Legacy Giving

A Charitable Will Bequest is a gift that is made through your will that instructs your executor(s) to leave one or more of your assets to a charitable organization(s). It allows you to make a significant donation upon death that you may not have been able to make during your lifetime. The Charitable Will Bequest can be cash, securities (stocks or bonds), real estate, or other tangible personal property. Your estate will receive a tax receipt, which is applied to the final income tax return

Seek Expert Advice: The Ukrainian Canadian Care Centre recommends that you consult your lawyer or estate planner regarding the specific working of any Charitable Will Bequest.

Donating stocks, bonds and mutual funds is the most tax-effective way to make a donation. You can give a gift if publicly traded securities to the Ukrainian Canadian Care Centre and be taxed only half of the gain.

Note: When transferring listed securities or mutual funds, always ensure the securities are transferred directly to the Ukrainian Canadian Care Centre. If you sell the securities or redeem mutual funds, and then donate the cash to the Ukrainian Canadian Care Centre, there is no tax benefit as you will be taxed on the cash received.

Giving with life insurance is a creative way to donate to Ukrainian Canadian Care Care Centre while allowing you to make a significant gift that you might not otherwise be able to give. Several ways to make a gift of Life Insurance to the Ukrainian Canadian Care Centre are:

• Naming the Ukrainian Canadian Care Centre the owner and beneficiary of your existing or new policy. You will receive an immediate tax receipt for the cash surrender value. The Care Centre can either cash in policy, or hold the policy until the full value is paid out.
• A life insurance policy is purchased. After one premium payment has been made, the Ukrainian Canadian Care Centre is named as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for the premium payments. Again this designation cannot be changed.
• It may be to your advantage to name your estates the beneficiary of your life insurance policy and then make a same dollar amount bequest in your will to the Ukrainian Canadian Care Centre. You will not receive a tax receipt for any of the premiums paid during your life. However, you estate will be eligible to claim a donation for the full amount of the insurance proceeds.

Seek Expert Advice: A life insurance representative should review in detail what would best fit your need. Before considering a gift of life insurance, you should already have satisfied any need for life insurance for the protection of your family.

Gift Plus Annuities provide you with a guaranteed level of income for a set number of years, or for life; but it also provides an immediate gift to the charity of your choice. It is an ideal choice for those who may be concerned about the amount of tax they are now paying, or depleting the capital that generates your income.

Seek Expert Advice: Working out the terms of charitable gift annuity calls for financial planning advice. The size of the annuity and its age is used to calculate the size of your payment.

A Charitable Remainder Trust is a life income gift that enables you to give today and create immediate tax savings, yet retain the income from the donated asset. After a prescribed period of time or upon your death, the asset is transferred to the charity or charities you designated.

Seek Expert Advice: If you are thinking about transferring assets that have appreciated in value, you should seek expert advice from a tax specialist or financial planner. The Ukrainian Canadian Care Centre recommends professional advice to ensure your financial goals are considered, you tax situation is reviewed, and your planned gift is tailored to your circumstances.

A Gift of Residual Interest is a method of giving in which property is deeded to the Ukrainian Canadian Care Centre. However, you retain the use of the property for the rest of your life or a term of years. For example, you might give a residual interest in your cottage, but continue to use it and enjoy it over your lifetime. These types of gifts are usually given by those who plan to give the property through a will bequest to the Ukrainian Canadian Care Centre but would like to reduce income tax now, without any changes in their living arrangements.

Seek Expert Advice: If you are thinking about transferring assets that have appreciated in value, you should seek expert advice from a tax specialist or financial planner. The Ukrainian Canadian Care Centre recommends professional advice to ensure your financial goals are considered, you tax situation is reviewed, and your planned gift is tailored to your circumstances.

A Gift of Real Estate allows you to give an immediate gift and receive a tax receipt for the fair market value of the property. Gifts of Real Estate include principal residences, farms, land, and commercial property. Giving a Gift of Real Estate allows you to simplify your estate and give to the Ukrainian Canadian Care Centre during your lifetime. This type of gift may be appealing if you are looking at ways to reduce your income tax now and are not in need of the dollar proceeds of the sales of your property.