Hope you are well and enjoying the early days of Fall.
Alternative Minimum Tax (AMT)
Now only 3 months away, the imminent Alternative Minimum Tax (AMT) rule changes on
January 1, 2024, are a frequent topic
of discussion in the Canadian philanthropic community.
It’s a terrible government action, labelled “Donation Killer” by some,
that threatens Canadian
charities because the proposed rule changes will eliminate some of the tax advantages
for people who help the causes
they are passionate about.
We continue to use our best efforts to inform and educate charities, foundations,
donors, accountants, lawyers,
investment, and insurance advisors.
Here’s a very good summary of proposed AMT changes prepared by Canada’s
biggest Life Insurance company. Watch
it here
There’s still time to mitigate your taxes.
Here are 4 planning ideas to act upon right now:
Donate appreciated non-registered public securities (eg stock, mutual funds, ETFs)
in 2023 without AMT impact.
Pre-fund a private foundation or Donor Advised Fund (DAF) in 2023 using
appreciated securities and make
distributions to any registered charities in Canada anytime thereafter.
Consider exercising any planned liquidity events (e.g. sale of a business or
investment real estate) in 2023 to
avoid increased capital gains tax inclusion and use charitable donations in 2023 to
mitigate the tax.
Consider meeting with us to learn how to include Strategic Philanthropy in your
estate planning to turn taxes
into charity. We can help create more tax-efficient and cost-effective ways to
give charity now compared
to using cash, cheques and credit cards. Our team is available to work with
you and your advisory team on
a no-fee basis.
Philanthropy Friday on LinkedIn
I’ve been hosting “Philanthropy Friday” webinars on LinkedIn Live on
alternating weeks from 12:00-1:00
pm EDT.
Our audience has been growing steadily, the most recent Philanthropy Friday episode was
a great success with more than
200 members of the Philanthropy Community and Professional Advisors attending.
Recent Episodes:
Aug 11th
5 Charitable Strategies That Will Make you go WOW! Click this link to watch it again (or for the
first time)
Sep 22nd
Guest Denise
Castonguay, founder and
CEO of Canada Gives
Topic: Donor Advised Funds (DAFs) and Private Foundations Click
this link to watch
it again (or for the first time)
Upcoming Episodes:
Oct 13th
Guest: Tim Cestnick, Co-Founder
& CEO of Our Family Office Inc.
Topic: End-of-year tax strategies to convert taxes owed in 2024 into
charitable donations.
Oct 27th
Guest Adam Aptowitzer,
Partner KPMG, Tax Law, NFP
Charity Lawyer, Associate Professor
Topic: Use it Or Lose It. Finding Kind Gifts of Gifts in Kind to Cash in on Missed
Tax Credits
Nov 10th
Guest Caterina
Magisano, VP Development, Humber River
Health Foundation
Topic: Optimizing Your Charities Planned Legacy Giving Program Working with
Professionals & Creating a Professional
Advisory Board RecentEvents
Nov 14th/17th Advocis Ottawa event
for Professional Advisors
“Is Strategic Philanthropy Part Of Your Clients’ Estate Plan”
Please be in touch if you have any questions or suggestions for future episodes of
Philanthropy Friday. Let’s Connect
Please connect with me on
LinkedIn to ensure you
receive timely announcements, event notices, etc., and let me know of any special
subjects you would like covered or
would like to be a guest.
We would love to help your organization too. Please be in touch to set up time for
a zoom meeting or old-fashioned
phone call. It will be a great investment of time!
