Planned Gifts should be advised by your lawyer, accountant or financial planner. Bequests in your will are one of the easiest and most cost effective ways to make a gift. Your estate will receive a tax receipt for the value of your bequest that in turn will reduce your income taxes payable at death. Your gift will leave a lasting legacy to be celebrated by your loved ones, while making a difference in the lives of all the animals in care at the shelter.
- Gifts in Kind - shares of publicly traded stocks , bonds, mutual funds and real estate are the most common forms of gifts in kind. These gifts could be converted into cash and depending on when ownership is transferred to Quinte Humane Society, your gift will receive beneficial tax treatment. Also, appropriate items used daily in the shelter can be used as a gift in kind.
- Life Insurance - you may wish to transfer ownership of an existing life insurance policy to the QHS or purchase a new policy. By gifting a current policy, you may receive a tax credit for its current cash value. If it is your intent to purchase a new policy, you have a choice of transferring ownership to the shelter now and receive a tax receipt for the amount of the premium you pay annually.
- Alternatively, you may retain ownership of the policy and from your estate make a cash gift equivalent to the amount of the policy. At your passing, the QHS would issue to your estate a tax receipt for the entire amount donated from the estate. Using life insurance, one can make a substantial gift at a cost of pennies per dollar donated.
- Charitable Gift Annuity - In return for a lump sum contribution, a donor will receive fixed, guaranteed payments for life. This type of planned gift is administered through a life insurance company and provides you with an income during your lifetime as well as favorable tax treatment immediately and upon death. The residue left in the annuity at death will then be given to the QHS.
- Charitable Remainder Trust - In this type of planned gift the donor creates a trust fund with cash, securities or real estate and then makes an irrevocable gift of the remainder interest to the QHS. The donor may retain the income interest during his or her lifetime and receive a donation receipt for the present value of the remainder interest.
- Residual Interest - A gift of residual interest in property involves transferring ownership of an asset (a cottage for example) to the Quinte Humane Society but using it until the donor’s death. A tax receipt may be issued to the donor upon transfer of ownership. The value of the receipt is actuarially determined according to Revenue Canada Guidelines taking into account the market value of the property, current interest rates and the life expectancy of those retaining a life interest in the property.
For further information on Legacy Giving, click here to contact us.