Have you joined the “Giving Tuesday” national movement? This year Giving Tuesday falls on November 28th, 2017 – the Tuesday following Black Friday and Cyber Monday. And what better way to end off the year than by giving back to your community? Below is a quick guide on how to jump on board, make a difference, and enjoy tax benefits by participating:
Volunteer and Raise Funds
There are lots of different ways to get involved for Giving Tuesday. One way is to volunteer at a local charity or even organize a team event with friends or colleagues. Many people are donating pro bono hours or organizing donation drives for people in need. Others are raising money for charities and organizing fundraisers as a way to participate while giving back to their own community.
You could even launch a campaign to obtain donations or organize your company in a 24-hour challenge to raise money. It’s an excellent way to achieve volunteer hours or to meet new people and get involved in your community.
Partner with Local Charities and Organizations
Another excellent way to help make a difference with Giving Tuesday is by partnering with local organizations to provide donations to charities and not for profits organizations. There are numerous organizations that have worked together to start their own “giving” movements by fostering collaboration and creating beneficial long lasting relationships.
Give your Business a Boost by Utilizing Social Media
Giving Tuesday is fueled by social media and community/industry partnerships. Share your photos and campaigns to boost your company’s values and community engagement. Set corporate sustainability and social governance goals, and incorporate this day as part of the initiatives.
Enjoy Tax Benefits by Donating
Did you know that Canadians are entitled to claim non-refundable tax credits on donations made to Canadian registered charities? And if you have never donated to charities before, the First-Time Donor’s Super Credit (FDSC) allows new donors to claim an additional 25% credit up to a maximum $1,000. This will be added to the regular federal tax credit of 15% on the first $200 and 29% on donations above $200, annually. That means that new donors will achieve 40% savings on $200 and 54% thereafter.
To note, this is not including your provincial tax savings. But when combining the federal and provincial tax credits you can get more money back.
To top it off you can combine your donations with your spouse or common-law partner and claim it through the person who receives the greatest tax saving.
Giving Tuesday has taken off in 98 countries around the world, raised over $168 million dollars already this year, and brought industries and people together while helping millions of others in need. Join the movement and enjoy the benefits – start giving today! Speak with your financial advisor at The Beacon Group of Assante Financial Management Ltd. for more tax planning strategies.