Psalm 116: 12 “What shall I return to the Lord for all his bounty to me?”
The Diocese of Saskatoon Catholic Foundation can be designated as a beneficiary in your will. Since the gift is deferred, there is no immediate income tax benefits associated with a bequest; however, this type of gift is eligible for a tax receipt which may be applied to up to 100% of the income (including all assets that are deemed disposed) stated on your final return. The receipt may also be carried back and claimed in the year previous to death.
Your bequest to The Catholic Foundation may be one, or a combination, of the following:
- A percentage of your estate, for example, 10%.
- The residual of the estate (after all or part of the residue of the estate after all specific bequests and expenses have been paid out of the estate)
- A specific dollar amount
- Real Estate
- RRSPs/RRIFs
- Stocks and securities
- Life Insurance policies
An unrestricted bequest allows the Diocese to use the donor’s gift where the need is greatest. A restricted bequest is a gift with a specific purpose. The donor may specify the gift be used for a particular Diocesan program or ministry.
The drafting of a will should be arranged with the involvement of legal counsel. It is preferable that you allow for the broadest possible flexibility for determining how your gift should be used by The Diocese of Saskatoon while at the same time ensuring that the church can carry out your wishes.
If your financial plan includes a bequest for the Diocese of Saskatoon Catholic Foundation in you Will, we would like to hear from you. We can then review the terms of the bequest with you, particularly if it is restricted, to ensure that we will be able to comply with your wishes.
Here is an example of suggested wording for Unrestricted Use:
I give and bequeath to the Diocese of Saskatoon Catholic Foundation Inc., Saskatoon Saskatchewan the sum of $_____ (specific amount) or _____% (a percentage) of the residue of my estate to be used for its general purposes as the Diocese of Saskatoon Catholic Foundation sees fit.
Registered Charity #: 836037127 RR 0001
Here is an example of suggested wording for Unrestricted Use:
I give and bequeath to the Diocese of Saskatoon Catholic Foundation Inc., Saskatoon, Saskatchewan, the sum of $_____ or _____ % (percent) of the residue of my estate to be used for ________________ .** If, in the opinion of the Board of Directors of the Diocese of Saskatoon Catholic Foundation Inc. ,it should become impossible, inadvisable, or impractical to use this gift for this specific purposes(s),then the Board may in their discretion use the gift to the best advantage for the Diocese of Saskatoon, keeping in mind the spirit of the gift intent.
Registered Charity #: 836037127 RR 0001
**You would state the detailed description of what you, the donor, would want the bequest to accomplish or be used for a particular program or ministry.
Examples of Restricted Use are (but not limited to):
- To be used for the Lay Formation Program
- To be used to enhance the Marriage and Family Life Program
- To be used for any program or ministry related to Youth in our diocese
- To be used to support my Parish _____________________, Town, Province, Postal Code
- To be used to support Clergy and Religious Life
- To be used to support the First Nations Ministries…
- Etc. See the Roman Catholic Diocese of Saskatoon website for more information on current programs and ministries.
If you wish to designate a specific use for your gift (a ministry or program), please contact Jocelyne Hamoline, Planned Gift Officer at the address above, by email at jhamoline@dscf.ca or by telephone at 306-659-5849.
This information is general in nature and does not constitute legal or financial advice, and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek professional legal, estate planning and/or financial advice before deciding on your course of action.