Estate Gifts and Planned Giving

Estate planned gifts maximize your tax benefits through either a one-time gift or a series of payments over time. Gift planning helps the Victoria Cool Aid Society provide the housing, health care, emergency shelter and other supports required by thousands of people in the Capital Region who are homeless or vulnerable because of poverty, mental illness, drug misuse or disability.

Planned Giving Options

Our marginalized neighbours need our help more than ever when government services are withdrawn or reduced and rents increase.  These factors are all in play in Greater Victoria.  The effect is more acute poverty, more homelessness, and more need for food, health care and supports for people with mental illness and addictions.

While many planned gifts are made through bequests in a will, there are many options such as:

Planned Giving Education Series

The timely series is brought to you by the local Leave A Legacy program (Canadian Association of Gift Planners). Please stay tuned.

Charitable Bequest

Assets in many forms such as cash, retirement savings, property, mutual funds, RRSPs, RIFs, stocks and bonds can be bequeathed or transferred to the Victoria Cool Aid Society. Significant tax advantages can apply when those assets have increased in value over time.

If you own a home or other significant assets, you can look after your family and also leave a legacy gift that will benefit Victoria Cool Aid’s clients for many years to come. Some people consider 5% to 10% (tithing) as a guideline for a will that is primarily to benefit family members.

Read more about charitable bequests and estate gifts.

Charitable Remainder Trust

You can make a gift by placing assets such as cash, securities or real estate in trust for the Victoria Cool Aid Society. You receive income from the trust for the rest of your life and a charitable receipt is issued for the present value of the remainder trust.

Charitable Gift Annuity

Annuities can have significant tax benefits, providing an opportunity to set aside a cash gift for the Victoria Cool Aid Society while you receive a guaranteed annual income during your lifetime.

Gift of Life Insurance

Designating the Victoria Cool Aid Society as a beneficiary of your life insurance policy can provide a substantial gift in the future for a relatively low cost each year. You receive an annual tax deduction for premiums paid.

Signing over an old or unneeded life insurance policy is another way of gifting the Society.

Gifts of Stocks and Real Estate

Tax laws provide very good tax benefits for gifts of securities and real estate that have appreciated in value as no capital gains taxes apply to such generous gifts.

Read more about the process of giving a tax-wise gift of stocks and securities through the Victoria Foundation.

Professional Advisors

It is a good idea to consult your lawyer, financial advisor or accountant before making a planned gift, to ensure that you or your estate is receiving the best possible tax benefit from your legacy gift. Some professionals specialize in this area.

Maximizing your tax benefits may also allow you to make a larger gift than you thought possible.

If you are a professional advisor who works with clients on living gifts and bequests please feel free to call us to talk about the work of the Victoria Cool Aid Society…

Let’s Talk

Please feel free to call Alan Rycroft (250-414-4781, arycroft@CoolAid.org) or Kathy Stinson (250-383-1977,kstinson@CoolAid.org) to discuss planned giving. Your gift can be tailored to benefit others and reflect your income and family requirements.

Planned gifts do not have to be large and often represent just 5-10% of an estate’s value. For example, if you have three children, a gift of 5% will reduce the size of bequests to them by just 1.67% each.

More information can be found at the Leave A Legacy web site.