BN: 86378 8360 RR0001
Planned giving takes into account not only the donor’s philanthropic objectives, but also maximizes the tax and estate planning implications of the gift. A planned gift may be outright, providing resources for immediate use, or it may be deferred, planned now for completion at a future time.
Your gift planning should be carefully assessed in light of your personal situation and priorities. The various gift options listed below will provide you with some general information, which you can review with your financial or legal advisor.
Cash – This is the simplest type of charitable gift. The donor receives a donation receipt for the full amount, which means a tax saving in the gift year.
Charitable Bequests – A bequest in your Will may specify a certain sum of money, a particular asset, or a portion of your estate, to be donated to the Foundation. You may specify that your bequest be used to establish a new fund in your name, be added to an existing fund or be added to a fund that you or your family has established during your lifetime. Because a bequest is revocable, it provides no income tax credit while you are alive. However, your estate will be entitled to a donation receipt for the full value of the bequest, which can reduce significantly the tax payable with your final income tax return. Any unused credit of the receipt may be carried back one year.
Named Beneficiary of Life Insurance, RRSP or RRIF – If you have designated the Hospice Society as the beneficiary of the life insurance policy but keep the ownership of that policy and continue to pay the premiums, no donation receipt is available until you die. That receipt can then be used in your terminal return and to the extent it is not used in your terminal return, it can be used for the year before the year of your death. The same applies to an RRSP or RRIF where the donor has designated the Hospice Society as the beneficiary.
Gift of a Residual Interest – This type of gift provides a very special benefit to the donor. As an example, you may donate your residence to the Sunshine Coast Hospice Society, but retain the right to occupy if for the duration of your life. Other examples may be artwork or a piano. In each case, you will receive a donation receipt for the present value of the future or residual interest you have given to the Foundation.