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(CBC)   Man wins $40-million lottery, thinks about it for a few months, decides to give it all to charity   (cbc.ca) divider line 65
    More: Hero, Tom Crist, Calgary, Western Canada  
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7030 clicks; posted to Main » on 17 Dec 2013 at 4:19 AM (17 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-12-16 11:55:17 PM
Which strip club does Charity work at anyway?
 
2013-12-17 01:17:01 AM

Solid State Vittles: Which strip club does Charity work at anyway?


You stole that one
 
2013-12-17 01:39:11 AM
While I admire the effort, 20% is where I will draw the line when I win the 1BN Friday lottery...
 
2013-12-17 04:23:37 AM
Good man, ...good man,

/got nothin'
 
2013-12-17 04:24:21 AM
Put a huge amount into an IRA or 401k or whatever your favorite retirement fund is and let the rest go as it may.
 
2013-12-17 04:29:23 AM
Right. Keep $2M after tax. Throw it in some index fund, live off the interest, and don't be stupid.

/YMMV depending on your current debt/savings
 
2013-12-17 04:30:20 AM
His kids must be stoked...
 
2013-12-17 04:33:33 AM
He should leave his entire estate of $40 million dollars to the people of Calgary so they can afford to move somewhere decent!

/stole that one, too
//shouldn't be obscure
 
2013-12-17 04:33:46 AM
He's Canadian?  Did he say he was sorry?
 
2013-12-17 04:35:29 AM
So why play then?
 
2013-12-17 04:41:24 AM
So, if you win $40M, and they immediately withhold x in taxes, and you donate the remainder, do you get x as a tax return, or do you get x minus the tax liability of x?
 
2013-12-17 04:49:08 AM

Name_Omitted: So, if you win $40M, and they immediately withhold x in taxes, and you donate the remainder, do you get x as a tax return, or do you get x minus the tax liability of x?


Canadian lottery, so the taxes are skimmed off the top before the Jackpot is awarded. He's taking home $40 mil. Once you begin to make ANY money with it though, that's where the taxes begin.

And as far as I know, charitable contributions are only deductible in the form of "non-refundable tax credits" so he only gets back whatever he paid in taxes for that year.
 
2013-12-17 04:51:42 AM
Does this avoid federal or state tax? Because I would imagine it wouldn't be too hard given a couple of months to have a family member register a charity.
 
2013-12-17 04:59:45 AM
Why is a CEO buying lotto tickets?
 
2013-12-17 05:02:22 AM

cygnusx13: Right. Keep $2M after tax. Throw it in some index fund, live off the interest, and don't be stupid.

/YMMV depending on your current debt/savings


zzrhardy: Does this avoid federal or state tax? Because I would imagine it wouldn't be too hard given a couple of months to have a family member register a charity.


Canadians aren't taxed on lottery winnings,  if you win 40 mil. then you're taking home 40 mil.
 
2013-12-17 05:18:27 AM

Hilary T. N. Seuss: He should leave his entire estate of $40 million dollars to the people of Calgary so they can afford to move somewhere decent!

/stole that one, too
//shouldn't be obscure


All I got was this lifetime supply of crappy ice cream *thwap*
 
2013-12-17 05:40:09 AM

Solid State Vittles: Which strip club does Charity work at anyway?


Beat me to it. Bravo.
 
2013-12-17 05:44:09 AM
I dare say he probably already has 40 mil already, but good for him anyway.
 
2013-12-17 05:44:51 AM

sjcousins: I dare say he probably already has 40 mil already, but good for him anyway.


Minus 1 'already' please
 
2013-12-17 05:53:16 AM
Man deserves FAIL tag.
 
2013-12-17 05:54:52 AM
I'm sure the CEO of the charity will be appropriately grateful after he's done wanking it to the brochure for the private jet he plans to purchase with the donation.
 
2013-12-17 05:55:09 AM

zzrhardy: Does this avoid federal or state tax? Because I would imagine it wouldn't be too hard given a couple of months to have a family member register a charity.


The State of Calgary would like a word...

If he were in the U.S., no. At least from what I understand, as I have never won enough to deal with a lottery tax form. The U.S. lotteries withhold around 33% in taxes on "big" wins. You get a 1099-G sometime after January 15 the following year.

Somebody who actually prepares taxes needs to check my math here, but in the U.S. your charitable contributions are deducted from your income, and your tax savings are roughly the percentage of that amount you donate that equates to your overall tax rate. However, this really depends on your marginal tax rate and whether the donation got you into a lower tax bracket, by "lowering" your income..

However, TFA is about Canada, so his depends on whether the defenceman crosses the blue line ahead of the puck.
 
