Giving stocks to a charity can not only give your charity the support it needs, but also will benefit you by helping to reduce your taxes. Dorothy and Ruth Bower of Red Deer, have recently given a generous donation of shares to be sold and the profits used for our new wildlife hospital. It has prompted MRWC to open a permanent stock account and let our supporters know that this is a great way to donate.
Tax receipts for donations of stock are given at the fair market value at the time of giving and not the price at which they were purchased. Secondly, and not to be overlooked, there are no capital gains charged on the stocks.
If you are thinking of donating stocks discuss it with your financial advisors and find out the benefits for you and your charity.