By Pepper Parr
December 3, 2014
BURLINGTON, ON.
The deadline to donate funds or submit a claim to the Burlington Community Foundation Flood Disaster Relief is December 15, 2014.
In the past hundred days Ron Foxcroft has used every minute he could find to pull dollars from the community into the Disaster Relief fund. He is closing in on $1 million
As of this morning the Committee has received 75 claims and raised almost $900,000. Burlington residents and businesses are reminded that the Ontario provincial government is also matching the funds raised in the community on a two-for-one basis.
Every the promoter, Ron Foxcroft said yesterday that: “This is a ‘last call’ to those who want to contribute and support the tremendous efforts we have already seen from our local community and the province. Foxcroft has served as the Chair of the Burlington Community Foundation Flood Disaster Relief Committee.
“Knowing that every dollar raised in our community will be matched 2-1 by the Ontario government is a big incentive for many of us, he added.”
For those who are interested in how making a donation will affect their personal tax situation, Don Fox, a friend of BCF and local financial adviser at Investor’s Group, shared his insights.
“There are many government financial incentives available and the end of the year is an important time for individuals to consider their charitable giving options,” says Fox. “However, the biggest reason to support charities is because it feels great. Contributing to Burlington flood relief is especially gratifying because you know you will be helping families right in your own backyard.”
Fox lays out some facts: The deadline for receiving a donation tax credit for 2014 taxes is December 31, 2014.
On the first $200 donation a person would save $40.10 and, for every additional $100 donated, an individual would save an additional $40.16 in income tax. Therefore, $1000 would save $361.38 in income tax so the real cost would be $638.62.
The First Time Donor’s Super Credit started in 2013 and is designed for people who have not made a charitable donation in the previous five years (2009 – 2013). It features an additional 25% incentive on the first $1000 donated. Therefore, if a qualified person donates $1000 they would save $611.38 in tax which reduces the real cost to $388.62. Note that when it comes to donations couples are considered one person so if either spouse has donated since 2009 they would not qualify. However their kids might.
Sheil Patel, an 11 year old who works out as a tennis player at Cedar Springs, came up with the idea of soliciting donations from area retailers and putting the prize in large glass jars that were on display at Cedar Springs and at the Fairview Glen school.
With the recent rise in the stock market an individual may be in a capital gains position. If that’s the case, consider donating shares rather than cash to avoid paying tax on the capital gain. For example, if mutual funds or stocks grew from $500 to $1000 and the shares were donated, the individual would avoid tax on a $500 capital gain which could be as high as $125 (depending on their tax bracket).
The BCF Flood Disaster Claims Committee has been actively reviewing the 75 claims submitted to date so it can move quickly to start disbursing funds to qualified flood victims.
To ensure flood victims are aware of the funding and claims process the Committee held a Town Hall meeting in November and last week distributed flyers to well over 3,100 homes that were identified in areas hard hit by the August 4th flooding. The flyers have made an impact as the Committee has received a deluge of calls and inquiries over the last week.
“The deadline of December 15th is a critical one,” says Colleen Mulholland, President and CEO of the Burlington Community Foundation. “At that point we will know how many claims have been submitted, how much funding we have and we can begin disbursing funds. We continue to encourage people to submit claims as soon as possible and to connect with the foundation if they have any questions about the claims process.”
If you want to know what kind of information the forms call for link to or call: (905) 639-0744 ext 221
The Claims committee wants people to provide as much information as they can and to include pictures – but if you don’t have all the information you think the forms require – submit them anyway. The Claims Committee is there to help you complete the document.
