Tax Planning Benefits Us All
“We are living through interesting and challenging times, but this too will pass. Life is truly wonderful, and we will get through it,” shared Ann Mulvale. Ann is the former Mayor of Oakville and is a past member of Wellspring’s Board of Directors.
Ann and her now late husband Peter had been diagnosed with cancer long before becoming involved with Wellspring. The challenges they faced through cancer only heightened awareness of the critical need for supports for both those living with the illness and their caregivers.
That is why, when Wellspring approached Ann to serve on the Board of Directors, she readily agreed.
“I strongly believe in Wellspring’s proven cancer care programs and services,” said Ann. “I understand the importance of having a reliable source of information and support, and I know that the information Wellspring provides position people living with cancer for a better outcome. It’s a gift to have these programs available at no charge to everyone through the generosity of donors.”
For the past 20 years, Anne has been a loyal and generous donor to Wellspring. I begin my tax planning in the fall and consult my financial planner on options to help me save on tax charges, which allows me to donate more to Wellspring and my other favourite charities. With the uncertainty of this economic time, I feel it is essential to look at ways to give back in life.”
Ann’s solution is to donate stocks directly to her charities of choice. “When an appreciated stock is donated, the capital gains are eliminated, and the donor does not pay the tax. An income tax receipt for the full value of the stock is provided, and the receipt is applied to the donor’s income for the same year.”
A financial advisor can guide you through this process and make recommendations on selecting the best stocks for you to donate according to your tax rate.
“Tax planning helps all of us,” shared Ann. “Planning allows you to assess all options and put a plan in place before the end of the year. I look for legitimate ways to donate more funds to charities throughout my life as well as through estate planning,” shared Ann.
Note: Ann also agreed to share her thoughts on estate planning, which will appear in Wellspring’s Legacy Society newsletter, to be mailed in the New Year. To request a copy, please email firstname.lastname@example.org
For more information on donating stocks or gift securities, please consult your financial advisor or email email@example.com to request a copy of Wellspring’s stock transfer form.