DONATE ONLINE

Charity is of the essence of the Church according to Pope Benedict XVI in his first Encyclical entitled Deus Caritas Est (God is Love). To support ministry in the Diocese of Victoria you can make an online donation by visiting our location on the CanadaHelps web site, using the 'Donate Now' button below.

Donating directly to the Diocese or a parish provides immediate funds for use by the Church, and you receive a tax receipt for the donation. The donation receipt for your gift can be used to reduce the income tax you pay in the year you make the donation, and potentially in each of the next five taxation years
('unused donation credits').

Because the income tax credit for donations can only reduce taxes payable, you should take care not to claim more of your charitable donation than the amount that can be used in one year, and carry forward any unused donation credits. In most cases, the maximum donation you can claim
is equal to 75% of the your net income.

DONATE NOW 


Prior to making a donation or gift, we recommend that donors seek independent professional advice concerning the possible financial, taxation and legal consequences.

PUBLICLY LISTED SECURITIES

This method of planned giving, which provides an immediate source of income to the Church, is advantageous to you because transfers of listed securities to a registered charity will: (a) give you a tax receipt for the full market value of the stocks you donate; and (b) exempt you from tax on the capital gains realized on the disposal of the securities.

When a taxpayer sells publicly traded securities and then donates the proceeds to the Church, he or she pays income tax on the capital gain realized on the sale of the security. While the donor receives a donation receipt for the amount of the gift, the income tax on the realized capital gain can be as high as 46% on one-half (the taxable portion) of the gain.

By contrast, capital gain is free of income tax when the listed security is donated. By gifting the security itself rather than using cash from the proceeds of the sale, the donor can realize a significant tax reduction. 

If you are considering making a cash donation, and you have securities with an unrealized capital gain, then consider donating the security instead. You could donate the number of shares that equal the value of the cash donation you wish to make, thus saving capital gains tax. See chart for a comparison of a Cash vs Publicly Listed Securities donation.

Prior to making a cash donation, you may wish to consider the donation of shares, a debt obligation, a right listed on a prescribed stock exchange, a share of a mutual fund trust, or a prescribed debt obligation where the fair market value of the security is higher than the cost.


Donate

In order to initiate a transfer of securities, please complete the Gift of Publicly Traded Securities Form and forward to the Diocesan Finance Office, Diocese of Victoria, 1 – 4044 Nelthorpe Street, Victoria, BC, V8X 2A1.


Prior to making a donation or gift, we recommend that donors seek independent professional advice concerning the possible financial, taxation and legal consequences.

COMPARISON

  Donation of Cash Donation of Securities*
Donation $20,000 $20,000
Income tax credit in donation $9,200 $9,200
Tax saving due to tax exempt capital gain (up to approximately 23% of gain) $2,300
Total tax savings $9,200 $11,500
Net cost of donation $10,800 $8,500

 

Assumptions

  1. The examples are based on a British Columbia resident donor.
  2. The lower tax credit rate on the first $200 of annual donations is covered by other donations.
  3. Federal and BC income tax credits are based on a 46% rate.
  4. Assuming value of securities at time of donation of $20,000 and cost of $10,000.
  5. Tax on capital gains is calculated at highest marginal income tax rate for illustration purposes (approximately 23% of gain).