As income tax deadline looms, Nature Conservancy of Canada provides ideas on finding savings
As people receive their T4 slips and other information for their income tax preparation, the Nature Conservancy of Canada (NCC) is giving suggestions on how people can reduce their taxes and find savings. In doing so, they can also leave a legacy for their children and grandchildren or in honour of loved ones.
NCC is bringing attention to incentives that can be obtained by contributing to conservation, through land, cash and stock donations.
People and families with parcels of land that they wish to see protected, but are unsure of their options for doing so, are encouraged to contact NCC.
NCC is a registered charity and issues tax receipts for donations of cash or stocks/securities and donations of ecologically significant lands. NCC is interested in working with potential donors of ecologically sensitive lands in southern Manitoba.
“Supporting the Nature Conservancy of Canada through land donations and monetary contributions is a great way for people and families to help protect important natural areas. In return, they may receive tax relief,” said Kevin Teneycke, regional vice-president for the Nature Conservancy of Canada’s Manitoba Region.
For proposed gifts of land with nationally significant biodiversity values, NCC will issue a charitable tax receipt for the appraised value of the property. The tax credits from the gift will reduce the amount of payable taxes for the year of the donation. If the credits amount is larger, it can be claimed for the subsequent four years.
Teneycke points out there is an additional financial incentive for donating ecologically sensitive lands. If the property meets the criteria of an “eco-gift,” the land donor will obtain an additional tax saving. The Ecological Gifts Program, delivered by Environment and Climate Change Canada, facilitates land donations and donations of conservation agreements (easements, covenants or servitudes). The program offers the full elimination of the capital gains tax and an extension of the five-year carry-forward period for claiming the donation to 10 years.
An increasing number of conservation-minded Canadians are taking advantage of the Ecological Gifts Program each year. Since its inception in 1995, NCC has worked with private landowners on 359 gifts of land across Canada. Many of these donations involved a personal history, with families dedicating these sites in memory of parents and siblings.
NCC recommends that people wishing to look into these types of charitable gifts and related tax incentives should consult with tax planning professionals. People with lands that they may wish to consider donating for conservation are encouraged to contact the Nature Conservancy of Canada’s Manitoba region at 1-866-683-6934.
The Nature Conservancy of Canada (NCC) is the nation's leading not- for-profit, private land conservation organization, working to protect our most important natural areas and the species they sustain. Since 1962, NCC and its partners have helped protect more than 1.1 million hectares (2.8 million acres), coast to coast. In Manitoba, we have conserved over 26,300 hectares (over 65,000 acres). To learn more, visit natureconservancy.ca/mb.
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