The much less-taxing side of giving to Renewal
Fundraising momentum has continued at just an excellent pace. Between the past High Holy Days and those upcoming, we’ve raised over $4 million in new funds for our collective Renewal Project. As always, these funds have come from generous members across the whole of our congregation. Our current total is $28.23 million, which, as we’ve often said, is more than any other Canadian synagogue has ever raised for a building project. Although we have more to raise, we’re getting closer to our Phase 1 budget of $32.9 million, every day.
Furthermore, as we near the very end of construction of Phase 1, an increasing number of members have contacted us with the desire to give to the project. Many who have been in touch are first-time donors, while still others are finding new ways to add to pre-existing pledges.
For example, one donor couple who had given in smaller amounts over the years decided to take advantage of the significant tax breaks around donating publicly-traded securities to a Canadian charity. For this couple, and as many others have similarly found, making gifts of appreciated stocks is the single most efficient manner to make a contribution, and these donors chose to bless Holy Blossom with $100,000 in securities.
“Many people have benefited from a strong stock market over the past number of years,” explains David Baskin, President of Baskin Wealth Management, who has been instrumental in advising many Holy Blossom donors about the best ways to donate their assets to Temple. “Shares of certain companies, particularly some of the Canadian banks, have doubled in price,” continues David, who is also a Past President of Holy Blossom. “However, with all that profit comes the need to pay capital gains taxes upon sale, and that can eat up more than one-quarter of the entire gain. By making a capital gift of securities, like this generous couple recently did, the donors avoid capital gains tax in full, and still receive a tax credit for the entire value of the gift.”
Another family was recently so inspired by seeing the Project nearing completion (click here to see the latest photos), that they increased their gift, already at $1 million pledged, by another $100,000. Like many of our donors, these generous members have chosen to add a few more years of payments to their existing pledges, in order to ensure that we meet our Phase 1 fundraising goals as quickly as possible. And of course, all pledges can be payable over a 5 year period.
At Holy Blossom, we are dedicated to ensuring you make the gift that is right for you and your family. To discuss your Renewal Gift, please contact Jonathan Ain, Director of Development at [email protected] or 416.789.3291 ext. 249.