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November 2023
Hope you are well and enjoying the colder weather. (unless you are somewhere with a gentler climate)
Alternative Minimum Tax (AMT) Update
In just a matter of weeks, the impending Alternative Minimum Tax (AMT) rule changes will take effect on January 1, 2024.
The government, unfortunately hasn’t backed away from “donation killer” AMT changes and Canadian charities have reluctantly resigned a gentler climate)themselves to changes that 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 on strategies to mitigate the imminent changes.
This short video titled “The Impact of AMT Changes on Charitable Donations” provides an excellent summary of the situation: https://bit.ly/456fOpC
There’s still some time (a few weeks) to mitigate your 2023 taxes.
Consider these 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 Live
Happy to tell you that our audience continues to expand with every episode of “Philanthropy Friday” webinars on LinkedIn Live
I’ve been hosting it on alternating Friday’s from 12:00-1:00 pm EST, usually accompanied by expert guests from several fields, all active in a variety of philanthropic endeavours.
Philanthropy Friday - Recent Episodes
Nov 10th
Guests: Caterina Magisano, VP Development, Humber River Health Foundation and Alan Naiman, Tax Partner at KPMG and fellow member of the Humber River Hospital Foundation Planned Giving Advisory Committee.
Topic: The effects of Alternative Minimum Tax (AMT) Changes effective January 1st, 2024 because most wealthy donors will enjoy less favourable tax treatment of their generosity.
Watch it here
Oct 27th
Guest: Adam Aptowitzer, Tax Lawyer, Charity & NFP Lawyer, Associate Professor
Topic: Use it Or Lose It. Finding Kind Gifts of Gifts in Kind to Cash in on Missed Tax Credits
Watch it here
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.
Watch it here
Sep 22nd
Guest: Denise Castonguay, founder and CEO of Canada Gives
Topic: Donor Advised Funds (DAFs) and Private Foundations
Watch it here
Sep 8th
Guest: Jim Ruta, Power Of Platinum co-founder. Visit www.PowerOfPlatinum.com for more details
Topic: Strategic Philanthropy using Life Insurance
Watch it here
Aug 11th
5 Charitable Strategies That Will Make you go WOW!
Watch it here
BREAKING NEWS - A special Philanthropy Friday on January 12th 2024 with Suneel Gupta, co-founder of RISE and a visiting scholar at Harvard Medical School, discussing his best-seller 'Everyday Dharma'. More details to follow. Register here: LinkedIn Live Event
Please connect with me on LinkedIn to ensure you receive timely announcements, event notices, etc., and let me know if you have any questions, suggestions, or if you would like to be a guest. for future episodes of Philanthropy Friday.
Speaking Engagements & Webinars – Recent Events
November 21st
Ottawa Humane Society
Planning Your Legacy: My Par Gift™
Nov 14th/17th
Advocis Ottawa
Events for Professional Advisors
“Is Strategic Philanthropy Part of Your Clients’ Estate Plan?”
Nov 8th
Kawartha Lakes Community Foundation
Webinar Event for Fundholders, Donors and Allied Professionals
10 Year End Tax Saving Charitable Strategies
Nov 2nd
The Jewish Community Foundation of Montreal
Webinar Event for Professional Advisors, Fundholders and Donors
How to effectively use gifts of Life Insurance & RRSP/RRIF’s in Strategic Philanthropy
Watch it here
Oct 31st
Canada Life Insurance Company
Training Event for professional advisors
How to use the My Par Gift™ single-premium one pay insurance policy specifically designed for philanthropic use.
Oct 26th
Hamilton Health Sciences Foundation
Webinar Event for Professional Advisors and Donors
St. Joseph's Health Centre Foundation
Annual Advisor Network Event
Oct 24th
Beneva Insurance & Financial Services
Insurance Industry Event for Advisors and Financial Professionals
10 Year-End Tax Savings and Charitable Giving Strategies
Sep 20th
Canadian Hadassah WIZO (CHW)
National Webinar
10 Year-End Tax Saving Charitable Strategies
Watch it here
Sep 11th
Humber River Health Foundation
Awesome Invitational Golf Tournament
(raised a record $510,000
Does your Charity or Foundation need help?
We would love to help your organization too. Please be in touch to set up a time for a zoom meeting or old-fashioned phone call. It will be a great investment of time!
In case you missed an earlier edition of CharityMATTERS, click here to see every issue.
Thanks in advance
Mark
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