When we think about the mark we want to leave on the world, few actions carry as much weight as planning a legacy gift. A legacy gift, or charitable bequest, is a powerful way to extend your values and vision far into the future, supporting causes that matter deeply to you. Holy Blossom Temple has been a cornerstone of Jewish life, learning, and community for generations. By including Holy Blossom Temple in your estate planning, you help ensure that future generations will continue to benefit from its vital programs, services, and spiritual guidance. Your gift becomes part of a greater story – one of continuity, community, and Jewish values. Legacy giving also offers significant tax advantages that can benefit both you and your heirs:
By working with your financial advisor and Holy Blossom Temple’s planned giving team, you can create a legacy plan that maximizes both your philanthropic impact and tax benefits. Your legacy gift to Holy Blossom Temple is more than a donation – it’s a partnership in sustaining Jewish values, community, and tradition. Whether through an outright bequest, life insurance policy, or a gift of securities, your gift ensures that the light of Jewish learning and community continues to shine brightly for generations to come.
By Daniel Wilson, VP Annual Development
The Alternative Minimum Tax (AMT) is a key component of the Canadian tax system that applies to individuals and trusts. The purpose of the AMT is to ensure that high-income earners pay a minimum amount of income taxes rather than have their taxes eliminated due to certain tax deductions, exemptions or credits.
Starting in 2024, there will be significant changes to the calculation of AMT that will impact many taxpayers that previously were never subject to AMT. One of the changes involves taxpayers who make donations of publicly traded securities to a registered charity. Under the regular calculation of income taxes, capital gains on donated securities are exempt from income taxes. Under the new AMT changes, there will be a 30% add-back to adjusted taxable income. Under the regular calculation of income taxes, individuals and trusts receive a full donation tax credit based on the fair market value of the securities donated. Under the new AMT changes, the donation tax credit will be limited to 50%.
If the calculation of income taxes under the AMT method is higher than the calculation of income taxes under the regular method, the taxpayer is required to pay the higher AMT for the particular tax year. AMT can be carried forward up to 7 years and can reduce income taxes in future years if taxes payable under the regular method are higher than taxes payable under the AMT method.
To avoid the potential application of AMT in 2024, we encourage our donors to make donations of marketable securities before the end of 2023.
1950 Bathurst Street, Toronto, ON, M5P 3K9
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Founded in 1856, Holy Blossom Temple is Toronto’s first synagogue with a rich history of tradition and modernity in our religious and spiritual expression.