“Private Giving Foundation Achieves Milestone: $125 Million in Assets” TD Waterhouse

Mar 10, 2011 | Corporate Member News

TD Waterhouse’s Jo-Anne Ryan shares three tax benefits you may not have considered about charitable giving

TD Waterhouse announced today that the Private Giving Foundation has reached a milestone in assets, accumulating $125 million.  An independent public charity dedicated to encouraging charitable giving, the Foundation has donated more than $16 million to charities as of January 2011.

The first donor-advised fund launched by a Canadian financial institution, the Private Giving Foundation has grown considerably since its introduction in 2004. 

“With the lowest minimum requirement to establish a charitable foundation, $10,000, the Private Giving Foundation is a logical choice for those who want to make a difference,” says Jo-Anne Ryan, Vice President, Philanthropic Advisory Services, TD Waterhouse.

Canadians recognize that charitable giving provides assistance to the communities, individuals and organizations that need it most. While knowing that you are providing much-needed support may be reason enough to give, Ryan shares three tax strategies and benefits you may not be aware of:

1. Consider charitable giving when estate planning to help reduce taxes on the estate
One of the best ways to ensure that your estate goes to the people and causes that mean the most to you is to plan ahead.

“For example, you can designate a charitable organization as the beneficiary of a bequest of cash, securities, your RSP, RIF, TFSA, life insurance policy or a charitable remainder trust, which may result in considerable tax relief,” notes Ryan.

2. Reduce capital gains tax by donating marketable securities
If you donate qualified securities such as publicly traded stocks, bonds and mutual funds securities to registered charities such as the Private Giving Foundation, there is no capital gains tax on any gains from the disposition of these securities.

“You can donate qualified securities directly to the Private Giving Foundation, realize their full value as a charitable donation, and eliminate all capital gains on the transfer of these securities.  If you were to sell such appreciated securities yourself and donate the proceeds of the sale to charity, you would also realize their full value as a charitable donation, but you would be taxed on any gain,” says Ryan.

3. Accelerate charitable giving to receive the most benefit
If you include large bequests in your will to charitable organizations – your estate may not maximize the tax benefits due to the limits that may be claimed in the year of death and year preceding death.  Accelerating some of that giving during your lifetime may provide an opportunity to maximize tax savings, while re-directing tax dollars to causes that are important to you.

“Not only will you reap the tax benefits from giving more effectively, but you can create a lasting legacy to support the charities that matter most to you,” adds Ryan.

For more information on the Private Giving Foundation, please visit http://www.tdwaterhouse.ca/privategiving.  If you’re interested in making charitable giving part of your comprehensive financial plan, talk to your financial advisor.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is the sixth largest bank in North America by branches and serves approximately 19 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America’s Most Convenient Bank; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with more than 6 million online customers. TD had CDN$616 billion in assets on January 31, 2011. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges

TD Waterhouse represents the products and services offered by TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund), TD Waterhouse Private Investment Counsel Inc., TD Waterhouse Insurance Services Inc., TD Waterhouse Private Banking (offered by The Toronto-Dominion Bank) and TD Waterhouse Private Trust (offered by The Canada Trust Company).

For further information:

or to schedule an interview with Jo-Anne Ryan, please contact:

Ali Duncan Martin
TD Bank Group
(416) 983-4412
[email protected]
 
Karen Williams / Steve Presant
Paradigm Public Relations
(416) 203-2223
kw[email protected] / [email protected] 

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