Legacy
Giving
Keep your memories alive
Everyone has a story to share and a legacy to leave.
What will yours be?
Leaving a financial legacy or planned gift is a way to create sustainable financial support for the Prince George Native Friendship Centre. It is a means of making a gift that maximizes the tax and estate planning benefits to the donor. It is also a reflective process that takes time, careful thought and above all, provides meaningful outcomes.
Legacy giving can usually be established without affecting current financial circumstances and often involves the use of financial or legal instruments such as wills, life insurance policies, endowments, and trusts. They may also include immediate gifts of cash, property, listed securities, and other types of assets.
Types of lasting gifts:
Bequests: Making a Gift in Your Will
A gift in your will is the most common form of planned or legacy gift. You can direct your gift to any area of the PGNFC’s work or divide your gift among several programs. Your estate enjoys the tax benefit from the gift.
A gift in your will can be a specific amount of money, a percentage of your estate, a property, or another asset. You can also specify when the PGNFC receives this gift—for example, when other named beneficiaries have died, or when other bequests have been filled. If you plan to gift property or other non-cash items, please contact us to ensure we can honour your wishes.
For a relatively small outlay of cash, a gift of life insurance can become a significant future gift for the PGNFC without reducing the size of your estate.
You can create a gift of life insurance by
making the Prince George Native Friendship Centre the beneficiary of a new or existing policy
making the Prince George Native Friendship Centre the owner and beneficiary of a new or existing policy
Each option has different tax implications for your or your estate’s taxes.
Life Insurance: Affordable Gift Today, Major Gift Tomorrow
RRSPs, RRIFs, and TFSAs: Tax Benefit to Your Estate
RRSPs, RRIFs, and TFSAs can be a large portion of your accumulated assets at your death. On your death, however, 100 percent of the proceeds from these are included in your final tax return. Your estate will have to pay taxes on the full amount.
If you make the Prince George Native Friendship Centre the beneficiary of the proceeds of any registered fund, the PGNFC will issue a charitable tax receipt for the full amount of the gift. This in turn will have considerable tax benefits for your estate that will significantly offset the amount of your gift.
Stocks, Mutual Funds, and Bonds: Tax Benefits for You
A gift of publicly listed stocks, mutual funds, or bonds can be a good way to make donations to the PGNFC because there are no taxes on capital gains for donated publicly listed securities.*
Because you don’t pay capital gains tax and you get a charitable tax receipt, the cost of making a gift using stocks, mutual funds, or other securities can be less than if you made a gift of the same amount using cash.
Transferring the shares, mutual funds, or other securities is easy. You simply instruct your broker to send the securities to the Prince George Native Friendship Centre. Then the PGNFC provides you with a tax receipt for the value of the shares or units at the close of the markets on the day the PGNFC receives them. The PGNFC sells the shares or units as soon as possible and then follows your instructions for the use of the proceeds of the sale. There is a very small brokerage fee for this service.
You may also wish to consider donating listed securities in your will instead of making a cash bequest. Because capital gains will not be taxed, your estate could realize considerable tax savings that may increase the amount your beneficiaries inherit.
*Stocks, mutual funds, or bonds listed on the TSX, NYSE, etc.
Transferring shares, mutual funds or other securities is easy.
Simply instruct your broker to send the securities to the Prince George Native Friendship Centre
Contact
Director of Finance
(250) 564-3568