Merlocke

I did leman's in a PM - but since you're willing to share...

Level 1b of my Financial Planning seminar (I do these live as well in BC)

Facts to keep in mind:
1) Ontario's Highest provincial Tax rating is around the 46.4% Tax level.
2) In accordance to the Tax act - you are allowed to donate and claim to a maximum of 75% of your gross annual income to charitable organizations.

I'm pasting a modified version of lemans to save myself the trouble of typing this all over again...

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The simplified route for saving money through a tax system is what I will share with you for now - without the requirement of having to sign a non disclosure agreement. (that'd be my level 2 seminar)

I have two methods - I will present to you the cleaner route.

At 100,000 - your maximum charitable donations as specified by the tax act - is at 75% of your gross annual wages. In your case - 75,000.

The system I will offer you is one through the Canadian Humanitarian Trust.

Essentially the architecture works as such.
1) Donor donates cash to Foundation A
2) Upon receipt of this donation - Foundation A presents the donor with a Tax receipt.

3) CHT (Canadian Humanitarian Trust) sees this donation and offers the donor the option to become a benefactor of the trust - provided they have shown the following:

a) A history of giving in the past.
b) Have donated a significant amount to Foundation A

4) Upon passing requirements to become a beneficiary - the donor receives a gift of pharmaceuticals from the Canadian Humanitarian Trust. The Donor is then given the choice to either keep these pharmaceuticals - or to donate them to the W.H.O. - World health organization. (you can take a guess that most people elect to donate)

5) The W.H.O presents the donor with a tax receipt of the value of the goods given.

6) The donor then applies these two tax receipts to his/her income tax at the end of the year.

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using your numbers - it looks like this:
75,000 max. (it's ok to go over a little - you can use it as a carry over for up to 5 years)

Donate $20,720 to Foundation A - from which you will receive a tax receipt for the dollar value of your donation and the option to become a beneficiary of the Trust.

The Trust will grant you (70 units of WHO essential medicine units) based on your level of donation to Foundation A. Which in turn - you donate to the WHO. (This goes to the United Nations to assist 3rd world countries with medical supplies for deworming, and removing parasites)

The two tax receipts will net you a total of $78,120 in tax credits. In ONT - the provincial rate of tax at the highest percentage is 46.4%.

calculation:
78,120 * 0.464 = $36,247.68 <-- this is roughly your tax return. Not taking into consideration any deductions you use for RRSPs, or other deductions or additions to your income.

Essentially - it's a philantrophic, moral, ethical, and most importantly Legal method of redirecting your tax dollars to a worthy cause - while netting you some tax based incentives in return. I've been doing these systems for 2 years now, and have the backings of folks who have been doing it for over 20 years.

If you have any questions about any of the specifics - let me know and I will show you the section in the Tax act that explains it. If you'd like to participate - drop me a PM and I can have further information sent your way. If I cannot answer the question myself - I'll be sure to forward it to my district manager from whom I will obtain an answer from and relay it to you folks.

whew... quite the explanation - but well worth the reading IMHO. The complete system is a 10 year plan - however I won't disclose that without first asking you to sign a non disclosure agreement that prevents you from duplicating my work and starting your own business, etc.

NOTE: the example I provided above is a MAXIMUM efficiency based model. By no means are you forced to participate at that level. The minimum amount (depending on date - but this is good until Sept 15th) is $2960. You can perform the same calculations on this number if you wish.

FYI provincial maximum tax rates for anyone that wants to apply this to their own numbers:

BC: 43.7
AB: 41.75
SASK: 44
MAN & ONT: 46.8
NS & PEI: 47.3
NFLD: 48.64

If you don't understand the system - let me know and I will crunch your numbers for you. (roughly) I will charge however if you want me to get into a much deeper level on a personal account. If any of you are in BC - I'm going to start holding my seminars (free for level1) shortly. Drop me a PM and I'll provide you with a schedule once one is available.

If folks are located elsewhere - let me know as well - and I'll see if I can accomodate for you with one of my colleages in another province. (if possible - I can't make promises for everywhere except for BC, AB, MAN, and ONT)

Lastly - if you have a pretty decent financial background. I'm looking to expand my base here in BC. If you're willing to learn - and want a part time venture, I can make it worth your while. There will be some stipulations though. If I do find any contacts via this forum - before I teach you anything - I will ask you to donate at least $20 to Halx for creating this place as thanks. If we are successful in expanding - I would love to be able to create a fund to give monthly to the TFP - which in fact - is my next project after completing the one I'm setting up for an Elementary school in Langley.

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-=[ Merlocke ]=-