Leave a Legacy Through Your Will
Donating a gift in your will is a simple and powerful way of helping our neighbours in need. Working with your lawyer, you can designate how much you give (a set amount, a percentage of your estate, or the residual). If you Contact Us, we can work with you to find the appropriate Programs & Services to direct the funds to.
Donating through your will is also an effective strategy to reduce your estate’s tax obligation. Please speak with your accountant or tax adviser to learn more.
If you are comfortable, please let us know if you are considering naming the Richmond Food Bank as a beneficiary in your will- we are happy to work with you to maximize the effectiveness of your donation. If you do include the Richmond Food Bank in your will, it is vital that you include our organization’s full title (Richmond Food Bank Society) and our Charitable Number (#11907 8228 BC0001).
There are many avenues open to you should you decide to make a donation through your will. Many of the options can reduce your personal taxes now and your estate’s taxes later. They include, but are not limited to:
- Establish a Charitable Remainder Trust: A Charitable Remainder Trust allows you to donate monetary assets (or “capital”) and live on the income the capital generates. It is irrevocable and can hold assets such as cash and mutual funds. All interest and dividends are paid to you as taxable income. During your lifetime, the beneficiary charity has no access to the capital in the trust. Upon your death, the trust assets – known as the remainder – go immediately to the charity. Remainder assets are not subject to probate fees, nor are they usually subject to claims by creditors. Your estate will receive a charitable receipt for a portion of your donation, based on your age at the time of the donation and current interest rates.
- Donate Your Life Insurance Policy Now: You can donate a paid-up policy or one that requires ongoing premiums and your estate will receive a charitable receipt based on the cash surrender value of the policy plus accumulated dividends. If the policy requires ongoing premiums, premium payments you make will also generate a charitable receipt.
- Donate Donate Securities of Publicly- or Privately-Traded Stocks: There is no capital gains tax on appreciated stocks and mutual funds when they are donated to a CRA registered charity either while you are living or through your Will.
- Establish a Private Foundation: Establishing a Private Foundation allows you to make ongoing donations in your lifetime while ensuring your generosity continues for generations to come. It can permanently associate your and your family’s name with the causes you champion. Private Foundations can be established with as little as $25 000 in assets.
Please speak with your tax and legal advisors to learn more about these options. If you are interested in learning how your legacy gift will help our neighbours in need, please Contact Us to schedule a meeting or a tour.
Donate Securities of Publicly- and Privately-Traded Stocks
Donating securities (including stocks, mutual funds, segregated funds, and bonds) is a cost-effective and tax-efficient way to transform your asset into significant help to our neighbours in need. You can donate securities in person at our Cedarbridge Way location or through our Canada Helps account.
Donating securities eliminates Capital Gains taxes and provides you with a charitable tax receipt for the full amount donated. Contact your financial planner to learn more about the benefits of donating securities.
Please Contact Us if you are considering a donation of securities. We will give you a tour of our facilities and discuss how your gift can best help our neighbours in need.