Planned Giving
Are you looking to leave a charitable gift in your Will to advance the ministries, outreach programs, and good works of your parish and/or our diocese? Once you make the decision to leave a gift to your parish and/or the diocese in your Will, you are encouraged to speak to your financial advisor about how you can best take advantage of Canada’s generous incentives. While taxes are likely the last thing on your mind, you may be surprised to learn that Canada has some of the most generous tax incentives for charitable giving in the world.
To help you navigate making the best gift possible for your parish and/or our diocese as well as for your loved ones, here is some information:
1. Start by sharing your intentions
To create a rock-solid strategy for charitable giving in your estate, start by sharing your intentions with your financial advisor. Why do you want to leave a gift in your Will? What kind of impact do you want it to have? What would you like the approximate size of your gift to be? You can use this legacy calculator provided by Will Power designed to help Canadians through the process of leaving a charitable gift in a Will and to help you better understand the impact you can make.
2. Narrow in on your numbers
Work with your advisor to better estimate the future value of your estate, and how much of that you would like to leave to your loved ones, and then how much to your parish and/or our diocese.
3. Explore the different ways to leave a gift in your estate
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. Discuss with your advisor which of your estate’s assets might be most efficient to give.
Here is a short list to consider:
- A gift of cash. You may choose to designate a specific dollar amount, or percentage of the net residue of your estate to give to your parish and/or our diocese. This is called a ‘bequest’ and is the most common way to leave a gift in your estate.
- A gift of securities. If you own publicly listed securities, transferring them to your parish and/or our diocese can have significant tax advantages. 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.
- Registered funds like RRSPs, RRIFs, or TFSAs. You may choose to donate whatever is left over from your RRSP, RRIF, or TFSA. Naming your parish and/or our diocese 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.
- A gift of life insurance. You can name your parish and/or our diocese 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. 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.
These are just some of the opportunities you might consider. There are many other gift planning options available. Speak to your advisor about how best to maximize your giving. You are also welcomed to contact Gillian Doucet Campbell, Director of Stewardship and Development to learn more about your gift-giving options.
Don’t forget to get in touch with your parish and/or diocesan office 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? Or perhaps you would like your future gift to go all at once to advancing a specific ministry, program, or another area of your parish or our diocese.