This year (2024) we have a split 270,000 dollar charitable tax receipt as well as our regular 15-20 thousand charitable giving so I want to maximize my donations each year to get it used up within the time limits.
We have about 300,000 dollars in RIFs and also stocks (outside of RIFs and TFSAs that we have had for thirty-forty years. I will sell the stocks and buy ETFs to bring the capital gain forward in time (keeping enough for charitable giving with the no tax on capital gains). I think in the Review section I can bump up allowed charitable gifts to the zero federal tax level.
I am thinking the tax on 50,000 more income can be offset by a 50,000 donation. In future years our minimum withdrawal will be reduced lowering taxes in future years.
I would appreciate any comments. Thank you.
