RBC Future Launch Community Challenge Announcement
Community Foundation for Kingston & Area and RBC Foundation Announce Grant of $15,000 to KEYS Job Centre
Community Foundation for Kingston & Area and RBC Foundation are providing a grant of $15,000 to support “New Horizons: Newcomer Youth Peer Mentoring Group”.
This grant enables the creation of a local, peer-mentoring and peer-support association led by youth who recently arrived as single refugees and will address issues of social isolation, mental health challenges, and cultural adjustment. Kingston continues to welcome young, single refugee that arrive without family.
“We have been receiving 100 refugees per year and will continue to do so for the next five years”, says KEYS Executive Director, Michael Harris. “Over the past year we have received about 15 single-arrival young adults, from Syria, Somalia, Rwanda, Eritrea and Afghanistan, to name a few, and we are expected to see an increase in this demographic in the near future.”
This project will aim to provide the participants with meaningful community connections throughout the all the stages of settlement in Kingston as well as build the skills of the association’s youth leaders.
“The skills that I will be learning will help me build a bright future. I feel like helping others will also help myself as we share our experiences,” says Valentine, one of the peer youth leaders.
As a part of the RBC Future Launch Community Challenge, grants like this one are being made to youth-led projects in 150 small and medium sized communities across Canada. The goal of the program is to shift the power to young leaders making positive social or environmental change in their communities, while gaining valuable skills and experience.
“We recognize that creating a sense of belonging is important to so many in our community. This project meets this goal beautifully. It builds on the strength of the peer to peer support system, with the addition of a leadership opportunity for the participants. We are honoured to play a role in the bold change that youth are leading across the country through this national initiative with RBC,” says Gayle Barr, Chair of the Board of Directors at the Community Foundation for Kingston & Area.
The RBC Future Launch Community Challenge is made possible thanks to support from the RBC Foundation, and is part of RBC Future Launch, a commitment to empower Canadian youth for the jobs of tomorrow.
When you give to the Community Foundation you can have confidence that your community will continue to benefit from your gift for many years to come.
2023 Year End Tax Tips
Both the federal and provincial governments offer donations tax credits that, in combination, can result in tax savings of up to 55% of the value of your gift in 2023, depending on your province or territory of residence. With total cash donations up to $200 in a year, the federal donation credit is 15% of the donation amount. For total donations exceeding $200 in a year, the federal donation credit jumps to 29% (33% to the extent taxable income exceeds $235,675) of the donation amount. Provincial donation credits are also available and the total credit may be up to 55% once total annual donations exceed the $200 in a calendar year.
December 31 is the last day to make a donation and get a tax receipt for 2023. You can help a wide range of charities with a single gift to our endowed Community Fund, support your favourite charity or cause by giving to one of our over 225 funds, or establish your own fund.
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If you’re ready to make your gift now, then use our secure online giving page. You have the option of choosing any one of our funds, giving ‘in memory of/in honour of’ instructions, and more. Or, if you prefer, you can simply call 613-546-9696 to make your donation over the phone using your Visa, MasterCard, or AMEX, or VISA Debit card. You can make a one-time gift, or sign up to make a regular monthly donation.
Please make your cheque payable to Community Foundation for Kingston & Area (or “CFKA”), and write your intended fund in the memo line. Drop it off or mail to: 275 Ontario Street, Suite #100, Kingston, ON, K7K 2X5.
Gifting publicly-traded securities, including mutual funds and segregated funds, with accrued capital gains “in-kind” to a registered charity or a foundation not only entitles you to a tax receipt for the fair market value of the security being donated, it eliminates capital gains tax too. You should plan gifts in-kind well before year end, to allow for sufficient time to make arrangements. A gift of publicly-traded securities is the transfer of ownership of stocks or bonds to the Community Foundation for Kingston & Area. If you own shares that have increased in value, 50 per cent of the capital gains are taxable. However, if you donate these shares in-kind to CFKA, the gain is tax-exempt. Learn more.
Form 1: Direction to Transfer Securities or Mutual Funds Electronically as a Charitable Donation Complete Form 1 to give your financial advisor/broker the instructions to make the gift to CFKA. The form contains all the information your advisor will need to make the transfer. They will then submit this form to our broker at CIBC Wood Gundy to advise that the transfer is pending.
Form 2: Notice of Transfer of Securities
Complete Form 2 and send it to CFKA to advise us of your gift, and instruct as to what you would like your donation to support.
Your AMT may be higher in 2024 (compared to 2023) if your taxable income is over about $173,000, and you have income taxed at lower rates than ordinary income, or deductions or credits that reduce taxes payable, including: Capital gains, Stock options, Canadian dividends, Unused non-capital losses, net capital losses, or limited partnership losses from prior years, and Non-refundable tax credits, including the donation tax credit. Speak to your tax profession to see how AMT could affect your situation in 2024, and, if appropriate, to consider triggering a gain or exercising employee stock options.
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