In 2006, the Federal Government changed the Income Tax Act to make it even more attractive for donors to contribute shares of listed marketable securities to charities such as the West Vancouver Memorial Library Foundation.
Gains on listed shares donated to a charitable organization will no longer be taxable. The advantage of donating shares is the income tax savings on the capital gain that would arise on the disposition of the shares that have appreciated in value. A donation receipt will be issued in the amount of the fair market value of the shares which can be claimed for income tax purposes in the same way as a cash donation.
We would be pleased to discuss a donation of marketable securities with you or with your professional advisor. Please contact our office at 604-925-7425 for more information on how shares can be donated to the Foundation.