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UNDERSTANDING THE TRUE COST OF CHARITABLE GIVING.........It might be less than you think.

Assume you give a total of $1000 to charity in 2008.....

  • The first $200 costs you $158.30(Tax Credit =  20.35%) Put another way, each $1.00 you give costs you $0.7915.
  • The remainder($800) costs you $450.40(Tax Credit = 43.70%) In other words, each $1.00 you give costs you only $0.5630.

Assume you give $10,000 through your Will.....

  • The first $200 costs your estate $158.30
  • The remainder ($9,800) costs your estate $5517.90
  • The total cost of your gift is $5,675.70

What is the impact on your heirs of giving your community $10,000 in your Will....

  • If you have two children who will share your estate equally, each of them will give up only $2,837.85
  • If you have three children who will share your estate equally, each of tem will give up only $1,891.90

Rember...................

Taxes can reduce the value of your estate a lot:  Capital Gains; RRSP's nad RRIF's

You can choose to pay taxes to Canada Revenue Agency or to support a whorthwhile cause in your community.  What makes the most sense to you?

 





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02/03/07
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Welcome to the new website for the Naksup and Area Community Foundation.