during your lifetime and 100 per cent in the year of your death. If those limits seem a little rich for your blood, don’t worry as Lagasse does not see these limits being reached very often. “The people who could get to that level are high-net-worth individuals with significant disposable income to donate 75 per cent,” he says, noting the vast majority of donations are between $2,000 and $15,000. Earlier this year, the federal government proposed raising the rate on capital gains from 50 per cent to two-thirds (66 per cent) effective June 24. The proposal has not yet become law, but once passed, will be retroactive to June 24, 2024. That means, you will be taxed 50 per cent on the capital gain until June 24 and two-thirds from
June 25 to the end of the year. Lagasse says the rule changes will impact high-net-worth Canadians. People who have a number of capital gains and donate a significant sum of money or stocks of public companies might fall into the new AMT calculations. He recommends people talk to their accountants, especially if they’re feeling particularly charitable, to determine if they’ll have any AMT issues. If you make a $1,000 donation to a registered charity, for example, you will receive $423 back, assuming you’re in the highest tax bracket, a tax credit of 43 per cent. “If you donate in Manitoba, it’s pretty lucrative as far as the tax credit goes,” he says.
“Stock is a very good thing to donate because of the tax rate plus you get a full donation tax credit on the other side ”
— Yves Lagasse, partner, Craig Ross LLP.
Formerly Society for Manitobans with Disabilities
Leave a Legacy
With your donation, an inclusive & accessible society is possible.
Your bequest will make a lasting impact on the lives of students at the University of Winnipeg and the University of Winnipeg Collegiate. For more information about Planned Giving contact: Bunny Gutnik, Planned Giving Officer The University of Winnipeg Foundation (204) 789-1471 b.gutnik@uwinnipeg.ca
manitobapossible.ca or call (204) 975-3025 Donate Today
uwinnipeg.ca/planned-giving
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