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Upcoming changes in Canadian tax laws could potentially impact how you give to your favourite charities. The impending changes to these rules could significantly affect your philanthropic gifts of securities, especially if you are in a high tax bracket.

Overall, Canadian tax laws are designed to encourage philanthropy and provide tax incentives for individuals to donate to charitable causes, including medical research and education. These incentives typically allow individuals or corporations to claim tax deductions or credits for their charitable donations, which can reduce their overall tax burden.

However, starting on January 1, 2024, the federal government is preparing to implement new rules that may affect your charitable giving:

  • Currently when donating gifts of securities to a registered charity, there is zero per cent capital gains tax. However, starting January 1, 2024, gifts of securities to registered charities, will have a capital gains tax of 30 per cent.
  • There are also changes being made to the alternative minimum (AMT) rules.

Here at Dalhousie, we have many generous donors who support our work by donating gifts of securities. If you choose to donate through gifts of securities or are considering donating in this way, we recommend you speak with your financial advisor for further information.

Given these imminent changes, we encourage you to consider making your charitable gifts before December 31, 2023, to take advantage of the current tax benefits. By doing so, you can maximize the impact of your generosity and ensure that your donations continue to support the causes you hold dear without being encumbered by the forthcoming tax adjustments.

It’s important for donors to consult with qualified professionals and stay informed about changes in tax laws to make informed decisions about their giving strategies.

If you have any questions or concerns about these changes or would like more information on how to make a timely contribution, please feel free to reach out to us directly.

Your commitment to supporting groundbreaking research and high-quality medical education is not something we take lightly. We couldn’t do what we do without the help of our generous donors and supporters.

Make your gift of securities