Make the Discovery Centre part of your Legacy. Planned Giving opens a range of possibilities by providing the opportunity to make a considerable and long-lasting donation to a cause you believe in.
A well-planned gift can provide significant tax benefits and helps you reduce estate taxes, increasing inheritances to loved ones. You can also retain the use of your assets and keep your cash flow today while making a more substantial gift than you may have been able to otherwise.
Your Legacy Gift to the Discovery Centre can be designated to many initiatives including educational workshops, community outreach programming, and towards a favourite exhibit, theme or area in the Centre.
The following outlines several ways in which to leave a legacy donation:
Arrange a Gift in Your Will
A gift in your will, also known as a charitable bequest, is a future gift that does not cost you anything in your lifetime. Setting up a legacy gift in your will is very simple, and you can make changes at any time. When you arrange a gift in your will, your estate will receive a tax credit that your executor may use to offset income taxes owing on your tax return.
You can plan a gift to in your will in several ways:
- Leave a percentage of your estate
- Leave a specific dollar amount
- Leave a residual bequest – A share of the remainder of your estate after other needs have been met
- Leave a contingent bequest – A share of your estate after your other beneficiaries have passed on
Give a Gift of Life Insurance
You can donate an existing or new life insurance policy directly to the Discovery Centre. You receive an official tax receipt for any cash value present at the time the donation is made on a paid-up policy. This provides an immediate tax benefit while you are living.
Another way to plan a gift through life insurance is to name the Discovery Centre as the beneficiary on your existing policy. The Discovery Centre would receive the insurance proceeds just as a regular beneficiary would, but the payments are considered a donation in the year of death. Because the receipt issued qualifies for a tax credit, this option can offset the income tax liability on your estate.
An additional option would be to donate assets and use a life insurance policy to replace the value of the donated assets. With this option, you receive a charitable tax receipt for the amount the donated assets. With the tax savings from the charitable gift, you can purchase a life insurance policy for the value of donated assets, naming your heirs as beneficiaries.
Give a Gift of Securities
Like a life insurance policy, you can name the Discovery Centre as a beneficiary of your RRSP, RRIF (Registered Retirement Income Fund), publicly traded securities, stocks or other assets.
When you make a gift in this way, you can make a larger charitable gift than you may have thought possible. At the same time, because your gift comes from assets rather than income, it receives a more favourable tax treatment than a direct monetary donation.
To learn more about arranging a planned gift, please contact:
All discussions are strictly confidential and do not require any commitment on the part of the donor. It is always important to consult a qualified tax consultant or chartered accountant when determining the best strategy for your particular tax situation.