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Take this short, three-question quiz to test your knowledge on giving in Canada.
All of these can be donated to charity! Donors will be able to receive a charitable donation tax receipt for the fair market value of their donation. However, not all charities are set up to accept all types of donations, so it is always best to check with your professional advisors and the charity itself before trying to make a donation of an asset other than cash.
False!
Generally, capital gains for tax purposes are only generated when an asset is sold. Donating the asset means no capital gains are triggered (unless the donor is subject to alternate minimum tax as required by the Canada Revenue Agency).
False!
Selling an appreciated security may generate a capital gain, which must be accounted for when calculating your net income for tax purposes. Donating a security does not trigger capital gains (unless the donor is subject to alternate minimum tax as required by the Canada Revenue Agency).
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We created this learning module specifically to help people like you. The more you know, the more effective you may be at supporting your favourite causes.
You know a thing or two already...
We created this learning module specifically to help people like you learn even more. The more you know, the more effective you may be at supporting your favourite causes.
Impressive!
You certainly know a thing or two about the Canadian charitable landscape! We created this learning module specifically to help people like you hone your knowledge even more. Because, the more you know, the more effective you may be at supporting your favourite causes.