As the calendar turns to fall, we often begin thinking about the goals we set earlier in the year, the coming giving season or end-of-year tax or financial-planning strategies.
Whether charitable giving is part of your holiday giving plans or a way to maximize your with efficient tax-planning strategy, there鈥檚 no better time than now to review your plans with your financial planning professional.
鈥淚t鈥檚 really important when we鈥檙e speaking with clients that we鈥檙e having these fulsome conversations that involve goals for charitable giving,鈥� says Tyler MacLean, a Financial Planner with Gulf & Fraser and Credential Securities, and member of the board since 2018.
鈥淎ny time you鈥檙e reviewing your investments with your advisor, you should be highlighting what鈥檚 important for you and that includes philanthropy.鈥�
While the past year has been challenging for some families, it鈥檚 been difficult for charities as well, MacLean notes.
One benefit of working with your financial planner is finding the most efficient way to give to the causes that matter most to you. Sometimes that鈥檚 through the year, other times it鈥檚 finding more creative solutions, like . 鈥淚f you have time to sit down and plan for it, I think you should work with your advisor to see what makes the most sense for your situation and your goals.鈥�
Thinking beyond cash: Consider donating stocks
As investors review their quarterly investment statement coming Sept. 30 for example, it鈥檚 a great time to meet with your planner to review strategy and determine if any stocks have appreciated enough that it could be considered for a gift of stock.
How does it work? If a donor was already planning to make a year-end gift to charity using cash, sometimes transferring stock can bring greater tax savings, presenting the opportunity to give more.
For example, if an investment has increased in value, you鈥檒l need to pay capital gains taxes when selling it. Sometimes transferring those stocks to a charity like the Hospital Foundation can bring greater tax savings than by donating cash, eliminating the capital gains and leaving no taxes owing, MacLean explains.
Planning for today, and tomorrow
Another benefit of charitable donations 鈥� and planning ahead 鈥� is that you can claim your donation in the current tax year, or carry it forward for up to five years, MacLean notes.
That can be important if you know you鈥檒l have a high-tax year coming up, maybe due to the sale of a summer residence or business, for example. Carrying forward this year鈥檚 donation credit can help offset those taxes down the road.
Other possible solutions include establishing a donor-directed investment fund that lets you support causes that matter from permanent, income-earning funds.
As we approach the end of the year, now is the ideal time to make changes that can benefit you, your loved ones and the charities you care about.
Join the Foundation鈥檚 next free Professional Advisor-Hosted seminar, Nov. 7. For more details about the seminar or working with the 91原创 Memorial Hospital Foundation, visit /news or call
Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds and other securities. The views expressed are those of the author and not necessarily those of Credential Qtrade Securities Inc.