It’s tax time again, so consider donating to the Sooke Gathering Place for some tax benefits.
Jim Mitchell with Accutax Professional Accountants says individuals who pay income tax can receive a tax deduction of 20 per cent on their first $200 in charitable donations and up to approximately 44 per cent on donations exceeding $200.
That means more bang for your buck than what’s available to corporations, which can only reduce their tax by 11 per cent, provided the amount they donate isn’t more than 75 per cent of their taxable income.
The Sooke Gathering Place will provide affordable housing for individuals who are 55 and older, and include a drop-in centre, a senior centre and a space that can be rented out by the community and other organizations.
“We have the goal of keeping people independent as they age and prevent them from going into care facilities too soon,” said Mary Dunn, vice-president of the Sooke Region Communities Health Network.
The project is estimated to cost around $2 million. More than $160,000 has been raised so far through donations and community initiatives.
Based on the Canada Helps website and a bulletin on charitable giving from Investors Group, it is possible to make donations using shares held in Canadian corporations and securities, in addition to cash. An extra tax incentive is available when publicly traded securities, such as stocks, mutual funds, exchange-traded funds, and segregated funds, are donated directly to a charity.
Significant tax benefits are also available upon death. Anyone with substantial savings or equity should speak with an estate planner or accountant for guidance in naming specific charities through a notarized will.
The Sooke News Mirror is listing people, with their permission, who donate $5o or more in the paper’s monthly feature supporting the Sooke Gathering Place, with the aim of inspiring others to give.
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