2013-12-17 05:55:29 AM
Calgary's Tom Baker Cancer Centre will be at the top of that list, he says.

i.imgur.com
 
2013-12-17 05:59:46 AM
There was a story about a huge lottery winner offering everything to the Salvation Army in Tampa(?) and their refusing because of the source. (Gambling)

Should I ever win, a paid off house/trust paying all bills/cash for my life otherwise to donate to SA as well as food staples for the folks they feed. One of the lowest overhead charities where your donation makes a difference.

And, of course, this being fark, many people posting how evil the SA is. Locally they are awesome supporting the homeless, I volunteer, best return for the dollar.
 
2013-12-17 06:10:36 AM
If he's so rich he can give it away, why the fark is he playing the lottery?
 
2013-12-17 06:13:36 AM

abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?


He has a subscription, you can get those in Canada. He probably signed up years ago with his wife and never canceled. And he's probably buying more happiness with that money than the average lotto winner.
 
2013-12-17 06:22:44 AM
Until he actually writes the check, my guess is that this is actually just a ploy to get freeloading relatives to leave him alone.
 
2013-12-17 06:33:16 AM

Lady Indica: abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?

He has a subscription, you can get those in Canada. He probably signed up years ago with his wife and never canceled. And he's probably buying more happiness with that money than the average lotto winner.


Like most of us. I have given money to charity, and to groups that I thought were charities.  While I am normally happy to help those in need, I rarely got the rush from it that charity fundraisers told me I would.  In fact, in a few occasions, when I later learned what was going on behind the curtains with certain popular charities, I felt really miserable about it.

I'll give money to St. Judes Children's hospital, or buy a meal for  a homeless man.  There's a place that gives out clothes and food to the needy (without charging them) though I have reservations about homeless shelters.  I have known too many that were just excuses for their directors to earn a huge paycheck, while doing the minimum for the homeless, though I am sure if I did a little research, I could figure out which was which.
 
2013-12-17 07:09:06 AM

Raider_dad: Put a huge amount into an IRA or 401k or whatever your favorite retirement fund is and let the rest go as it may.


You can't just *put* large chunks into an IRA or 401k. There are annual IRS limits. $5,500 ($6,500 50 & over) into an IRA. $17,500 ($23,000 50 & older) into a 401k. Plus, 401k deferrals must be withheld from your wages through your W-2. You just can't make a deposit.
 
2013-12-17 07:12:55 AM

Roest: So why play then?


Came here to say this... WTF?

Hell, send some MY way, I could sure use it...
 
2013-12-17 07:17:17 AM
Jesus Crist
 
2013-12-17 07:20:58 AM

The Southern Dandy: Why is a CEO buying lotto tickets?


Just gambling. I know a guy who's retired and has a couple million in the bank, he plays all the time, every lottery.
 
2013-12-17 07:23:06 AM

Some Coke Drinking Guy: Lady Indica: abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?

He has a subscription, you can get those in Canada. He probably signed up years ago with his wife and never canceled. And he's probably buying more happiness with that money than the average lotto winner.

Like most of us. I have given money to charity, and to groups that I thought were charities.  While I am normally happy to help those in need, I rarely got the rush from it that charity fundraisers told me I would.  In fact, in a few occasions, when I later learned what was going on behind the curtains with certain popular charities, I felt really miserable about it.

I'll give money to St. Judes Children's hospital, or buy a meal for  a homeless man.  There's a place that gives out clothes and food to the needy (without charging them) though I have reservations about homeless shelters.  I have known too many that were just excuses for their directors to earn a huge paycheck, while doing the minimum for the homeless, though I am sure if I did a little research, I could figure out which was which.


Also this guy is actually put the money in a family trust to be "doled out to charities" he and his kids choose over the years.

Color me skeptically optimistic, or optimistically skeptical.
 
2013-12-17 07:26:40 AM
Nice going Einstein.
 
2013-12-17 07:26:53 AM

exvaxman: There was a story about a huge lottery winner offering everything to the Salvation Army in Tampa(?) and their refusing because of the source. (Gambling)

Should I ever win, a paid off house/trust paying all bills/cash for my life otherwise to donate to SA as well as food staples for the folks they feed. One of the lowest overhead charities where your donation makes a difference.

And, of course, this being fark, many people posting how evil the SA is. Locally they are awesome supporting the homeless, I volunteer, best return for the dollar.



Your local food bank or homeless shelter would probably be a more efficient use of your donation, but that's just me.

Once my and my relatives' debts were taken care of and they had some money as gifts handed out (and an amount set aside for us to live comfortably on), several animal rescue agencies are getting a nice donation if I win a big lottery. If the MegaMillion gets to $1billion and I win that, a LOT of charities are going to be happy...
 
2013-12-17 07:32:44 AM
That's cool.
 
2013-12-17 07:34:03 AM

Some Coke Drinking Guy: Lady Indica: abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?

