Friday, November 30, 2007

Tax situation turned to advantage of publishers of The Beaver

Canada's National History Society, publishers of The Beaver and Kayak doesn't let any grass grow under its feet.

When Canada's Competition Bureau approved the sale of BCE (Bell Canada Enterprises) to the Ontario Teachers' Pension Plan, it realized that BCE shareholders would be required to dispose of their shares and pay capital gains tax, unless their shares were sheltered in a registered retirement savings plan or a pension.

People who had used up their capital gains allowance would take a big tax hit; that is, unless they donated their shares to a charity. And CNHS is such a charity.

So, the Society has cannily sent out a message to its members pointing out that donating stock would
  • minimize their tax
  • provide a tax-deductible receive for fair market value of the donation
  • reduce taxable capital gains by a further 50%


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