For a gift now: avoid taxes by donating stocks and securities instead of cash
If you hold publicly traded securities or stock options, you may pay tax on 50% of the capital gain when you convert them to cash. But you can avoid the capital gains tax if you donate the securities directly to a charity like Michael Garron Hospital Foundation. Plus, you’ll receive a charitable tax credit for the full market value of your gift.
For a future gift: offset taxes by making a charity your RRSP/RRIF beneficiary
Naming a charity like Michael Garron Hospital Foundation as the beneficiary of your RRSP or RRIF is a simple way to reduce the taxes on your estate while planning a meaningful future gift. While these retirement funds are some of the most heavily taxed assets, the charitable tax receipt from the donation can help reduce the taxes your estate needs to pay.
Be sure to speak with a professional advisor to find out which options are best for you based on your financial and philanthropic goals.