Diocese of Saskatoon

Planned (Legacy) Giving FAQ

What is a specific bequest?

A specific bequest leaves an asset such as land or property to a favorite charity.  When the asset passes to the charity, any capital gain will have to recognize on the final tax return, but the executor has the option of electing to have a donation receipt for any amount between the asset’s cost and its fair market value at that time.  The flexibility allows the executor to balance taxable gain and the charitable tax credit to the best advantage of the estate.  The charity retains or sells the asset.

What is a general bequest?

A general bequest is the simplest form of a bequest and leaves a specific amount of money to your favorite charity.  The estate receives a donation receipt for the full value of the bequest producing a significant credit that will offset other taxes on the final tax return.

How do I leave a gift in memory of a person or for a specified purpose?

A gift is a wonderful way to recognize someone who has made a difference in your life. You may also want to give to a specific cause like a diocesan ministry or program, your parish, or other charity.  This kind of memorial gift can be arranged in your will, the same way that you would leave a personal gift from your estate. You just need to make it clear that the gift is given in memory of a particular person or for a specific use.  You can also leave a Memorial gift through making a current or planned gift to the Stained Glass Window Memorial Fund.

Taking the first step

Think about to whom and why you’d like to leave a gift. Maybe you or someone you know has been helped by a particular organization. Maybe you’re an active volunteer or believer in the mission. You might want to leave a gift in memory of a loved one or for a specific use. If you need more help or you need to know more about a particular organization, do some investigating before leaving a gift. Call the nonprofit group of your choice. They can help you better understand what they do and what opportunities are available for giving. Contact your professional advisor for help.

Why do I need a will?

At your death, a will serves as a road map telling your personal representative how to distribute your property and assets to family, other people, the church, and/or charities. With a Will, you can honor commitments to family and friends, and also support your faith community.  Without a will, you are powerless over how your assets are distributed. Instead, the laws of the Saskatchewan determine how assets are divided- which may not be the way you would have wanted.

What is a bequest?

A bequest means that your will states that a part of your estate is left to a beneficiary.  A beneficiary may be a person or a charitable organization.  A charitable bequest is a transfer of assets or property at death by will to a not-for-profit organization or organizations for charitable purposes.

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