You have lots of choices when it comes to building up your Fund, or when you give to any of the Funds held at the Oakville Community Foundation. Depending on when and how you give, you’ll see different benefits, now, and in the future.
To help you begin that decision-making process, here are some of the best ways to give:
While you can always choose to give using cash, cheques, or credit card transactions at any time and receive a charitable donation tax credit, you can reduce your tax on various assets – stocks, mutual funds and RRSPs/RRIFs – through your donation. You might be surprised to learn that the best way to give is with appreciated assets.
A charitable bequest is a donation outlined in your Will that comes into effect after your lifetime. A charitable bequest can offer a number of personal, financial, and legal benefits to you and your estate. Giving options such as gifts of shares, Mutual Funds, RRSPs/RRIFs, or Life Insurance are more tax advantageous than cash when giving later. The Foundation offers a ‘Bequest Fund’, in essence, a Fund that is set up now but is only activated upon your charitable bequest from your estate. The benefit here, we can work with you now to ensure we are and will respect your charitable interests in perpetuity.
Use Our NEW Gift Tabulator Tool!
While we always recommend seeking advice from a Financial Advisor, particularly in the case of Estate Planning, we have created an online gift calculator that can help you begin your discussions.
Use the Gift Tabulator to input your financial giving options to see what the tax benefits will look like depending on where you live, and when and how you choose to give.
Be sure to check out the rest of our Estate Planning Series.