How You Can Save on Taxes by Donating to Charity

Insights Jan 24 2019
Donating-in kind to save on taxes.

Are you looking for ways to flex your philanthropic muscles while lessening your tax burden?

Donating to your favourite charity (or even multiple charities) is becoming an increasingly popular way for Canadians to leave a legacy and save money on their tax bills. There are multiple avenues of doing so, such as through a donor-advised fund. Click here if you want more of an in-depth look at donation options.

Luckily for Canadians, our government offers generous tax credits for those who wish to make a charitable donation. Federally, those who donate more than $200 to charity are able to receive a credit for 43.7%.

In our latest #WealthWisdom video, I briefly describe a scenario on how you can save on taxes, by donating securities in-kind that have a large capital gain.

I could go on much longer about the benefits of charitable giving but let’s face it, would you pay attention to me talking into a camera for that long? If you’re interested in learning more, get in touch with us.

Back to All Posts

Become Wiser

Sign up to have Wealth Wisdom sent straight to your inbox.

  • This field is for validation purposes and should be left unchanged.