Other Legacy Gifts

There are several ways to leave a legacy for the care of future generations, while making the best use of your assets and maximizing your taxable benefits.

Gift options to consider:

Gift of Life Insurance

Many people don’t realize that life insurance can very conveniently be used for charitable donations? In fact, you can leverage a significant gift from a relatively small contribution.

Here’s how it works

Basically, there are three life insurance gift options:

  • RCH Foundation as Beneficiary only
    You can name the Royal Columbian Hospital Foundation as beneficiary of a policy. The Foundation will issue a tax receipt to your estate.This is especially useful if your life insurance is a benefit of your employment and you do not have dependents – it has no cost to you and can make a big difference to the hospital and the people it serves.
  • RCH Foundation as Beneficiary of a New Policy
    You can purchase a new life insurance policy and name the RCH Foundation as the owner and beneficiary. In return, you’ll be issued tax receipts for your annual premiums.
  • RCH Foundation as Beneficiary of an Existing Policy
    If you have an existing policy you no longer need, you can have the ownership and beneficiary designation transferred to the Foundation. A tax receipt will then be issued for the cash value.

Benefits of Giving Life Insurance to the Royal Columbian Hospital Foundation

  • Insurance is not subject to probate and therefore flows outside of your estate. Sometimes it can be more straightforward than an estate.
  • Like any gift to the Foundation, you can choose which area of the Hospital you would like to benefit or you can leave it to help the Foundation meet the Hospital’s most urgent needs.

Retirement Funds

Donations made through RRSPs and RRIFs provide donors with one of the simplest ways to make a gift to the Royal Columbian Hospital Foundation. You can name the Foundation as the beneficiary and it won’t be necessary to designate us in your will.

Because the value of your RRSPs or RRIFs do not pass through your estate, there could be a significant reduction in the taxes owing on your final tax return.

Charitable Remainder Trusts

Trusts are an excellent alternative to giving through your Will. They are particularly advantageous in a year when you have incurred a significant capital gain or if you are concerned about the possibility of a claim against your estate. A charitable remainder trust is suitable for a person (or couple) over the age of 65 and should not represent greater than one third of your estate.

How does it work?

  • You contribute a specific amount or asset, such as real property or securities, as an irrevocable gift.
  • The trustee manages the funds and reports to you and the Foundation
  • You receive the income from the trust for your personal use
  • When you pass away, the capital is transferred to the Royal Columbian Hospital Foundation to use as you direct

Benefits of establishing a Charitable Remainder Trust with the RCH Foundation

  • You receive the income for your lifetime and/or the life of another
  • You receive an immediate tax receipt for the “present value”
  • Trusts are not subject to probate
  • Trusts are completely private. Only you, your advisors, and the Foundation are involved

For more information about Legacy Giving, please contact Laurie Tetarenko, Vice-president, at 604.520.4179.