Gaining financially from giving is a surprising payoff. We generally associate the notion of giving with volunteering, making monetary donations or contributing to food drives. But the fact is that giving your boat to charity can actually be very profitable.
The pleasure boat market is currently struggling against rough economic tides. As a result, some models are becoming harder to sell or trade in – especially if you want a timely transaction and a fair market price. Dealerships generally offer significantly less than your boat’s market price because, at the end of the day, they assume most of the risk as they will have to invest in the vessel before reselling it. When you take this price gap into consideration, it can be quite advantageous for owners to give their boats away in exchange for a tax credit. Especially since the tax credit can be used that same year or spread out over three fiscal years.
Obviously, every case is unique, but many boat owners have decided to donate their vessels – an act that not only benefits them, but also a good cause.
In case you are interested…
Before it can issue a tax receipt in exchange for a boat, a foundation must have an independent survey done to assess the boat’s value. And not all non-profits are equipped to care for a boat. That’s why you need to find an organization that already has a concrete plan for the boat, as this will prevent them from having to needlessly spend money on maintenance.
In the Montreal area, the Starlight Children’s Foundation is currently looking for boats to be used for pleasure outings. For more than five years, the organization has been organizing boat, car and snowmobile rides for families facing serious illness and intense medical treatment.
Starlight’s social mandate is to offer families fun, memorable experiences as a way of relieving some of the stress that results from having a sick child. Motorized vehicle rides are just some of the numerous activities they organize. The foundation also regularly arranges trips, parties and meetings with celebrities for children, in addition to holding large fundraising events, including the ever-popular “Strangers in the Night” gourmet gala, which is attended by more than 5,000 people.
Since implementing this program, the foundation has offered boat rides for families. Participants unanimously agree that these experiences on the water are memories they will cherish forever. Boat owners who want to sell or exchange their boats can get the task done quickly by offering it to Starlight. It’s a move that helps children with a serious illness or handicap experience the joys of pleasure boating with their families.
For more information or for an assessment of your boat’s tax credit value, please contact Bruno Lefebvre at: bruno@starlightquebec.org