Planned Giving, very simply is planning to make a gift. Planned Giving is one of the most powerful philanthropic tools available to you today. Planned gifts are generally funded from accumulated resources or assets, rather than income. The Last Door Recovery Society can arrange several means of giving which will allow you to make a gift in the future but receive the tax benefits immediately. Planned Giving puts you in control…whether it’s cash, securities, life insurance, real estate or gifts in kind, a well-planned gift ensures your giving makes a statement about the things that are important to you.
BENEFITSThere are as many reasons as there are ways to give. But whether your reasons are altruistic or simply tax-related, the benefits of Planned Giving are powerful.
- Satisfaction – Knowing that you are giving back to an organization that holds special significance for you.
- Peace of mind – Ensuring that family and financial matters are resolved privately. Convenience – Putting your investment in the hands of professional managers, so you don’t have to worry about ongoing decisions.
- Security – Finalizing your charitable choices now instead of later – or never. Too many people postpone or never realize their intentions about giving.
- Financial – Lowering your current taxes and/or lowering the taxes your estate will be required to pay.
WAYS OF GIVNGEveryone benefits from the power of a planned gift – you, your family and your charity. Of course, we want to ensure that each of these groups receives the maximum benefit possible, This is why Last Door Recovery Society offers a wide range of Planned Giving arrangements.
Which way of giving best suits your goals?
BequestsThe easiest way for you to assist Last Door is a memorial donation in your will. The society can accept cash bequests or gifts in kind and provides charitable receipts for both. We can also assist with drafting the bequest.
Life Insurance PolicyA powerful gift with big benefits. Small annual installments can mean a substantial gift for Last Door in the long run; plus your estate is not affected and the gift is not diminished due to taxes, probate or administration fees. Choose to donate with an existing policy or a new one. Installments made on an insurance policy that designates a charity as the beneficiary are tax deductible. Click here for Manulife’s LifeWise Insurance.pdf
Charitable Remainder Trust (CRT)A CRT is an irrevocable trust that provides income for two sets of beneficiaries: you and Last Door. You receive income for a specified period (or for life) from the trust. The society receives the principal of the trust once that period ends.
Gifts in KindLast Door is also able to accept donations of real property such as stocks, bonds, artwork, houses, land, books and other assets. Gifts in kind may be made as outright gifts, through a will or in trust.
RRSPs/RRIF’sA high potential option – both for the amount you can give and the tax benefits you receive. You simply provide in your will for the same amount to be bequeathed to Last Door.
Real EstatePerhaps not the traditional way of giving, but a very EFFECTIVE one nonetheless. Land or buildings, commercial or private, make excellent charitable gifts. The property can either be used by the society or sold, with the proceeds used for purposes designated by the donor.
Stocks, Mutual Funds, BondsDonations of publicly-listed securities to the society are exempt from capital gains taxation. Canadians can donate appreciated securities (including stocks, bonds and mutual funds) directly to the Last Door Recovery Society. By doing this, donors avoid capital gains tax on the investment and can make a significant contribution without depleting their cash reserves. Giving shares that have decreased in value – You can also receive tax benefits by donating shares that have decreased in value. In addition to receiving a tax receipt for the fair market value of the shares, donating them will also result in crystallizing a capital loss. You can then apply the capital loss against any capital gains. The capital loss can be carried back 3 years and forward indefinitely.
AREAS OF NEEDNow is the time to consider how your planned gift can make a difference. The Last Door Recovery Society – is at a very exciting and innovative stage in its history. There are many ways you can play a role in its future. Call us to discuss Planned Giving. What you need to know:
Taxes in CanadaBequests are tax creditable and are not subject to estate taxes or succession duties except in the province of Quebec. Revenue Canada regards such gifts by will as having been made in the taxation year of the person’s death. The taxable income of your estate can therefore be reduced by the amount of your bequest to the extent of the maximum allowable deduction for the current year.
Taxes in the U.S.Donors in the United States should know that tax laws in that country stipulate that they must be alumni or relatives of alumni to receive tax benefits. Other contributors who wish to receive similar credit may designate their bequest to the Last Door Recovery Society. All bequests should be given free from restrictions based on national or ethnic origin, colour, religion, sex, age or mental or physical disability.
HOW FUNDS ARE HANDLEDEndowment and bequest funds held by the society are pooled for investment purposes. The investments are professionally managed and are supervised. All pooled funds share in both capital growth and annual income from earned interest.
FOR MORE INFORMATION, CONTACT:Louise Cooksey