Did you know that your estate is likely to receive a significant income tax bill when you pass? Choosing to make a charitable gift in your Will results in a donation receipt that can significantly reduce taxes owed. However, there may be more of an advantage now to provide a planned gift to a charity. Discuss with your financial advisor, your lawyer, or your family to learn which of your estate’s assets might be most efficient to give now or through your Will.
Here is a short list to consider:
You may choose to designate a specific dollar amount, or percentage of the net residue of your estate to give to the various ministries or a specific program of the Cathedral Church. This is called a ‘bequest’ and is the most common way to leave a gift in your estate.
If you own publicly listed securities, transferring them to our diocese for the various ministries or a specific program of the Cathedral Church can have significant tax advantages now or in the future. If given through your Will, your estate will receive a greater tax benefit – a donation receipt to help reduce taxes owed, plus the elimination of taxes you would normally have to pay on capital gains. If given directly to the Cathedral Church now, and not sold and then you give the donation, you will realize a greater charitable receipt and eliminate capital gains.
You may choose to donate whatever is left over from your RRSP, RRIF, or TFSA. Naming the Cathedral Church and indicating a specific program of the Cathedral Church or the Cathedral Church in general as a beneficiary of your registered funds is one of the easiest and most flexible ways to give. It’s as simple as filling out your fund provider’s beneficiary form, which you can update at any time.
You can name the Cathedral Church generally or site a specific fund or ministry of the church as the beneficiary of your life insurance policy. If you do not have a current life insurance policy, you might consider purchasing one and transferring its ownership to the Cathedral Church. When you transfer ownership, the premium you pay is treated as a donation and you will receive a donation receipt now to apply against your current tax bill.
There are many other gift planning options available. Speak to your financial advisor about how best to maximize your giving. You are also welcomed to contact Gillian Doucet Campbell, Engagement Leader by phone 902-406-8978 or by email to learn more about your gift-giving options.
You may also want to get in touch with Gillian to discuss how you want your future gift to take shape. For example, would you like to get your family involved? Would you like to invest your gift in an endowment at the Cathedral Church? Or perhaps you would like your gift to go all at once to advancing the Cathedral Church or a specific ministry or program of the Cathedral Church. Whatever you have in mind, let’s connect and help you make a meaningful and significant gift of a lifetime.