Other Legacy Gifts
Life insurance is an asset you may not think of donating to a charity until you hear how powerful and simple it can be. Plus it has significant benefits for BC's kids - and you.
There are many ways to make a gift using life insurance. Give ownership of a new or an existing policy to BC Children's Hospital Foundation, or simply name the Foundation as the beneficiary. Each option has different tax consequences and may make sense at different stages of life. Please consult with an insurance broker or your financial advisor to choose an option that works for you.
RRSPs and RRIFs
You can designate BC Children's Hospital Foundation as a beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). These assets are highly taxed after the later of your or your spouse's death. By donating a RRSP or RRIF, you will offset the tax that would otherwise be payable on these assets by your estate.
In addition, legacy gifts of a RRSP or RRIF are not included in the value of your estate, thus avoiding probate fees.
Charitable Remainder Trust (CRT)
A Charitable Remainder Trust is a life income gift that enables you to give today (with immediate tax savings) while retaining use of the asset (investments, real estate, work of art, etc.). After a prescribed period of time or upon your death, the asset is transferred to BC Children's Hospital Foundation. The result of this planned gift is that you can receive income or use of the property during life but have provided the charity with an irrevocable legacy gift.
Benefits to You:
- You receive a lifetime income from the assets you donate
- You receive immediate tax benefits to off-set your current income
- Gifts of appreciated property can be structured to avoid capital gains tax
- A CRT is not included in the value of your estate, thus avoiding probate fees
- Unlike a bequest, this type of gift cannot be challenged in court
- You support future generations of BC kids
Note: This type of gift is irrevocable (you cannot change the terms of the gift or trust).
You can donate real estate, shares in privately-held corporations, royalty interests, works of art, jewelry, or other property to BC Children's Hospital Foundation.
Prior to accepting the gift and issuing a receipt for income tax purposes, BC Children's Hospital Foundation will require a professional appraisal completed by a qualified third-party appraiser to determine the fair market value of the property.
We Can Help
Establishing legacy gifts can be a complex process. We can help you and your advisor ensure your gift to BC Children's Hospital is appropriate for your circumstances. Please contact us at any time to discuss your gift.
Note: The information on this page can help facilitate discussions between you and your advisor. It is not intended as legal or financial advice. We encourage you to consult a qualified professional.