In this episode of Financial Planning for Canadian Business Owners, the host, Jason Pereira (Award-winning Financial Planner and Entrepreneur) talks to Paul Nazareth (Vice President of Education Development for The Canadian Association of Gift Planners) about charity and financial planning for business owners. He also shares his thoughts about tax benefits.
Episode Highlights:
- 01:55: Tax system of Canada benefits the average person way more than the traditional wealth and the American system.
- 02:58: There is one political exception and the other one is for charitable donations.
- 03:31: You do get a really high amount of what you donated as your reduction in your taxes.
- 04:43: Financials Advisors are asking their clients to give tax receipts at the year end.
- 08:55: Jason asks, is it primarily advisors? Is it Lawyers or Accountants? How to go about doing this?
- 09:59: A lot of business owners are very strategic; they're problem solvers by nature.
- 12:13: You're eliminating the capital gains that are owed on securities.
- 15:24: Paul says that their mission is to create a better world through strategic gift planning and they are really trying to help everybody bring that strategy to what they do.
- 17:07: The weird thing about this pandemic is that it's really challenged people on their values and meaning.
- 19:44: What's the mix, you know, what are the issues? Around food security, gender production, women escaping violence, or on economic health.
- 20:38: You're seeing the tax bill and you're finding ways to minimize it.
- 21:32: A lot of organizations are reporting it differently.
- 22:08: People really want to understand how Charity operates? What are you doing with that money? Are you effective?
- 30:34: We're going to set up a cadre of local restaurants. We're going to serve workers.
- 32:02: This is illegal; you can't say it's a donation. You're not giving a tax receipt.
- 32:39: Jason asks Paul – “Where can people reach you?”
- Key Points:
- If you really want to make an impact on one thing that really matters to you, let’s have the conversation.
- There's an inherent incentive for advisors who basically don't have their clients give away money.
- Unless we take an active position, try to educate ourselves and reinvent our processes, we're not going to be able to really speak to client's needs.
Tweetable Quotes:
- “Canada has the single greatest charitable tax credit system in the entire world.” - Paul Nazareth
- “So, when you donate something or when you have somebody qualifies for tax credit, a lot of people think that is money they don’t pay in taxes that is not quite right.” - Paul Nazareth
- “Most people give when they’re asked that’s the danger of fundraising” - Paul Nazareth
- “I mean, it's just, where do you want to part with money is all they hear as opposed to what matters to you?” - Paul Nazareth
- “I love to work with business owners on these things because they come at problems in a different way.” - Paul Nazareth
- “I'm always excited when people meet each other in the middle and say, how can we work together to solve these problems?” - Jason Pereira
Resources / Links:
Transcript
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