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It’s a sunny autumn afternoon in Halifax and Siggy Heinze-Milne is out on a 60 km ride on his e-bike. At age 76, and a two-time cancer survivor, his daily jogs and rides have been an important part of his recovery, along with radiation and chemotherapy at the QEII Health Sciences Centre. His wife, Gail Heinze-Milne recalls when Siggy was first diagnosed with prostate cancer more than 20 years ago.
This was the first time the family donated a gift of securities, and they credit their financial planning advisor, Glenn Stewardson, for making them aware of this important option for charitable giving. “Stocks and mutual funds that have been held for many years will have a significant capital gain,” Stewardson says. “Selling those stocks will trigger the capital gains tax, and 50 per cent of that gain is taxable.”Making a donation of publicly traded stocks, bonds or mutual funds, by contrast, eliminates the capital gains tax on those assets, while also providing the donor with a charitable tax deduction for their fair market value.
The elimination of capital gains tax is even more attractive if the gift is made from shares inside a corporate or business account, he adds. “All the donor really has to do is sign a form authorizing a transfer of the assets,” he says. “It’s not a cumbersome process.” Donors can also direct their gifts towards the QEII Foundation’s We Are campaign; a fundraising initiative with a $100-million goal and transformative projects that will have an immediate impact on patient care and health system transformation.
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