Transfer Stocks, Bonds & Securities

A Real Advantage for Donors

Stock Transfer

More People Are Utilizing The TAX ADVANTAGES IN CHARITABLE GIVING
   
Changes in Canadian Tax Law have made it possible for people who give to “Registered Charitable Organizations” can make donations with much larger personal tax benefits. 
   
It involves the elimination of capital gains taxes on stocks, bonds and securities (and other financial instruments). When those stocks/bonds/securities are transferred as a gift to a Charitable Organization such as Cal Bombay Ministries (CBM) a receipt will be issued for the full value of the gift, including the accrued capital gains.
   
For Example:
   
If 100 shares of stock had been bought at $10.00 per share ($1,000) in years past, and it is now currently valued at $100 per share, it would be worth $10,000.
If you were to sell that stock now, your capital gains would be $9,000 for which you would have to pay $2,100 in capital gains tax.

We would issue you with a receipt (in the first two months of the following year) for the full value of the stock, mutual funds you donate.
You would then have the benefit of a receipt for the full value at the current stock and be able to claim that on your tax returns.
CBM would have $10,000 for its ministry.
Everyone wins!

Under the former Canadian Tax Law, the full capital gains tax would have been payable either by you or by your estate. (We advise that you discuss this with your own tax advisor).

It is the policy of Cal Bombay Ministries to sell the stock as soon as it has been credited to our brokerage account with RBC Direct Investing. CBM will not hold it as an investment, since we are not an investment company, but a non-profit, charitable organization. This brokerage account is necessary for us to legally receive stock/bonds etc as charitable donations.

When transferring stocks, it is a rather simple procedure.
   
  • Through your Investment Broker/Agent you will get a one page form to fill out and sign. It is as simple as A-B-C.
   
  • There is section for naming the stock, and the quantity of shares, and the specific stock’s ##
  • There is a section for your Investment Broker to fill in details and to sign
  • There is a section for you (or your broker) to record the Receiving Institution's Information

The details for Cal Bombay Ministries are as follows:
   
  • Receiving Institution - Cal Bombay Ministries Inc.
  • Canadian Revenue Agency Charitable Registration # 87582 8808 RR0001.
  • The Cal Bombay Ministries’ Brokerage Account # is 680 785 4911. (With RBC Direct Investing)
  • Our CUID is DOMA.
  • Our Telephone number is 1-519-753-7380
   
If you have any further questions about this method of donating to Cal Bombay Ministries, please call us at 1-519-753-7380, although your Investment Broker/Agent will be able to answer all your questions.
   
We will try to answer any questions you have, or find someone who can.