A bequest in your will may specify a certain sum of money, a particular asset, or a portion of your estate to be donated to the charity
An endowment is capital that is held by the charity forever and invested to provide a steady source of income to the organization. Such gifts provide a dependable source of funding for today or tomorrow.
3. Life Insurance
A gift of life insurance allows you to make a gift without reducing your estate or depriving your loved ones of assets. Upon your death, the insurance company will pay the gift of the policy proceeds entirely to the charity that you designate as the beneficiary of the policy.
Funds accumulated in your RRSP or RRIF can be used to make a gift by naming a charity as the beneficiary of your plan. Upon your death, the charity will receive the plan proceeds and your estate will receive a donation receipt. the resulting tax credit will offset the taxes incurred when the plan is redeemed.
You can transfer the ownership of publicly traded securities-stocks, bonds or mutual funds- to a charity. Not only will such a gift eliminate any capital gains taxes, payable on such securities, the resulting tax credit will help offset your other income taxes.
You can leave a gift of tangible property other than cash, and it can include jewellry, works of art, real property or a vehicle. You may even be able to continue to have the use of the property for the rest of your life.
7. Charitable Remainder Trust
You can create a irrevocable trust fund by transferring assets such as cash or securities to a trustee. You or a beneficiary designated by you will receive the income for your life (or the beneficiaries life) or for a period of years that you specify. When the trust terminates, the balance of the principal, the remainder interest, is delivered to the charity or charities that you have specified. During your lifetime, you will receive a receipt for income tax purposes for the value of your gift less a discount for the time period for which income is payable to you or your designated beneficiary.
If you are interested in leaving a legacy to enhance the education of students living in Maple Ridge and Pitt Meadows call the Ridge Meadows Education Foundation (604) 466-6208, to learn more about what it does and what opportunities are available for giving.
Ridge Meadows Education Foundation
c/o School District #42 Maple Ridge- Pitt Meadows
22225 Brown Ave
Maple Ridge, BC