Magazine article Anglican Journal

Donating Stocks Could Benefit Church and Reduce Taxes

Magazine article Anglican Journal

Donating Stocks Could Benefit Church and Reduce Taxes

Article excerpt

STAFF

Anglicans are being asked to consider donating stocks to the church to avoid taking a big hit on their taxes.

Owners of Bell Canada shares--the most widely held stock in the country--could face huge capital gains tax bills in 2009, due to a planned privatization deal. However, if a donation of a portion or all of such BCE holdings is made directly to a registered charity such as the Anglican Church of Canada, this could eliminate the capital tax a shareholder would have to pay, said Archdeacon John Robertson, General Synod national gift planning officer. Capital gains are 50 per cent taxable, "which means a significant tax hit is waiting for many shareholders unless they take action immediately," he said.

Archdeacon Robertson explained that when publicly traded stock is donated directly to a registered charity, "no portion of the capital gain is reported for tax purposes; a charitable donation receipt is issued for the current market value of the stock, making this gift more tax efficient than cash."

He added: "This presents parishes, dioceses, General Synod and its national partners with an opportunity to encourage thoughtful and generous Anglican donors to support special projects, help build endowments, and provide urgently needed assistance for vital ministries in the North and with our overseas partners. …

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