In the recent climate of government cutbacks and corporations
limiting their donation budgets, it is important for individuals to
assess how they can contribute to their communities and continue to
assist worthy organizations that serve a much needed role in
society. There are various ways to be generous.
With your time:
Many organizations have very able staff but still rely heavily
on volunteers to assist in adequately delivering programs and
services. There is no shortage of community organizations in need
of help. Increasingly, corporations are supporting staff
involvement in the community, thus providing an opportune time for
individuals to give back. We can all make time to be a giver, be it
visiting the elderly, helping with children, mentoring youth or
feeding the hungry.
With your expertise:
Charitable organizations benefit from various experiences and
skills. Ontario boasts a multicultural community where people from
different backgrounds contribute diverse and international
perspectives. These perspectives are very useful on boards and
committees. As part of a board or committee, your participation
provides new insights and ideas that will help the organization
operate more effectively. Before volunteering, you should consider,
among other things, the time commitment you will be making, as well
as the liabilities you are taking on. Directors and Officers
Liability Insurance provides some protection as you carry out your
duties to the organization.
For more information, visit their website www.ibc.ca.
With your voice:
One does not have to be a celebrity to lend his/her voice to a
worthy cause. History has shown that ordinary individuals can
accomplish extraordinary things when it comes to issues near and
dear to them. Why not put your support behind a cause you believe
in and help raise awareness? It takes very little time, funds and
effort to spread your message. Whether it is a health, social or
political issue affecting people in your neighbourhood or in other
parts of the world, now is as good a time as any to speak up!
With your finances:
The not-for-profit sector relies heavily on society's
generosity to raise funds to carry out mandates. Giving money
continues to be the most convenient way to support an organization.
Exercise discretion when investing your donation dollars. Ensure
that you are giving to a credible organization where most of the
amount of your donation will go towards charitable work. Also, it
is worth mentioning that gifts to registered charities qualify for
donation tax credits. The maximum donations that can be claimed in
a given year, is generally 75% of your net income. Any unused
amounts can be carried forward for up to five years. For Ontario
residents, the tax credit amounts to 40% on all donations over
$200. Consider donating publicly traded securities with accrued
gains. In addition to receiving the donation tax credit, there will
be no capital gains tax.
The reason why we give should not be based on receiving a
donation credit or tax write-off. Rather our giving should be
inspired by a desire to support a worthy cause, to help others who
are less fortunate and who could benefit from our assistance. A
life of giving, in whatever manner or capacity, enriches the
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).