Planned Giving

Planned Giving is looking to the future and making a decision about leaving something to a family member, friend or charitable organization, usually upon the event of your death.  A planned gift can take many forms and can have a positive impact on your taxes.  There are many effective strategies to help you minimize personal or corporate taxes, while giving vital support to a cause you believe in.  Examples of Planned Giving include:

Gifts of Bequest

A bequest is any gift designated in your Will.  A bequest can create a lasting legacy that will strengthen the work of The Lighthouse for future generations.

Charitable Remainder Trust

To establish a charitable remainder trust, you irrevocably transfer an asset into a trust; when the named beneficiary of the trust passes away, the unused portion of your gift will go to The Lighthouse.  A charitable remainder trust may allow you to receive a tax credit today while still using your gift during your lifetime and the lifetime of your beneficiary.

Gifts of Securities

The Canadian government has made it more attractive for individuals to donate securities to charities such as The Lighthouse.  Donors of publicly traded shares are eligible for a tax receipt for the full market value of the securities, often without being subject to the tax normally attributed to such a disposition.  The consultation our your tax or financial planner is advised.

Gifts of Life Insurance

A gift of life insurance allows you to make a substantial donation to The Lighthouse at a relatively low cost.  You can choose to give an existing policy or create a new one.

Gifts of an RRSP or RRIF

Unless you leave your RRSP or RRIF assets to your spouse or a dependent child or grandchild with a physical or mental infirmity, your estate may have to pay almost 50% of your RRSP/RRIF assets as taxes upon your death.  One way to reduce this tax burden is to gift your RRSPs or RRIFs to The Lighthouse.

The Lighthouse has partnered with Christian Stewardship Services (CSS), a Canadian charity which assists Christians in planning their personal finances, Wills, retirement and charitable giving.  CSS provides personal, confidential and cost-free services.  A CSS representative will be pleased to help you develop a practical financial plan that will care for your family but also assist you in meeting your charitable giving objectives.  For more information, or to arrange a personal visit from a CSS representative, we refer you to the CSS Web site at www.csservices.ca or 905.947.9262 / 800.267.8890 (toll free in Canada).

Leave a Comment