From the Canadian Association of Gift Planners website
On June 25, 2024, the capital gains inclusion rate rose from 50% to 66.67% for corporations, trusts, and individuals with capital gains exceeding $250,000. In anticipation of this change, many investors sold securities prior to the deadline to benefit from the lower rate. As a result, some charities experienced a surge in donations during June, as donors sought to offset the taxes incurred from these sales through charitable contributions.
Fortunately, this opportunity remains available. Those who haven’t yet made a charitable donation can still act to reduce their tax liability. People have until December 31, 2024, to make a charitable gift, while corporations can donate until their fiscal year-end. This window allows donors to strategically align their financial goals with meaningful contributions to the causes about which they care.
Find out more on the Canadian Association of Gift Planners website.
