How to Create Your Legacy
A gift of cash or cash equivalents (e.g., Cheque or credit card) can be made to any existing fund or program at Briercrest; or it may be used to establish a named scholarship or bursary; or it may be unrestricted in which case it will go to the area of greatest need.
Publicly Traded Securities
Stocks, bonds, and mutual funds are gifts of extraordinary value to donors and the charities they support because the Government of Canada has eliminated all tax on capital gains which may otherwise be applicable on these items. Briercrest can accept both electronic and certificate shares.
In addition, donations of ecologically sensitive land made under the Ecogift program are also fully exempt from capital gains tax. Gifts of flow-through and super-flow through securities can provide even greater impact and tax savings.
A gift of real estate will result in a donation receipt for the fair market value of any property. The most attractive aspect of this donation is that you can give a gift of land today, while retaining a residual or lifetime interest. This allows you to enjoy the use of your property for as long as you live and receive a tax receipt for your donation.
A gift of life insurance can be a significant future gift at an affordable present cost. You’ll receive a tax receipt for the policy’s cash value and any subsequent premium payments you make. Strip Bond A strip bond enables you to make a larger gift on a discounted basis now. You will receive a donation receipt for the market value of the bond at the time it is given. Briercrest benefits from receiving either the market value of the strip bond now or the redemption value later. A strip bond is an alternative to a gift of life insurance where securing a policy is not desired or possible.
Gift In Your Will (Bequest)
In addition to remembering your family and friends, you can use your will to make a charitable gift to an organization you believe in. A gift in your will may specify a sum of money, an asset, or a portion of your estate to be donated to Briercrest. Charitable tax receipts issued to your estate can then offset taxes on your income in the year of your death and in the previous tax year.
Types of bequests include:
- Residual: A gift of all or a percentage of what remains of the estate after paying other bequests and expenses.
- Specific: A gift of a specific amount of money or of a particular property.
- Contingent: A gift that takes place only if the donor is not survived by stated beneficiaries or if the other stated conditions are not met.
A new or existing life insurance policy donated to Briercrest gives you the opportunity to make a substantial contribution for the future, with a monthly or annual payment today. A gift of life insurance may be separate from your estate and not subject to estate or trust costs. Premium payments or cash surrender values of such policies earn charitable tax credits, meaning that your future gift saves tax dollars today. Life insurance can also be used as a form of wealth replacement for your family or business. This enables you to make a gift from your estate without diminishing your legacy to your other personal interests.
RRSPs & RRIFs
You can donate the proceeds from your registered retirement savings plan (RRSP) or registered retirement income fund (RRIF). The charitable tax credit may offset the tax otherwise payable upon distribution. Also, naming a beneficiary other than your estate removes these assets from probate and executor fees.
Charitable Remainder Trust
Through a trust to which you transfer cash or other income producing personal property, you, or someone you choose, will receive interest income for your or their lifetime. You can receive a charitable tax receipt for the present value of Briercrest’s interest at the time when you transfer property to the trust, and realize important tax savings during your lifetime.
A residual interest gift enables you to make a gift of property, such as real estate or artwork, and retain the use of that property during your lifetime. You would be entitled to a donation receipt for the present value of the residual interest given to Briercrest.