Donating shares to Sunnybrook can reduce the cost of your gift
When you donate stock to Sunnybrook, you avoid paying tax on your capital gains. So, the gift costs you less than if you were to sell your stocks in order to give cash, and Sunnybrook still reaps the reward of the full amount of the donation.
For example, if you were to sell shares that you own to give Sunnybrook a cash donation, you would receive a donation tax credit but you'd be required to pay tax on your capital gains (You will be taxed on half of the gain, at a maximum rate of 45 per cent).
If you were to donate the shares directly to Sunnybrook, you would receive the same tax credit for the value of the shares, but wouldn't pay any tax on the transaction.
A recent column by Tim Cestnick in the Globe and Mail explains in more detail the benefits of giving stock to charity.
There have also recently been changes to tax laws regarding the donation of flow-through shares. Seek the advice of your financial planner or investment advisor to determine the best option for you.
Through the gift of stock, you can help Sunnybrook be here for patients and their families when it matters most.
For more information or to discuss your gift designation:
Please contact Sharon Hogan or call 416.480.4827.