After you have taken care of the needs of your loved ones in your will, you may wish to support a charity such as Libros Para Pueblos. Your contribution would enable Libros Para Pueblos to continue to meet the important reading needs of children and communities in the state of Oaxaca.
Options include, but are not limited to, “Required Minimum Distribution” (RMD) donations to charities, Donor Advised Funds, and Certificates of Deposits.
RMD Donations: By donating the proceeds from the RMD to a charity, the donor (must be 70½ years old) does not have to pay taxes on the RMD. He/She can also simply make the charity a beneficiary on the IRA. The donor needs to contact the charity to make sure how to document the donation for tax reporting purposes.
Donor Advised Funds: The donor makes a large, irrevocable donation to the Donor Advised Fund. The donor takes a tax deduction for the entire donation in the year it was made. In subsequent years, the donor directs the asset allocation and donations to specific charities. DAF programs often provide tax reporting for the donor.
Certificate of Deposit: In one option the donor lives off the interest, but the principle goes to the charity upon his/her death. In another option Certificate of Deposit (CDs) Charitable Gift Annuities offer fixed-income payments backed by the resources of the Oblate Annuity Trust. And unlike CDs that mature, the fixed charitable gift annuity payments last for the lifetime of the donor (s), and a portion is tax-free. The donor can also claim a charitable tax deduction the year the gift is donated.
Canadian citizens may obtain tax benefits via the donation of securities or mutual funds. The donor will not have to pay capital gains on the security, and the donation itself is tax-deductible.
In such cases, your financial advisor would transfer your selected security to an organization such as Canada Helps. (Do not sell the stock yourself.) Canada Helps sells the security, takes a small fee and then sends the funds to CANFRO. You are provided a receipt for your tax purposes.
More information is also available HERE
Your financial advisor can help you identify and evaluate the correct option for you.
We thank you for considering your continued support of Libros Para Pueblos. If you have any questions, please contact us.
If you would like to make a donation via wiretransfer, please contact us.