A very popular way of making a gift to the Foundation is by cash or cheque. This is an attractive method for a donor who has cash available and who wants to make an immediate donation. The Foundation is able to invest the donation immediately to generate income to support community projects. The donor is provided with a receipt for income tax purposes.
Shuswap Community Foundation has linked up with CanadaHelps.org as well as Chimp.net to make donating really easy. It is convenient and quick; moreover it is not necessary to request in writing that the donation be endowed in perpetuity. The Canada Revenue Agency supports this method of making gifts to your community. Make an Online Donation (Canada Helps). (Note: Canada Helps collects a 3.5% service charge on each donation and submits the balance to the Foundation) or make an Online Donation through Chimp.
A gift of publicly traded securities can be an attractive option. The Income Tax Act provides that capital gains on securities donated to a charity are exempt from tax, but the donor will receive a tax receipt for the full appreciated value. The donor will receive a tax receipt for the value of the stock at the time of transfer, and may carry forward for up to five years any unused portions of the gift. Please talk to a Director, your professional adviser, or broker to make stock transfers easily. You may download the Securities Transfer form Securities Transfer Form (Fidelity).pdf for when you meet with your broker.
Donors may name the Foundation as the owner and beneficiary of a new or existing life insurance policy. Tax receipts are given for either the cash surrender value of an existing policy, or for premiums paid. This is one of the most popular “planned giving” vehicles. Because there are several options available, please talk to your professional advisor for help in making this gift.
One of the most difficult discussions you may have in your life, doesn’t have to be.
There are three certainties in life we are told, birth, taxes and death. When discussing the first two with our children, there are some difficult questions and usually they start with “Where… or Why…?” We delve into the conversation and hope we can explain “Where do babies come from?” and “Why is my first paycheck so much less?” The later does happen as I know when my first cheque was handed to me; I experienced such disappointment to see the share the government received from my labours.
For the last certainty, death is almost a taboo discussion with most folks. The Will in most cases tends to be the best kept secret in the family. However, sometimes there are some very sound reasons for this secrecy. This is where a professional advisor, lawyer and accountant can assist you in establishing the will and setting out your wishes. Your family and your philanthropic requests can be documented accordingly.
Involving your children and grandchildren in philanthropy is an excellent way to share your beliefs and your values. A family endowment fund established with a community foundation is a great place to start.
An endowment fund is a forever legacy and a generous commitment of giving back to your community. You and your family can build this fund, receiving charitable tax receipts which can be applied to reduce your income tax. A bequest from your estate will continue to grow the fund and your children’s, children’s, children can stay involved in the Endowment for many years to come. So the discussion of death can really be about the continuance of a legacy.
A Board director or a staff member at Shuswap Community Foundation would be pleased to discuss with you the types of funds, such as discretionary or donor directed funds.
This is the idea of Legacy Giving. When you leave a gift to SCF in your Will, you are planting a seed - a seed that, with careful tending, will grow into something for future generations to benefit from - ultimately leaving a gift that helps build a better world. That's the power of Legacy Giving.
When you establish a fund at SCF in anticipation of your estate gift, you benefit from convenience and peace of mind for your future.
SCF offers a flexible approach. We understand that as your life progresses, the charitable causes and charities you wish to support may change. With a Legacy Fund, you have an opportunity to develop a relationship with SCF. We gain a full understanding of your charitable intent, and provide assurance that your wishes will be fulfilled.
A Legacy Fund is a “start-up” permanent endowment fund, with flexible donor advised terms.
You can establish a personally named Legacy Fund with a gift of $1,000 today, and a commitment that a future gift of $9,000 or more will follow through your estate. Granting will begin when your fund reaches $10,000, either through your estate gift, or additional lifetime donations if you choose.
Information about your future granting wishes will be set out in your fund’s long term planning documents, rather than detailed in your Will. If ever you wish to update your list of charities, you can simply contact SCF to request a change, and with no need to update your Will.