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Give
the Gift of Maple Grove for
Christmas
Of
course, the best way that we give Maple
Grove is through our daily deeds.
But if you are looking for that gift that shows that you
care for those who have it all, why not make a
donation to Maple Grove in their
name?
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Online
Giving Now Available
For
those who are not handy to the Church or feel an urgent
need to donate, online giving is now available, either
through our website or by searching for Maple Grove
United Church on the Canada Helps site (hint: we are the
one in Oakville). |
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Giving
Publicly Traded
Securities
Now
that the market has bounced back, giving publicly traded
securities is an effective way to support Maple
Grove. Through the medium of the
National Office of the United Church, we have in
place a method of accepting gifts of security if held in
electronic form.
The
law allows one to take a deduction for the full value
of shares or other qualifying units without
paying any tax on the appreciation since
acquisition.
An
example may be helpful. If you bought a 100 shares of TD
Bank earlier this year at $33 and give them when they
are worth $67 each, if you have a tax credit rate of
46.41% (see Stewardship Update 2 to calculate your
rate), the results would be as
follows:
|
Actions |
Price per
Share |
For
100 |
|
Buy |
$33 |
$3,300 |
|
Give |
$67 |
$6,700 |
|
Tax
Refund |
|
$3,109 |
|
Out of
Pocket |
|
$191 |
|
Church
Receives |
$6,700 |
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The
Same Tax Deal Exists for Employee Stock
Options
It
is not as well known that similar rules exist for
employee stock options on public companies, probably
because it is harder to execute unless your employer has
a program in place. When you fit into this rule, your
option gain is not taxed and you get a deduction of the
full amount of the security.
If
an employer program is in place, the employer appoints a
broker to sell the security and you direct the proceeds
(not just the option gain) to Maple
Grove or other charity. You can
choose to have it apply to all or a part of the options
you exercise.
If
an employer program is not in place, you can still use
the rule but it is messier. Here is how you do
it:
1.
You exercise your option and buy the
security
2.
Within 30 days of exercising your option, you can
give the securities to Maple Grove or other
charity.
3.
Your donation amount is based on the value of the
security at the time you give it. While this is fine if
it goes up in price (the appreciation is tax free under
the prior rule and you get a bigger tax credit), if it
goes down aportion of your option gain becomes taxable,
you have a potentially deductible capital loss, and a
smaller tax
credit. |
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The
Need Continues
As
of November 30, 2009 we still had to
raise $100,333 to meet our $1,400,000 Renovation target
and our operating funds remain challenged. Please
remember Maple
Grove at
Christmas. |
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Your
Committee
Your
Committee consists of Al Wheable, Jackie Ma, and Cameron
Serles, assisted as we all are in our financial
efforts by the intrepid Carol Kennedy. Please talk
to us about this Update of any stewardship matters or
send us an e-mail at mguclib@gmail.com. |
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