax on a gift of publically traded securities has been completely elimintaed. If you own stocks, bonds or mutual funds that have grown in value, you have a capital gain. Generally speaking, this is the difference between what you paid for the security, and what it is currently woth. Half of this gain will be taxed at your marginal tax rate once it is sold.

However, if you donate these securities to a registered charity, you will avoid paying any capital gains tax on them. In addition, you will receive a charitable tax receipt for the full market value of the security. It is highly recommended to donate the securities directly, rather than selling the security and donating the proceeds.

As an example, please consider the following:

The Cancer Centre Foundation can accept a wide range of publically traded securities for donation. To make a donation or for more information, please contact Nancy Gibbons at the Foundation office at 519-253-3191 Ext. 58506#.

The preceeding information was general in nature and may not be applicable to all donors. The Windsor & Essex County Cancer Centre Foundation encourages all donors to seek independent legal and financial advice from qualified professionals prior to any gift of securities.