Turning 2021 taxes into charitable gifts for 2022
With just a few days remaining in 2021, several people contacted me last minute seeking help to turn their 2021 taxes into charitable gifts for 2022.
Two of them had sold investment real estate this past year, resulting in capital gains taxes payable (27% of the gain) and the third had sold appreciated securities with a gain of more than $100,000.
They all needed a quick and reliable solution.
I explained to each of them how a Donor Advised Fund (DAF) could help them, and then made the appropriate introductions to community foundations.
These activities produced more than $800,000 of new charity, and created charitable legacies for 3 families, by converting taxes into charity.
There are 2 ways to give charity: Write a cheque yourself or get other people to write a cheque.
There is more reward in the latter because it’s harder work to do, BUT, the great result is that you can create way more charity that way.
As insurance, investment, tax, legal or estate planning professionals, we are the gatekeepers of client philanthropy.
Make 2022 the year to have the strategic ‘philanthropy’ conversation with your clients. And consider getting involved in your local community foundation, join CAGP (Canadian Association of Gift Planners), get involved in the national Willpower.ca campaign and consider getting your @MFA-P designation (Master Financial Advisors-Philanthropy) created by CAGP/Knowledge Bureau/Spire Philanthropy.
And reach out to me if I can help. Let’s collaborate.
I love when my mentees do great things.
Thie Convery, a 30+ year advisor with Investment Planning Counsel in Dundas Ontario makes me proud.
For the past 1 ½ years, along with more than 50 other advisors, she’s been a member of the Platinum Group mentoring/coaching program I conduct with Jim Ruta.
Some of the advisors are early in their career and don’t want to wait 30 years to become successful, others are already successful and know they could do even better.
Wishing everyone a wonderful Holiday Season and HEALTHY and HAPPY 2022!
Is it just me, or do most people seem friendlier and happier at this time of year?
Frank Capra movies and other classics like "Miracle on 34th Street" are my favourite part of the holidays.
But my all time favourite is "It’s A Wonderful Life" starring James Stewart, and it is especially relevant following 2 years of this miserable COVID plague.
My dear friend and mentor Paul Goldstein , an inspiration for over 20 years, has shared many words of wisdom with me.
Paul earned that right as a Holocaust survivor, insurance industry icon for 40 consecutive years, attaining his PhD at age 86 and becoming a published author now at age 88.
He told me he wants a specific quote engraved on his headstone after 120.
The quote comes from Pericles, a Greek statesman and builder of the Acropolis in Athens who died in 429 BC:
“What You Leave Behind Is Not What Is Engraved In Stone Monuments, But What Is Woven Into The Lives Of Others”.
This ancient wisdom, which has endured for more than 2500 years, today resonates even more. It's never been more important now then ever, to share this philosophy with our families, our community and through the work we do with our businesses.
We are fortunate to see it play out with our generous clients, the charities and foundations we work with and the special allied professionals that we collaborate with.
Philanthropy is a wonderful shortcut to achieving immortality, with or without names on monuments.
Thinking of the Perfect Holiday Gift??
Tax Minimization and Philanthropy. A match made in heaven!
Tax Minimization and Philanthropy. A match made in heaven!
One of Canada’s best kept secrets is the Donor Advised Fund (DAF).
I'm no longer surprised at how many successful clients, estate planning professionals and charitable donors don’t know about this philanthropic and tax-effective treasure available to all Canadians.
My guess is that likely 90% or more of wealthy Canadians and professional advisors don't know about DAFs or what they can do to create legacies, making giving easier while also saving taxes.
Learn the difference between a Private Foundation and a Donor Advised Fund (DAF) in this short video.
Joseph Devaney CPA, CA of Video Tax News asked me to explain the relative merits of both options to CPA’s and tax professionals across the country in this new video.
His company has provided Canadian accounting professionals with practical tax Information since 1980.
In this 7 minute video I share lots of good advice and explain why Private Foundations are actually public and Public Foundations are actually private (true!)
In addition to several great year-end tax saving ideas, I divulge two of the biggest secrets: Private Foundations and DAFs can own, pay for and be the beneficiary of personal Life Insurance. And, Life insurance can provide several cash flow benefits for charities while you are alive and not only at death!
Watch the video here and please share with your network
Begin the philanthropy conversation with your clients early on so it becomes part of their comprehensive tax and estate planning and you don't run into end-of- year deadlines.
Will Power
A very honest “Aha” moment
Now Available: Clients can now get up to $270 million of individual coverage
Just in…some timely news for UHNW clients from Canada’s largest life insurance company.
Manulife Financial announced an increase to $270 million of expanded underwriting capacity.
Clients can now get up to $270 million of individual coverage.
Brilliant Philanthropy @ Burlington Community Foundation
Mark was a co-presenter at a webinar event for the Burlington Community Foundation.
He presented “Brilliant Philanthropy: Maximize Impact, Minimize Tax” with his friend and colleague Tim Cestnick, a long time board member at Burlington Community Foundation.
They shared unique strategies to give brilliantly to cherished causes while preserving hard-earned family wealth.
Happy 30th Anniversary!
Happy 30th Anniversary!
Last week marked a significant milestone.
On November 1, 1991, as a single guy in his 20’s, I stepped into the offices of North American Life (remember them?) to begin my career.
New issue of CharityMATTERS, our Philanthropy newsletter
The latest (8th) issue of CharityMATTERS, our Philanthropy newsletter, was just posted at here.
To get future newsletters directly and hot off the press, consider subscribing here
If you are involved with Charities or Foundations in need of help, please contact us for a copy of our report “Legacy Planned Giving Process: 15 Steps to Success”
National Webinar Event - Canadian Hadassah-WIZO (CHW)
If you are old enough and grew up in the GTA, you probably remember the Hadassah Bazaar.
It was organized by Canadian Hadassah-WIZO (CHW), a women's volunteer organization (my late mother, of blessed memory, was a member) which raises money to fund health, social welfare and education programs in Canada and Israel.
Long before dollar stores and the internet, the Bazaar was a legendary annual fundraiser that people looked forward to attending.
FREE VACATIONS FOR NEEDY FAMILIES
FREE VACATIONS FOR NEEDY FAMILIES
That was the concept pitched to me by my dear friend and client David Fine.
“What a terrible idea! Who is going to fund that?” scoffed the naysayers.
Happy Thanksgiving!
My Amazing Mentor