He has a subscription, you can get those in Canada. He probably signed up years ago with his wife and never canceled. And he's probably buying more happiness with that money than the average lotto winner.

Like most of us. I have given money to charity, and to groups that I thought were charities.  While I am normally happy to help those in need, I rarely got the rush from it that charity fundraisers told me I would.  In fact, in a few occasions, when I later learned what was going on behind the curtains with certain popular charities, I felt really miserable about it.

I'll give money to St. Judes Children's hospital, or buy a meal for  a homeless man.  There's a place that gives out clothes and food to the needy (without charging them) though I have reservations about homeless shelters.  I have known too many that were just excuses for their directors to earn a huge paycheck, while doing the minimum for the homeless, though I am sure if I did a little research, I could figure out which was which.


Best way to give money is directly and not through fundraisers. Things to avoid:
1. Anything saying awareness (or cancer prevention) (ahem Livestrong, Susan G Korman and pretty much everything with the pink ribbon). Think of them as big tax shelters.
2. Events i.e fund runs, telethons, etc. a portion of your money has to go to cover the event so it is not being used efficiently.
3. The Human Fund

Do give money to research, shelters
 
2013-12-17 07:35:27 AM
Hit Add too soon. From what it sounds like the place he donated money does pretty much everything:care, research,etc.
 
2013-12-17 07:47:15 AM
Charity CEO's adjust their benefits packages accordingly.
 
2013-12-17 07:49:02 AM
img.fark.net
 
2013-12-17 07:53:35 AM
Pope Francis Effect?
 
2013-12-17 08:15:06 AM

BeesNuts: Some Coke Drinking Guy: Lady Indica: abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?

He has a subscription, you can get those in Canada. He probably signed up years ago with his wife and never canceled. And he's probably buying more happiness with that money than the average lotto winner.

Like most of us. I have given money to charity, and to groups that I thought were charities.  While I am normally happy to help those in need, I rarely got the rush from it that charity fundraisers told me I would.  In fact, in a few occasions, when I later learned what was going on behind the curtains with certain popular charities, I felt really miserable about it.

I'll give money to St. Judes Children's hospital, or buy a meal for  a homeless man.  There's a place that gives out clothes and food to the needy (without charging them) though I have reservations about homeless shelters.  I have known too many that were just excuses for their directors to earn a huge paycheck, while doing the minimum for the homeless, though I am sure if I did a little research, I could figure out which was which.

Also this guy is actually put the money in a family trust to be "doled out to charities" he and his kids choose over the years.

Color me skeptically optimistic, or optimistically skeptical.


Blame taxes.
 
2013-12-17 08:21:08 AM
If I were to be hit with the big assed bag o'money, I do have a list of causes that would benefit first, because I have first hand knowledge of their operations (I volunteer from time to time). The include a couple of local homeless shelters, a local free clinic (with a cool history), a couple of rehab hospitals, and my favorite animal shelter.  After that, we'll see.

Of course, I AM dreaming.
 
2013-12-17 08:23:31 AM

Roest: So why play then?


The Southern Dandy: Why is a CEO buying lotto tickets?


abhorrent1: If he's so rich he can give it away, why the fark is he playing the lottery?


I guess it would be better if only people who can't really afford it played the lotto.

Good for him regardless of all the butthurt d-bags around here.
 
2013-12-17 08:32:09 AM
Cool.
 
2013-12-17 08:34:48 AM
It discovered that each year, as the society raised more dollars, the proportion of money it spent on research dropped dramatically - from 40.3 per cent in 2000 to under 22 per cent in 2011.

Sounds like the Canadian Cancer Society is truly doing Gods work.

/Bet the CEO has a nice house though.
 
2013-12-17 08:43:00 AM

suburbanguy: Raider_dad: Put a huge amount into an IRA or 401k or whatever your favorite retirement fund is and let the rest go as it may.

You can't just *put* large chunks into an IRA or 401k. There are annual IRS limits. $5,500 ($6,500 50 & over) into an IRA. $17,500 ($23,000 50 & older) into a 401k. Plus, 401k deferrals must be withheld from your wages through your W-2. You just can't make a deposit.


pay off my home
Roth IRA,
Buy/start a bank
Setup trust
Get some toys
Get a modest beach house and winter lodge
Look at some real estate ventures

Turn 40m into generational wealth.


Done.
 
2013-12-17 08:44:56 AM
Hero tag?  How's about Dumbass?
 
2013-12-17 08:51:17 AM
www.quickmeme.com
 
Biv
2013-12-17 09:31:25 AM

Lt. Cheese Weasel: Hero tag?  How's about Dumbass?


I'm going with arsehole.

39.9 million of it goes to "administrative costs."
 
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