As we near the end of the year, it’s that time for a final look at your tax situation for the year and for your year-end planning. On that list is an important consideration: Charitable Giving.
December 31st is the last chance to make donations to apply to the 2024 calendar year. For gifts over $200, you can gain a tax credit of about 50% of your donation.The charity gets $1,000 and you save $500 in taxes. Even better, if you give shares with accruing capital gains. You won’t have to pay capital gains taxes.
Being charitable can be accomplished in so many ways. From participating on the ground floor and donating time behind the scenes, to working directly with those in need, to working on charitable boards, all in addition to donating cash and shares.
It is certainly a good time of year for donations but are you considering all options so that you make the most suitable choice? Donor advised funds at a public foundation can receive your gift now with distributions made to a charity of choice at a future point in time. Or your family could be more aligned with establishing a private charitable foundation. Matching your family’s charitable goals with your resources can help to make the most out of your time and money, and can help your family see you give back to the community.
At Kerr Financial, we believe that we should also give back to our community in some way. We always look to do so throughout the year and especially when we have our full office meeting in September. This year, we volunteered our time behind the scenes at the Welcome Hall Mission. As you can see, we are all “suited up” for safe food handling with Peter Papadakis from our Montreal office giving the thumbs up and some other familiar faces working through the boxing of food.
Our employees also contribute in their own unique ways: Cristina Altares (left of Peter in this picture) and the Association of Filipino-Canadians of Vaudreuil-Soulanges received the Community Service Excellence Award for volunteering from the Canadian government. Hayleigh Telesnicki volunteers for smilezone. Frank Settino helped advise the Board of Directors at the Montreal Oral School for the Deaf. Krista Kerr helped bring the National Ballet to the Saint Sauveur Arts Festival. Lynn Waterston has raised thousands of dollars for the women’s shelter, Maison Flora Tristan, with her annual golf tournament. And throughout the year, Kerr staffers were running fund raisers for numerous charities.
However you choose to be charitable, your community needs it – ‘tis the season!
Please let us know if we can assist with any questions or philanthropic discussions/ strategies for you and your family.
