What are people saying about CNCF?
How a DAF can help charities in emergencies? We are business owners and contribute regularly to our Donor Advised Fund (DAF) with CNCF. The amount we contribute each year varies depending on the profit in the business or the gain on investments in the stock market. Over the past 10 years we have used our DAF regularly to donate to charities that work in Canada and all over the world. The advantage of a DAF inside a foundation like CNCF is that we don’t have to decide on a charity before our fiscal year end in order to get the tax benefit. We can save up the amount we want to donate in a DAF, get the tax receipt for the business year-end and decide on the charity later. In 2020 having a DAF was very important. We had money saved up to help our charity partners through COVID 19 triggered emergencies. CNCF is efficient in administering our DAF and was able to send money from our DAF to the charity within a few days. Thank you to the team at CNCF for a job well done.
I found CNCF a big help when I was trying to sell some shares and donate them to charity. They sent me the info I needed to get the process started and then assisted along the way. I was so relieved when they informed me the sale had been made and they would donate the proceeds to the charity I had specified. Then they sent me a receipt for taxation purposes and everything was completed. The sale was not straight forward as many are, so it was great to have their help.
My wife and I chose CNCF at the recommendation of our financial advisor who gave us an option to create a foundation after we realized the sale of shares in a company that we had invested in 12 years ago. We had a considerable capital gain tax that was required to be paid. By matching the amount owing as a capital gain, we were able to eliminate the majority of the tax and thus allow the government to contribute one half of the capital towards the foundation which had to be paid regardless, either benefiting the government treasury or the foundation. Since we were accustomed to supporting Christian charities, this seemed like a logical plan that would ensure continued support of our favourite charities even after our deaths when our children will continue to direct the funds. It was a joy to disburse some funds a week ago and to further the great commission in a manner that is even greater than ever before.
As the founder of CNCF Doris and I have been using it from the beginning. Having our own DAF has been very helpful in our charitable giving. Each January we sit down together and plan out our giving for the new year. As we choose the general categories to give to like Evangelism, Discipleship and helping the poor we then break it down to what charities to use since some of our giving is to local charities and some is to national and international. We then gift the total amount we plan to give for the year by using appreciated stock where appropriate. The staff at CNCF have always been very quick and efficient to respond to our giving requests. Using CNCF has allowed us to be more efficient and organized in our giving.
In 2016 we sold our small revenue house as we moved into a more simplified later-years mode. We were astonished at how much capital gains tax we were being assessed on that sale. So we made a charitable contribution to CNCF “instead” of paying the tax. What a joy to know that this money is now being used by the Lord for ministry in ways that we can direct, instead of dead-ending as taxes. As well, CNCF have proven to be such good managers of this original contribution that the fund continues to grow. Thus, we are able to support even more kingdom work, both while we are alive and after. Thank you CNCF for your faithfulness which allows us to do so much more.