Charities will thank you
Thinking about donating some proceeds from a sale of property or stock to your favourite charity over the holiday season? You may want to consider holding off for one more year if you want to give a bigger and better gift. Come 2017, as promised in the latest federal budget, capital gains tax will be eliminated from the sale of real estate and private company shares if the proceeds are donated to a registered charity within 30 days. This may turn out to be a real boon for charities, as cash donations are expected to increase by $200 million per year. Best of all, donors will still receive a sizeable charitable tax credit, despite bypassing capital gains altogether. As the example below shows, donating the proceeds from the sale of a cottage could shave tens of thousands of dollars off your tax bill.
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