This method allows you to donate publicly traded company shares to the Church, i.e., make a stock donation. This is a way to reduce your capital gains tax liability and potentially reduce your taxes payable. This method works best when you donate a significant number of shares you have owned for a long time that have significantly risen in value. A good way to make this method work is to do the following:
- Make an effort to understand the tax savings available to you. The Church’s accounting firm’s (Baker Tilly) representative is Todd Troyer. Todd prepared the attached summary of the tax savings associated with donating company shares to the Church. Click here to see this letter. Todd has also prepared an example that illustrates the tax savings associated with donating $10,000 worth of shares that you originally purchased for $1,000. Click here to see this example. If you are uncertain you should consult your tax advisor.
- Go to CanadaHelps.org page for The Anglican Church of St. John the Divine. Click on "Donate Securities." Follow the instructions.
- The CanadaHelps.org Donate Securities page provides easy instructions. If you are using a discount brokerage firm, the on-line form may provide enough information for your investment firm; if not, give the firm a call. If you are using a broker, contact your broker.Explain that you want to donate a set number of shares from a particular publicly traded company or mutual fund to the Church. The discount or full-service broker might ask you to fill out another form and send it to them.
- Contact the financial institution that is currently holding your company shares. Explain that you want to donate a set number of shares from a particular publicly traded company to the Church. If you have a broker, contact your broker. If you are using a discount brokerage firm, just contact their main desk and they will direct your call. The financial institution might ask you to fill out another form and send it to them.
- When the company shares have been taken from your account, you will be advised of the amount of the “donation receipt” you will receive. The donation receipt is based on the fair market value of the donated shares on the day of the transfer.
You will receive a tax receipt from Canada Helps.
If you have any questions regarding the above methods or need some help filling out the necessary forms, please call the Parish Administrator at 250-383-7169.
