Lögberg-Heimskringla - 22.04.2005, Blaðsíða 9

Lögberg-Heimskringla » Föstudagur 22. apríl 2004 • 9
organizations each play an ex-
tremely important role in help-
ing to create an environment
that attracts and retains talented
people.”
He explained why the pro-
posal is good public policy and
it could be achieved with the
current minority govemment
since it has wide support within
the opposition parties. “This
proposal may be one of the few
public policy issues all parties
can agree uponhe wrote.
Don’s volunteer leadership
has made a great impact on the
charitable sector and his issue
has been the subject of consid-
erable press coverage in Cana-
da. His argument is that Canada
is competing with the US and
the UK to get the “best and the
brightest” people. However, the
playing field is not level while
there is a capital gains tax on
gifts of stock in Canada but not
in the US and the UK.
“This measure would un-
lock an enormous amount of
private wealth for public good,”
he wrote in the Toronto Globe
and Mail before the federal
budget was introduced at the
end of February. “The ben-
eficiaries would include uni-
versities, research institutes,
hospitals, arts and cultural
organizations, social service
agencies and community foun-
dations. This proposed elimina-
tion would result in further sig-
nificant increases in voluntary
redistribution of wealth across
Canada. This has already been
demonstrated by the 50 per
cent reduction implemented
in the 1997 budget. Since that
time, more than $ 1,5-billion
of incremental gifts of shares
have been donated by individu-
ah. For example, the total gifts
of shares to the United Way
of Toronto from 1956 to 1996
was only $40,000. From 1997
to 2004, gifts of shares totalled
$22 million.”
Various involvement
Through his wife Anna,
Don became interested in bal-
let and soon he was persuaded
to join the board of the National
Ballet and chair a fundraising
campaign in 1994. He then be-
came aware of the differences in
the tax treatment of donations of
stock between Canada and the
US and has been fighting for a
level playing field since.
Don has been involved in
many a fundraising, and among
them was the V.I.P. campaign
for the Icelandic Department
and the Icelandic Collection
at the University of Manitoba.
Currently he is chairing a $15
million campaign to create an
Eye Institute at Toronto West-
em Hospital. He is also on a
fundraising campaign cabinet
for the Canadian Opera House
in Toronto. He is on the Advi-
sory Board of the Richard Ivey
School of Business at the Uni-
versity of Westem Ontario and
he was the chairman of the de-
velopment committee. He was
also involved in the University
of Westem Ontario’s fundrais-
ing campaign. “In other words,
I have devoted a part of my
time in the charity sector,” he
says.
His father Páll Bjöm Jóns-
son was bom in Iceland. He
was about six years old when
he emigrated with his parents to
Lundar, Manitoba, in 1894. His
mother Fjóla Kristjansson was
bom in Otto, Manitoba, but her
parents were bom in Iceland. “I
consider myself lucky to have
been bom in Lundar and hav-
ing had the pleasure of growing
up in an Icelandic community,”
Don says.
Waiting for the decision
One can’t help but admire
Don for his work to boost fund-
raising in Canada. Finance
Minister Ralph Goodale did not
include his recommendations in
the budget, but Don says he can
still make the change before the
budget next year. “All three op-
position parties are supportive
now, and I think most Liberals
are supportive too. What we are
lobbying for now is to convince
Finance Minister Goodale to
introduce what is called a stand
alone bill in this session of the
Parliament. He, as the Finance
Minister, can introduce the bill
to change the Income Tax Act
and eliminate the capital gains
tax on gifts of stock. He does
not have to wait until the next
budget. And the change would
make a lot of difference for the
charities. If, for example, do-
nations of stock go from $200
million a year to $300 million a
year because of the change, the
extra $100 million will cost the
federal govemment about $46
million in lost tax revenues but
the charities get $100 million
extra. Charities in every prov-
ince will benefit from this mea-
sure.”
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