Bequests and Securities
Help shape the future of pediatric palliative care in British Columbia – you can make a difference in a child’s life now and for future generations.
Through a legacy gift to Canuck Place Children’s Hospice, you can leave your mark on the world by making a profound difference in a child’s life and the families who love them.
We would be happy to work with you and your professional advisor to ensure the legacy you choose best suits your needs and wishes.
Wills and Bequests
By remembering Canuck Place in your estate plans, you join a very special group of individuals who are helping ensure health care excellence for all – now and in the future.
Please refer to our sample bequest wording below, or contact us with questions about how to leave your legacy.
Sample Bequest Wording
“To pay the sum of $_________ OR _______% of the residue of my estate to Canuck Place Children’s Hospice to be used in such manner as the hospice should in it’s absolute discretion think fit.”
Gifts of Securities
Your gift of publicly-traded securities – including shares, mutual funds and stock options – is a cost-effective opportunity to transform an asset into immediate and significant support, allowing Canuck Place to provide vital critical care.
A tax efficient donation alternative
A gift of appreciated securities is a worthwhile alternative to a cash gift. Flexible choices allow you to decide how you want to give, and the elimination of capital gains tax on gifts of appreciated securities provides you with a substantial tax incentive for donating stock.
You will be entitled to a donation receipt for the full market value (resale) of your contribution. Your gift of securities will result in a generous, non-refundable tax credit that will have the effect of lowering your income taxes. You can use your tax credit in the year of your gift or carry it forward for up to five additional years.
The following example illustrates the benefit of gifting stock to make a donation versus selling the stock and donating the cash to charity:
|Sell shares and gift cash to charity||Gift shares to charity|
|Proceeds of disposition (a)||$10,000||$10,000|
|Adjusted cost base (b)||$2,000||$2,000|
|Capital gains (c = a – b)||$8,000||$8,000|
|Tax on capital gains (d = (c x 50%) x 46%)*||$1,840||$0|
|Donation tax credit (e = a x 46%)||$4,600||$4,600|
|Net tax savings from||$2,760||$4,600|
*The tax rate paid on your last dollar of taxable income.
This example provided is for illustration purposes only. Please consult your financial and/or legal advisor for tax-effective giving that is most suitable for you. Your charitable receipt will be valued based on the closing price on the day when the shares are legally transferred to Canuck Place’s account.
How to Proceed
Step 1: Fill out the form
Download and complete the Donation of Publicly Traded Securities to Canuck Place Children’s Hospice form.
Step 2: Send the form
Fax the completed form to both our investment counsel and to us at the fax numbers indicated on the form.
Step 3: Receive a tax receipt
Upon receipt of the transferred shares (which can take some time), Canuck Place will issue you a tax receipt.
Gifts of Life Insurance
A gift of life insurance is an excellent way to provide a legacy gift to Canuck Place. By giving through life insurance you can:
- Make a substantial gift for a relatively small premium.
- Become a major benefactor immediately, rather than waiting years to make your gift from accumulated assets.
- Gain present and future tax benefits and guarantee the value of your gift will not be reduced by taxes, probate or administrative costs.
- Make a significant gift that is considered independent of your estate, and therefore cannot be challenged.
We welcome the opportunity to discuss life insurance as a gift planning tool with you. To speak to someone personally and confidentially, please contact Linda Ashton, Gift Planner at [email protected] or 604.646.0611.
Life Insurance Options
Transfer ownership of an existing, fully-paid policy. If you have a fully paid up policy that is no longer required to meet your family’s financial needs you can transfer ownership to Canuck Place and name it the beneficiary. You will receive a donation receipt for the cash surrender value immediately, just as if you made a cash donation.
Sign over a partially-paid policy. When you transfer ownership of a policy that is partially paid and name Canuck Place as beneficiary, you will receive a tax receipt for the cash surrender value. You will also receive a tax receipt for your payments of the annual premiums.
Purchase a new policy and make Canuck Place the owner. When you make Canuck Place the owner and beneficiary of a policy, you are entitled to tax receipts for premium payments.
Make Canuck Place the beneficiary of your policy without transferring ownership. The proceeds of the policy will be paid to Canuck Place immediately upon your death. Your estate will receive a charitable tax deduction for the amount of the insurance policy.
How to Proceed
Step 1: Pick Insurance Type
Determine which type of insurance would best suit your estate plan and philanthropic intent. The type of insurance is dependent on your need for immediate tax relief or for saving taxes on your estate.
Step 2: Complete the Insurance Forms
Work with your insurance agent to complete the forms with the correct name and charity number as listed below.
Legal Name: Canuck Place Children’s Hospice
Charitable registration number: 13386 7523 RR0001
Step 3: Transfer of Insurance Ownership
If you choose to transfer the ownership of an insurance policy to Canuck Place Children’s Hospice, please provide your insurance agent with contact information for the hospice. Your agent will then obtain the signature of a Canuck Place Children’s Hospice representative.
Gifts of RRSPs
By naming Canuck Place Children’s Hospice as a beneficiary of your retirement plan savings (either RRSP or RRIF), you can easily make a generous gift to support courage building at Canuck Place beyond your lifetime.
All you need to do is obtain a change of beneficiary form from your plan administrator or financial advisor and name Canuck Place Children’s Hospice as beneficiary of all or a percentage of your RRSP/RRIF account.
What else should you know?
You continue to retain full ownership and use of your retirement funds during your lifetime, even though you’ve named Canuck Place as a beneficiary of the funds at your death.
Your estate will receive a donation receipt for the fair market value of the gift, reducing the taxes on your Retirement Plan Savings that are payable at your death.
Please consult your legal and financial advisors before finalizing your decision to proceed.
Canuck Place Tax Information
Legal name and address
Canuck Place Children’s Hospice
1690 Matthews Avenue
Vancouver, BC V6J 2T2
Charitable registration number
13386 7523 RR0001
Calculate your tax benefit
Calculate the tax benefit of your charitable contribution using the Canada Revenue Agency’s charitable donation tax credit calculator.