This information is not intended as legal or financial advice. We encourage you to consult a qualified professional advisor.
Our loved ones are our top priority. First and foremost, we want to ensure they are taken care of when we pass. Often, when folks take a look at their larger financial picture, they see they can still do so and leave a small percentage of their estate to charity. It just takes a little strategic planning.
Also, many people don’t realize that that their estate will be heavily taxed. When we pass, our estate is taxed according to the current value of our assets. This is often the largest tax bill we ever incur.
When you leave a gift to a charity in your Will, your estate will receive a tax receipt it can use to claim a charitable tax credit. This credit can be almost half the amount of your donation! A charitable tax credit can go a long way towards paying down this hefty tax bill, and will ensure more of your hard earned assets go to your loved ones and a cause you care about, instead of your estate’s tax bill.
Other Ways to Give
Life insurance, registered retirement plans, and tax free savings accounts can be excellent ways to make a future gift to Royal Columbian Hospital Foundation.
The tax benefits are similar to a gift in your Will. At the time of your passing, your estate will receive a tax receipt for the fair market value of your gift and can claim a charitable tax credit for the full amount of your gift.
One benefit of using these assets to make your gift is they are not included in the probate process. They will not be subject to probate fees and they can remain private.
Life Insurance Policies
You can use a life insurance policy you no longer need to make your gift simply by designating Royal Columbian Hospital Foundation as the beneficiary of the policy.
Registered Retirement Plans
Many people do not realize that upon passing, the total value of your registered retirement accounts must be reported as income. This income is fully taxable, unless the funds can be rolled over to a surviving spouse or dependent child. This can be an excellent way to make your gift and reduce your estate’s tax bill.
Tax Free Savings Accounts
Just as with RRSPs and RRIFs, it is also possible to name the foundation as a beneficiary of your Tax Free Savings Account (TFSA).
For any of these gift types, you may designate Royal Columbian Hospital Foundation as a 100% beneficiary or a partial beneficiary.
These gifts are easy to make. Simply obtain a beneficiary designation form from your provider and complete the form with our legal name, address, and Charitable Business Number.
Legal Name: Royal Columbian Hospital Foundation
Address: 330 East Columbia Street, New Westminster, BC, V3L 3W7
Charitable Business Number: 11912 8866 RR0001
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