When looking back at the journey of our lives, we look for a lasting meaning. We wonder “how will I be remembered?” and “what difference will I make?” A gift in your will to the Catholic Centre for Immigrants will have a lasting impact and make a difference in the lives of newcomers who are calling our community their new home. There is no more important legacy than helping future Canadian citizens. Let your legacy be to give them the best life possible.
A legacy gift is also known as planned giving. There are many different types of planned gifts, the most common being a gift in your will. But there are planned giving strategies that do not involve a will and can be carried out while you are still enjoying life.
Whether your planned gift is for the present or after you pass, it starts now with a conversation with your lawyer and/or financial planner. A proper planned gift will offer you significant tax advantages as well as make a lasting impact in the lives of new immigrants and their families. One consideration when making a planned gift is whether you want to leave your gift to a particular program or to let CCI use the funds for its most urgent needs.
Below is a short description of the most common types of planned or legacy gifts. Please click on each button to read the full description. If you would like to know more about what we will do with your gift, please contact Jim McIntyre, Fundraising Manager, at 613-232-9634, ext. 389 or by email at [email protected].
A Gift in Your Will
A gift in your will generally involves a bequest. The benefits of leaving a gift in your will are:
- Easy to do: Simply have your lawyer add a codicil to your existing will (i.e. you don’t have to re-write the whole will)
- Can be a fixed dollar amount or a percentage of your estate
- A tax receipt for the full market value of the donation would be issued after you pass away
- Can be cash, securities or real property (although gift of publicly listed securities (i.e. stocks, bonds, mutual funds, segregated funds) can be especially advantageous because tax that would normally be owing on the gain in value of the securities (i.e. capital gain) is deemed to be zero for a charitable gift)
- Flexible, so if your life circumstances change, the bequest can be adjusted accordingly
A gift of life insurance is simple and will have a major impact. The benefits are:
- Would be a substantial gift to CCI at little cost, while leaving your other assets intact.
- You could name CCI as the beneficiary of a new or existing life insurance policy, in which case a tax receipt would be issued for the full amount of the policy after you pass away.
- Alternatively, you could donate an existing policy (i.e. transfer the ownership) to CCI now and take advantage of any tax benefits immediately.
RRSPs/RRIFs or TFSAs
Donors often look for innovative ways to support CCI. By making CCI the beneficiary of your RRSPs or RRIFs, you can protect a portion of the capital of your estate by avoiding costly estate taxes. The benefits are:
- Easy to do: Simply talk to your financial advisor.
- A tax receipt for the full amount the account would be issued after you pass away AND probate costs on your full estate would be reduced.
- You can also direct RRIF income to CCI during your lifetime
Donor-Advised Charitable Trust
- Set up an irrevocable charitable account – like an Endowment Fund but without the high administration costs – through a financial institution’s Charitable Giving Program
- Name the account for yourself or for a loved one if you wish
- Receive a charitable tax receipt for your initial donation immediately, and additional receipts for any further contributions you make to the account.
- Use the income from the account to make annual grants to CCI (or other charities of your choice) for the duration of your lifetime and beyond.
- Once again, donating publicly listed securities to the account (i.e. stocks, bonds, mutual funds, segregated funds) instead of cash can be especially advantageous from a tax perspective.
Charitable Remainder Trust
These types of planned giving gifts are more common in the U.S. but they are an option in Canada. The benefits are:
- Transfer your donation into an irrevocable trust now, and receive a charitable tax receipt that can be used now.
- Continue to receive the investment income generated by your donation for as long as you wish, after which (upon your death, or after a set period of time), the remaining capital goes to CCI
- Alternatively, if you want to provide an income for a loved one after you’re gone, create a tax benefit for your estate AND help CCI, you could set up a Charitable Remainder Trust in your will
- Note: Unlike direct bequests and Donor-Advised Charitable Funds, donation of securities does NOT provide a tax advantage through avoidance of capital gains tax)