Gifting Personal Property to Charities
“Happiness is not so much in having as sharing. We make a living by what we get, but we make a life by what we give.”
– Norman MacEwen
Listening to the daily news, the headlines are about financial hardships. Long lines at food banks, food prices rising due to inflation, and made-up taxes that are added to every transaction in the supply chain. Housing costs are rising, and employment is dropping. These are the realities that a majority of Canadians are facing. Our social services and other agencies are struggling to survive while trying to help their clients. Hospitals are facing rising costs, which makes purchasing specialized equipment or providing items for the benefit of the patients.
It seems that the bad news is getting worse by the day. Stores are closing due to a lack of sales, and people are holding onto their dollars for important purchases, like food, fuel, or housing. Every dollar is calculated to what it will purchase. As many Canadians suffer, my heart and thoughts go out to you. Words of encouragement are nice but can be empty without results.
All is not Gloom and Doom. We are fortunate that the majority of Canadians are givers, helpers, and volunteers. When you look at a hospital, it is supported by hundreds of volunteers, its foundations work tirelessly to ensure donations and continued support. The care is first class all the way. The logistics of running a hospital are like a fine watch. Every movement is timed as required to provide an outcome. The same goes for many charities, foundations, and not-for-profit organizations.
Your financial role in helping a charity or foundation will be greatly appreciated. The personnel and the materials to run and house the organization are expensive to support and exist on donations or gifting agreements in a person’s will. A foundation, charity, or non-profit organization will be issued a charity’s registration number, which should appear on all donation receipts. The registered tax receipts will allow the giver to claim a taxable refund. Some charities and foundations only accept cash-in-kind donations, and a few will accept personal property which can be sold at a later date for their benefit. If personal property is given before the receiver can accept the item, a written appraisal report will have to be supplied. The cost for the written appraisal report is the responsibility of the giver. Many persons include the charity or foundation in their wills with instructions on how and when payment will be made. There are also cases of persons who have life insurance policies that name the charities or foundations as the benefactors.
Please consult with a professional accountant concerning all your financial matters. This article does not provide any financial advice.
How to choose and verify the charity: the decision on what charity, foundation, or cause you want to support is your choice. There is a need all over Canada for people to step up to the plate and give.
It can be hard to decide which charity to support. Should there be any questions as to whether a charity or foundation is registered, please check out the following Revenue Canada website.
https://www.canada.ca/en/revenue-agency/services/charities-giving/list-charities/list-charities-other-qualified-donees.html
https://apps.cra-arc.gc.ca/ebci/hacc/srch/pub/dsplyBscSrch?request_locale=en
No money, no worries. Many persons are not in a position to provide cash or a personal property item to their favorite charity or foundation. If you have some time per week, you can contact the volunteer bureau and ask where and when you could volunteer. In many cases, this is worth more than a financial donation. Give it a try, it might open other doors of opportunity.
