Bequests and Special Gifts
Thank you for considering a bequest or special gift to the Victoria Women’s Transition House Society. Please click here for our legacy gifts brochure, it offers some basic information to assist you.
Charitable giving can combine a sense of personal satisfaction with significant financial benefits through tax credits or, for businesses, tax deductions. The following information provides an overview of some additional charitable giving options available to Canadian donors. This is a general guide and does not address the many issues that can apply to individual situations. We suggest you consult with your legal and tax advisors before finalizing a significant charitable gift.
Some general info about Bequests and Special Gifts (also know as Legacy orPlanned Gifts)
Gifts of Public Securities
Gifts of public shares or mutual funds are a tax effective way of giving if the securities have a capital gain and they are transferred directly to the Victoria Women’s Transition House Society (the Society). The donor receives a charitable tax receipt for the full market value of the gifted securities, but for tax purposes none of the capital gain is included in the donor’s income.
Remembering us in your Will
A charitable bequest is a gift in your Will that benefits a charity you support. Consult with the charity before establishing your bequest to ensure your wishes can be carried out as directed in your Will.
Basic information you need to acknowledge Victoria Women’s Transition House in your will includes our legal name, address and charitable number:
Victoria Women’s Transition House Society
100-3060 Cedar Hill Road
Victoria, BC V8T 3J5
Charity Number: 10817 3501 RR0001
RRSP and RRIF Proceeds
All or a portion of RRSPs and RRIFs can be designated directly to the VWTHS for payment from your estate. Assets can be transferred directly to the charity, providing savings on probate and other estate fees. It is also possible to make the RRIF or RRSP payable to your estate and to gift all or a portion to the charity as a bequest.
Gifts of Life Insurance
By using life insurance, you can make a significant gift to the VWTHS with a minimal outlay of current savings or income. There are many ways that life insurance can be used to structure charitable gifts, but here are the two most popular:
You can donate a new or existing policy by transferring ownership to the VWTHS. Upon transfer, the charity will issue a charitable tax receipt for the cash surrender value. In addition, you will receive a charitable tax receipt for any premium payments you make following the transfer if the policy is not yet fully paid for. This gift is irrevocable and creates tax benefits for you during your lifetime. Therefore, your estate will not receive a charitable tax receipt when the policy proceeds are paid to the charity after your death.
Alternatively, you can designate the VWTHS as the beneficiary of a policy without transferring ownership of the policy. On your death, the charity will receive the policy proceeds and your estate will receive a charitable tax receipt. In this situation, your premium payments are not eligible for a charitable tax receipt. The policy proceeds will go directly to the charity and will not be subject to probate and other estate fees. The beneficiary designation is revocable and can be changed at any time.
Charitable Gifts plus Annuity
If you rely on interest from investments such as GICs and term deposits for your income, and have seen your after-tax income decrease due to low interest rates and high taxes, you could consider using an annuity to help you make a charitable gift. You transfer assets to the VWTHS authorizing it to purchase a commercial annuity that will pay a stipulated amount for the remainder of your life, and that of your spouse if you wish. You will receive a charitable tax receipt for the balance of the assets not used to purchase the annuity. Some donors also purchase life insurance payable to their estate. The insurance usually equals the amount paid to the charity so that the estate’s value is maintained for children and other estate beneficiaries.
Gifts of Tangible Personal Property
Donors can make contributions to VWTHS through gifts of personal property. An independent appraisal by a qualified appraiser is required for gifts valued over $1,000. These gifts may be subject to special rules under the Income Tax Act. It is important to consult with the charity as well as your legal and tax advisors to assist you in making an appropriate gift. VWTH reserves the right to refuse gifts of personal property.
Other Special Gifts
There are other types of gifts, such as real estate and private company shares and debt, all of which have special legal and tax considerations. It is important to consult with the VWTHS as well as your legal and tax advisors to assist you in making an appropriate gift.
Please call 250-592-2927 extension 210 and speak with our Director of Development if you wish to support the Victoria Women’s Transition House Society. We will be pleased to discuss with you in detail your charitable interests and to work with your legal and tax advisors in structuring a gift that suits your personal situation.