A gift through securities will help you save on your taxes while supporting Delta Hospital
The end of the year is just around the corner, which means it’s time to start thinking about tax planning and how to make your charitable giving go further in your community.
With help from donor dollars, Delta Hospital and Community Health Foundation can continue to provide exceptional healthcare in Delta.
As you consider how much to give, you may also want to know how donating can impact your taxes. Here are some things to keep in mind when it comes to year-end charitable giving:
- Donating securities to a registered charity such as Delta Hospital and Community Health Foundation provides an opportunity to eliminate a significant tax liability that would otherwise eventually have to be paid and can have a significant impact on patient care at Delta Hospital.
- Donating appreciated publicly-traded securities (stocks, bonds, mutual funds) can eliminate the capital gains tax that would have to be paid if the assets were sold first and then donated. You also receive a tax receipt for your shares’ fair market value, which will help you reduce your tax on other income.
- In contrast, if you choose to sell appreciated securities during your lifetime, or if these assets are liquidated through your estate, tax must be paid on 50% of the capital gains on those securities.
- We advise you discuss the tax advantages of making a gift through securities with your financial advisor or trusted professional.
- Some transfers can take a few weeks to complete. To take advantage in the 2021 calendar year, transferred shares need to be received by Dec. 31.
How to make a year-end donation to Delta Hospital:
- Talk to your financial advisor
- Complete securities transfer form on the Delta Hospital and Community Health Foundation website.
- Send the form to your broker.
- Let DHCHF know the transfer is in progress by contacting Jodi Stokes at 604-940-9695
- Receive a tax receipt for the total market value + eliminate your capital gains tax.