A planned gift is a contribution that is arranged in the present and realized at a future date. Commonly donated through a will or trust, planned gifts are most often granted once the donor has passed away. Planned giving not only takes into account the donor’s giving objectives, but also maximizes the tax and estate planning benefits of the gift. A planned gift may provide resources for immediate use, or it may be deferred for realization 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. When you are ready to proceed, we encourage you and your advisors to contact the Foundation to determine the best way to achieve your charitable objectives. For more information call or text Wendy Francis at 604.741.7360 or email her at [email protected].
Cash – This is the simplest type of charitable gift. The donor receives a donation receipt for the full amount, which means a tax savings in the gift year, and the cash is transferred to the Foundation, generally by a cheque.
Securities – The Foundation can receive the transfer of publicly traded or privately held stocks or bonds. You receive a tax receipt for the fair market value of the shares on the date of the transfer. This is a simple way of making a significant gift to the Foundation with no loss of cash to you.
Gift Annuity – An annuity is a type of investment purchased for cash with benefits paid out over a specific time frame. It both provides an immediate gift to the Sunshine Coast Community Foundation and guaranteed payments to you for life. A significant portion of your annuity payments (100% in some cases) are tax-free.
Gift in a Will – 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. 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. It is vital that the language in your will correctly names the Foundation and specifies how you wish your gift to be used. Please contact Executive Director Wendy Francis at 604.741.7360 or email her at [email protected] to learn more.
Life Insurance – A gift of a paid-up life insurance policy can provide a significant future gift to the Sunshine Coast Community Foundation at an affordable present cost to you. You may make such a gift with either an existing policy or a new one. You may donate the death benefit amount of any existing policy simply by naming the Sunshine Coast Community Foundation as the beneficiary. However, to receive a tax receipt for the value of the policy, you must also transfer ownership of the policy to the Foundation. If you remain as the policy owner, you may receive a tax receipt for the premiums paid each year.
Named Beneficiary an RRSP or RRIF – You may also name the Foundation as the beneficiary of your RRSP or RRIF, which will transfer to us upon your death. There is no cost to you, so there is no tax benefit of this option. But it can be a great gift to the Foundation in the future.
Please contact Foundation Executive Director, Wendy Francis, by phone or text at 604.741.7360 or via email at [email protected] to learn more about these and other gift options.