The following are ways of making a legacy gift which ensure the long term health of the Diocese of Saskatoon Catholic Foundation while providing benefits to you and your family now and in the future. Planned gifts are tax-smart, taking advantage of incentives so that you can make a significant gift while still providing for your loved ones.
Gifts of Cash
Make a gift toward current needs or a specific ministry or program you wish to support now and into the future. Tax credits from the donation receipt are used to offset tax otherwise payable at higher tax rates.
The most common type of legacy gift, a bequest, is a statement in your will indicating that a charity receives a percentage of your estate or a specific cash or property donation. All bequests for the diocese should be directed to the Diocese of Saskatoon Catholic Foundation. You may choose to direct your gift to your parish, a special fund, a specific ministry or program that is especially important to you. Or you may simply request that the Catholic Foundation decide where to direct your gift. For specific bequest language, please contact the diocesan Planned Giving Officer at 306-659-5849.
Gifts of Securities
A gift of securities can include stocks, bonds, mutual funds, shares, GIC and other securities on approved stock exchanges. Current legislation makes donating gifts of securities very cost-effective. Canadians can donate qualifying publicly listed securities to a registered charity such as the Catholic Foundation without having to pay capital gains. In comparison, if the securities were sold and then donated, the donor would be taxed at 50% of the capital gain.
Gifts of Life Insurance
You can donate a paid up policy or you can make the Diocese of Saskatoon Catholic Foundation the owner and beneficiary of an existing policy, thus making the premiums tax deductible.
Gifts of Retirement Plans
Accumulations of RRSP’s and RRIF’s can be donated to the Diocese of Saskatoon Catholic Foundation by including them in your will or making the Catholic Foundation a beneficiary of your retirement plan(s).
Gifts of Property
You can specify in your will that you wish to leave property to the Catholic Foundation. This could include farmland, residential or commercial properties, or undeveloped land. When you leave real estate as a legacy gift, your estate will receive a charitable tax receipt to be used in your final income tax return. Usually this tax credit more than offsets the capital gains tax owing upon disposition. Gifts of property can be as an outright or as a residual interest gift wherein you still retain possession for a specific time.
A gift annuity is an agreement made between you, the charity, and a life insurance provider. Gift Annuities provide a specific rate of return to you for life, all or a portion of your income from the annuity can be tax-free, depending on your age. If your income is tax free, you will also receive a donation receipt for your initial contribution minus your expected annuity income. The guaranteed investment also provides a charitable gift to the Diocese of Saskatoon Catholic Foundation from the residue (the Foundation receives the remainder of the original contribution). Gift Annuities are best for those over 65.
Charitable Remainder Trusts
Remainder Trusts allow you to make an irrevocable gift of cash, securities or real estate to the Diocese of Saskatoon Catholic Foundation now, receive an immediate tax benefit and continue to receive income for as long as you or your spouse live, or for a specific number of years.
Note: The information provided is for general information only as is not a substitute for professional advice. Please seek independent professional counsel before making decisions about your gift. An estate lawyer, financial planner, or tax accountant will help you find the option best for you.