Wills and Gifts of Stock
Leave a legacy at Canuck Place.
Do you need to create or update your will?
Canuck Place is proud to help donors like you finalize your Will.
To find out more information, contact Robert Hamanishi at 604-730-3310 or [email protected]
Gifts of Stocks & 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.
A gift of appreciated securities is a worthwhile giving alternative. You 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%)*
|Donation tax credit
(e = a x 46%)
|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.
We are here to help you with your special gift.
Here’s how to proceed:
- Instruct your broker. Download and complete this form.
- Inform Canuck Place of your gift using a copy of the form.
Canuck Place will issue you a tax receipt upon receipt of the transferred shares (which can take some time).
Contact Robert Hamanishi, Legacy Giving Officer at [email protected] or 604.730.3310 if you have any questions or would like some guidance.
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 Robert Hamanishi, Legacy Giving Officer at [email protected] or 604.730.3310
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.
Leave a Gift in Your Will
One of the easiest ways to leave a legacy gift is by including Canuck Place in your will. We have prepared some helpful sample wording to get you started.
Sample Bequest wording
The following sentences could be included in your new will or added as a codicil to your existing will.
“I give to CANUCK PLACE CHILDREN’S HOSPICE, the sum of ($ amount).”
“I give all (or ___% of) the residue of my estate to CANUCK PLACE CHILDREN’S HOSPICE.
Note: this sample wording is provided as information only and does not constitute legal advice. Please contact your lawyer.
Learn about leaving your mark or how you can have your will completed for free by contacting Robert Hamanishi at 604.730.3310 / [email protected]
Canuck Place Children’s Hospice Foundation: 86370 4920 RR0001