As of May 2006, there is no capital gains tax if you gift shares (publicly listed securities) to charity. For our donors, this is a double windfall. You will save on taxes by not having to include any of your capital gains in your taxable income, your gain will not cause a claw back on your old age security.
There are two ways to donate a gift of your shares:
- First, if you have your share certificates with you, a properly signed ‘Power of Attorney (POA)’ must accompany each share certificate. Please have your signature on the POA witnessed and guaranteed by an official at your bank who is a member of a recognized medallion program. It is critical that the POAs be left blank, except for your signature, a witness to your signature and then a guaranteeing signature.
Next, you will need to forward your share certificate(s) to Catholic Missions In Canada in one envelope and a signed 'Letter of Direction' together with your signed, witnessed, and guaranteed Power of Attorney (POA) in a separate envelope. Please send both by registered mail.
- Second, you can have your shares transferred electronically. To do so, please contact our office for the correct custodian information. You must provide your broker with a signed 'Letter of Direction'. If you plan to have your shares transferred electronically, please let us know in advance so that we can notify our custodian of the type of shares to expect, the number and amount, etc.
Catholic Missions In Canada will issue you a charitable receipt for the value of your shares at closing on the day of receipt or transfer. For your tax purposes, your receipt will be clearly marked as a gift of publicly listed shares.
For more information, fill out a Request Information Form and/or Letter of Direction, or
please contact Winnie Quinn, our Charitable Gift Planning Manager at
Toll-free: 1-866-YES-CMIC (937-2642)
or via e-mail at firstname.lastname@example.org