MEANS & MEANING
The Season of Re-Gifting:
An MNP Partner shares his favourite Tips for Charitable Year End Giving Christmas “Re-Gifting” gets a bad rap in some circles, but in the broader perspective of God being the source of all we have received, passing along anything to others is a re-gift! Since 2014, Darren Swann, CPA, CA, has generously donated his time and expertise at PGTS Camp Meeting seminars, sharing the latest in charitable tax developments and fielding audience questions. It’s been a great gift to all of us who want to “give back” and “give smarter.” Darren collaborated with Dianne Hayduk, also of MNP, to share their favourite year end giving tips. I re-gift their timely advice to you. LYNN McDOWELL
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hristmas is the season for giving, and charities in Canada receive up to 30% of the next year’s budget during “The Season”. Here are some tips to get the most from your year-end giving: 1) Make sure you collect the official receipts Charity receipts can only be used as a successful donation deduction if they are complete, and contain: •
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name, address, of organization and registered charity number
Alberta Adventist News
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date, eligible amount, and place of receipt
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full name and address of the donor
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signature of authorized individual
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serial number of receipt
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name and website address of the Canada Revenue Agency
The Canada Revenue Agency website also maintains of all registered charities, through Canada.ca/en/ services/taxes/charities. DECEMBER 2021
2) Consider giving greater than $200 Additional tax credits are available to individuals who give greater than $200. In Alberta, tax credits of 25% of amounts of $200 or less are available to be deducted against an individual’s taxes payable. However, for donations over $200, the additional credit will qualify for a 50% tax credit, or possibly up to a 54% credit if you’re in the top tax bracket. 3) Give personally rather than corporately In Alberta, it is more tax advantageous to make a
