Bequests in a Will
Making a bequest to the Fort Edmonton Foundation is as simple as writing your gift into your will. This is most common form of planned giving, more than 80 percent of planned gifts come through bequests.
A gift in your Will lets you make the gift of a lifetime to a cause you believe in – a gift you might not be able to afford while you’re alive.
People think that leaving money to a charity will diminish what they can leave to their kids. Because of Canada’s tax regulations, you can give money to a charity that you would otherwise give to Canada Revenue Agency in taxes.
RRSPs and RRIFs
Donors can make a charitable gift of all or any portion of any retirement funds remaining after their passing. Surviving spouses or beneficiaries would be permitted to maintain an RRSP in a tax-deferred plan. Gifts of RRSPs or RRIFs are an excellent option for people without a spouse or children.
This is the second most widely used type of planned gift in Canada. A current gift of life insurance involves a transfer of ownership of the policy to the charity. The insured can pay the annual premiums of the policy and receives a tax receipt for that amount each year. The charity owns the death benefit and any cash surrender value in the policy. A deferred gift of life insurance names the charity as the beneficiary of the policy.
Donation of Securities
Securities are increasingly popular as gifts to charities due to Federal incentives introduced in 2006. Canadians are no longer taxed on the capital gain on securities they donate to a charity. Not only is a gift of securities now substantially less expensive to the donor, the net gift has a higher dollar value.
When you plan a gift of real estate to the Fort Edmonton Foundation you or your estate will receive a tax receipt for the fair market value of the property at the time it is received. Donors also have the option of retaining a life interest in real estate they donate to a charity.
This form of planned giving allows donors to give a lump sum to a charity in exchange for fixed lifetime annuity payments. The charity would issue a tax receipt for the amount by which the gift exceeds the total anticipated annuity payments as based on life expectancy tables.
Charitable Remainder Trusts
These are trusts that pay income to the donor, or beneficiaries for life, or a set term. Upon death of the donor or beneficiaries, or at the end of the term, the charity receives the amount that remains in the trust.