By operation of both U.S. and Canadian tax law, donations for the benefit of specific individuals are not tax deductible; therefore receipts for income-tax purposes cannot be provided. However, there will be no income taxes payable by the recipients for these gifts.
Canadians may give any amount without any tax consequences for either the donor or the recipient.
Gifts from US tax citizens are limited to $13,000/year from each donor to each recipient, regardless of family relationship (i.e. both husband & wife). In this case, recipients could include each of Ofri, Noa, Roy or Ayelet. Thus, a married couple could donate up to $104,000/year divided between the four recipients with no tax consequences. In addition, under US tax law each person has a $1,000,000 lifetime tax-free gift allowance, meaning that any gifts above $13,000 per year per person can still be tax free if the donor elects to use part of his or her $1,000,000 allowance.
So realistically, all gifts can be tax-free for all donors and all recipients.
There are 6 different ways you can help (the first five are preferred):
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1) PAYPAL: |
If you already have a paypal Account, login here and then click SEND MONEY, select the PERSONAL tab and send money to avnermagenmemorial@gmail.com and then also send the security code in a separate email. |
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2) INTERAC EMAIL MONEY TRANSFER |
To send an email money transfer, login to your financial institution's online banking, look for the Interac Email money transfer option (usually located within the Payments/Transfer menu) and send it to avnermagenmemorial@gmail.com
(This option is available only if you bank with one of the Big Canadian Banks)
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3) CHEQUE |
To make a donation by cheque, please send it to Ayelet Magen.
360A Bloor St W
P.O.Box 68502
Toronto ON M5S 1X0
Canada |
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4) DIRECT DEPOSIT |
In a CIBC branch: deposit to Ayelet Magen, transit/account number: 03702/87-72037.
In a branch of another bank: deposit to Ayelet Magen, Institute number 010, transit/account number 03702/87-72037.
Electronic transfer: Beneficiary: Ayelet Magen, IBAN(account) 037020108772037.
Swift Code: CIBCCATT,
Bank: CIBC, 1150 Eglinton Ave W, ON M6C 2E2, Canada |
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5) DIRECT DEPOSIT in ISRAEL |
You can also donate directly into Ayelet's account in Israel: Bank Hapoalim Hovevei Zion, Petah Tikva. Branch 616. Account No. 259798 (Ayelet and Avner Magen).
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6) CREDIT CARD:
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