Father Albert Maroun of Cape Breton, Nova Scotia, a retired priest and university professor, wanted to work as a missionary but couldn't.
"I was tied up with my work in the diocese and teaching," he says. So Fr. Maroun, who holds a doctorate in engineering and has taught physics at university, chose the next best thing to becoming a missionary. He has chosen to support our missionaries by giving gifts of publicly listed securities because of the extra tax advantages offered when such a gift is made.
Instead of selling his stock, paying tax on 50 per cent of his capital gains, and donating cash to Catholic Missions In Canada (CMIC), he instructs his broker to transfer his shares to CMIC directly.
Under the 2006 federal budget, the Government of Canada totally eliminated the capital gains on gifts of publicly listed securities. Therefore, Father does not have to include any of his capital gain in his taxable income. In addition, he receives a charitable tax receipt for the full value of his gift, entitling him to a generous tax credit.
Money saved on taxes means there's more to give. It's the best way to give, if donors can.
Says Fr. Maroun: "I wanted to do it for the missions so that missionaries, whatever their needs, have a decent place to live, a truck to travel in, or to keep the mission church in good repair. They need our support."
Giving shares of stock to Catholic Missions In Canada is really quite easy.
For more information
please contact Winnie Quinn
Toll-free: 1-866-YES-CMIC (937-2642)
or via e-mail at firstname.lastname@example.org