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joyfulguy

Holiday recognition of a person/family who 'has everything'

joyfulguy
14 years ago

Often it is difficult to choose a gift for someone, or a famuily, whom we'd like to regognize at the holiday, as we are not familiar enough with their tastes, and what they have or may want, to have any idea what to buy for them.

Often the gifts which we give are not valued, and lie unused, probably to go through a garage sale next year, or later.

In such problematic situations, many give gift certificates, but I don't like equal-value gift certificates: the store gets the money now, and does not have to produce the product till later ... and perhaps the recipient doesn't usually shop at his store ... or loses the certificate, etc. Sometimes there's a sign-up fee ... or a fee for delay in using it, etc.

In such situations, I prefer to give a gift certificate that's good in 3,000 stores in the city, rather than just one - it's called, "currency".

One idea that we might like to consider is to make a gift to a charitable enterprise to honour them.

As they're still with us ... it wouldn't be ..." in their memory".

If we say that it is to honour them, that is a worthwhile approach, and would be an appropriate designation if we are to receive the receipt, thus able to claim it as a deduction from our income tax bill.

Often we use the term that we are making the gift, " ... in their name". If that is the situation, then should they not be the person(s) in whose name the receipt is issued?

In Canada, if their income were under about $10,000., they'd have no tax liability, so the receipt would of no use to them.

If you know that the amount which they give to charity annually is under $200., then their deduction will be at a low rate.

If you contribute over $200.00 per year, then the receipt would be of more value to you, as the amount over $200.00 annually is deducted at the top tax rate, both federally and provincially.

In these difficult times, both here and abroad, there is a great need for increased support for charitable causes.

Should you choose to make a gift of stocks or mutual funds whose value has appreciated, you will have no tax liability on the capital gain.

Rather than write cheques (paid with after-tax money) and pay postage or buy gas to deliver them to a dozen charities, I prefer to contribute some stock or mutual fund certificates to the community foundation, which means that I pay no tax on the capital gain and get a receipt for the full current value (with no deduction for commission on the sale). Then the community foundation forwards various amounts that I choose to registered charities as I designate.

Good wishes for good health and no hassles as you go about your preparations for the holidays: may it be a happy time for you and yours.

ole joyful

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