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Charity by Corporations
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This is sooo interesting...
A Bank (a Corporation by another name) gave their employees $1000 as a bonus. 'Tis the season to give generously. Employee waits a whole year for this bonus, but...it comes with a condition attached -- it is for charity! For charity sake, here you have $1000 to donate to the charity of your choice, valid till 1st of July 2008. After which, the money not donated goes up in smoke.
There is a dispute over TV, people are asked what is their opinion -- do they like the idea, and what charity would they chose if given such opportunity? Because who would dare to say they do not like this way of twisting one's arm? Children need braces, wife would like a new dress (the one she wore for the prom is fitting her no more), a vacation...? No, you got $1000 to give to somebody else.
The corporation writes the sum as charity donation? or as bonus to the employees?
The employee on the other hand, cannot write it off as charity donation unless it is part of the income? Sorry, help me here -- how is this worked for revenue purposes?
If the money is part of income, one must add $1000 to the income and pay tax on almost the whole amount (Canadian tax return for charity over $250 is (was?) 26%). Not fair -- add 1000 subtract 260, pay tax on wages+$740=a different tax bracket!
If it is not added to income, what is it? Who is cheating whom?
When I was still working, the corporation donated money to United Way. I started working for the corporation soon after a scandal regarding the hefty wages paid to the managers of the 'non profit' United Way fund served mostly by volunteers...(on the lower levels...). Give generously!
I did not like the idea, but had no choice and donated to United Way. Then, every year we had competitions to see which department donated more -- the company matched the final amount in donation directly to the general fund.
As a private donor, I had a choice to indicate on my form the type of charity I preferred, or to leave it open. It was my money, from my salary, and I donated it 'voluntarily'. I grew up in Romania, where all business was state property, and anytime the leader decided we need to donate, we donated our labor 'voluntarily' -- we did not have a choice!
If I had $1000, whom would I donate it? How about deserving children in my own family? Other family members less fortunate, with health problems, etc? No?
May I give it to a poor family of my acquaintance? No? They cannot give tax receipt.
May I give it to my church, my school, my club? Maybe.
One guy was asked whom would he give it, and the poor man was in a very tight place -- he started by saying that his daughter was disabled (cannot give to his own children), then he amended by saying Salvation Army was doing a lot for them, and concluded, he would give the money to United Way. Why? Why not to Salvation Army?
He had tears in his voice, probably thinking how much $1000 would have meant for his family to have.
This is worse than cruelty to animals -- Would you give a bone to your dog only to force him to give his bone (you gave it to him, it's his!) to another dog? Cruelty!
But today, the polemic advanced to children. The question was how do you train your children to be charitable? You give them a present and then take them and the present, and make them give it away?
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