Leave a legacy
Legacy giving is a heartfelt way to support the things you care about most, now and in the future. Your gift can help to ensure every Island child, youth, and family can access the essential services they need for generations to come.
Also, by including charitable gifts in your estate planning, you may eliminate significant taxes payable upon your death.
Ways to give
A gift in your will is one of the more power gifts you can make. You can make a specific cash gift or leave a portion of your estate to Children’s Health Foundation of Vancouver Island. Whatever form your donation takes, it will have the same effect: helping Island kids with health challenges.
Your estate will receive a tax receipt for the full value of your charitable gifts. This can minimize, or in some cases eliminate, taxes payable by your estate.
The most common types of bequests include:
- Specific bequest: This is a gift of a specific amount of cash or piece of property, such as real estate, stocks, bonds, or works of art.
- Residual bequest: What remains in your estate once all specific gifts, bills, and taxes are paid, is called the residue. You may choose to leave all, or a percentage, of your residue to Children’s Health Foundation of Vancouver Island.
- Contingent bequest: This gift only happens if certain conditions are met (for example, if someone you named to receive a bequest dies, you could name the Foundation as the contingent beneficiary to receive this gift).
To include a gift in your will, your legal advisor will need the following information:
Legal Name: Children’s Health Foundation of Vancouver Island
Address: 345 Wale Road, Victoria BC, V9B6X2
Charitable Registration Number: 89863 8291 RR0001
For more information about the many benefits of designating Children’s Health Foundation of Vancouver Island as a beneficiary in your will, read our Legacy Giving Guide.
There are a number of options available for making a gift using life insurance. This can be part of your estate plan and deliver a large gift to Children’s Health Foundation of Vancouver Island for a relatively small cost to you. And, a gift of this kind can generate tax benefits.
Deciding which option is best for you will depend on your circumstances. For example, you could decide to:
- Establish a new policy and name Children’s Health Foundation of Vancouver Island as the beneficiary: Your estate would receive a donation receipt for the full value of the proceeds (which would be paid to the Foundation at the end of your lifetime).
- Transfer the ownership of an existing policy that is fully paid, naming Children’s Health Foundation of Vancouver Island as the beneficiary: When transferred, you receive a donation receipt for the cost or fair market value of the policy, and the Foundation would receive the proceeds at the end of your lifetime.
- Transfer the ownership of an existing policy that still has premiums owing, naming Children’s Health Foundation of Vancouver Island as the beneficiary: you receive a donation receipt for the cost or fair market value of the policy, plus a donation receipt for every premium paid. The Foundation would receive the proceeds at the end of your lifetime.
We recommend speaking with your advisor for more details.
From an estate planning perspective, registered funds are the most heavily taxed asset in Canada. So unless these funds are rolled-over tax-free into a plan that names as beneficiary your spouse or a dependent (an underage child or grandchild or physically or mentally challenged individual), your estate will be faced with a significant tax liability. The value of the RRSP or RRIF will be taxed as ordinary income, often at the highest tax rate, in the year of death.
What are the benefits of choosing to donate registered fund proceeds?
- By designating Children’s Health Foundation of Vancouver Island as the beneficiary, your estate will receive a charitable tax receipt for the full amount which can offset income tax payable on your estate.
- Proceeds are not subject to probate fees, and since it’s considered to be outside of your estate, proceeds are paid out upon notification of your death.
- There are no fees involved. You don’t need to involve a lawyer, and it doesn’t cost anything to change the beneficiary name on your RRSO or RRIF plan.
- You can change your mind at any time by simply completing a new beneficiary designation form.
- You can split the proceeds among charities and individuals, using a multiple beneficiary designation form.
- These gifts are confidential, so less likely to be open to legal challenges than bequests.
If you are interested in establishing a gift through your registered funds, we encourage you to talk to your financial institution and request the RRSP/RRIF Multiple Beneficiaries Designation Form.
Setting up a charitable remainder trust, and naming Children’s Health Foundation of Vancouver Island as the beneficiary, allows you to arrange your legacy gift now, receive an immediate tax receipt, and enjoy the interest income from the trust during your lifetime.
Then, upon your death, what is left in this trust will be transferred to Children’s Health Foundation of Vancouver Island.
You can set up a trust using a variety of assets, including cash, bonds, publicly-listed securities, or real estate. And, since these assets in the trust will not form part of your estate, there are no probate fees calculated on their value. Gifts through trusts are confidential and less likely to be open to legal challenges than bequests.
A donation through a charitable remainder trust can be a complex gifting arrangement and therefore we recommend you discuss this with your professional advisor. There are costs involved in setting up and maintaining trusts, and these vary depending upon the financial institution or trust company.
Children’s Health Foundation of Vancouver Island accepts a variety of gifts-in-kind including real estate, art, vehicles, jewelry, and various items that are used to support our fundraising events. So, if you have property that you no longer need, you may wish to consider donating it to the Foundation.
We have limitations on what we accept, so if you are considering donating a gift of property, please contact us and we can discuss whether it’s something we could accept.
Sometimes we can use the property donated to further our mission in helping children with disabilities and health challenges, but in most cases, we would sell the property and use the proceeds to accomplish our work. Making these types of gifts can involve additional costs (with respect to obtaining appraisals, tax and/or legal advice or expenses related to transferring ownership).
If the Foundation can accept your gift, we will issue a tax receipt for the fair market value of the gift on the day the gift is made.
An endowment is a charitable investment fund where the capital, the initial gift and any subsequent contributions, is permanently invested and the income generated from the capital provides a steady and dependable source of funding for the Children’s Health Foundation of Vancouver Island.
An endowment fund may be established with an initial gift of $50,000 or more and added to by you, your family or friends, or through your estate. Many choose to establish an endowment fund in the name of a loved one.
You may designate your endowment fund gift to the Island Kids First Fund, ensuring that funds will be applied where the need is greatest, or you may specify the program or impact area you wish to see benefit from your generosity.
An endowment agreement between the donor and Children’s Health Foundation of Vancouver Island will ensure that the legacy you create today will live in perpetuity and can continue to fulfill your philanthropic objectives for generations to come.
Establishing an endowment fund with the Foundation is an investment in the future of Island kids. You can be confident that the value of your gift will be maximized over time by an expert investment management team, guided by the policies and procedures of Children’s Health Foundation of Vancouver Island.
The benefits of donating securities versus cash for gifts made during your lifetime also apply when using securities to fulfill a charitable bequest. You can completely eliminate any capital gains tax by donating securities “whole” (or “in specie”) to the Foundation through your estate.
For more information, go to our Gifts of securities page.
The Queen Alexandra Legacy Circle
Everyone who makes a legacy gift to Children’s Health Foundation of Vancouver Island is welcomed into our Queen Alexandra Legacy Circle. It’s our way of honouring your generosity and commitment to children’s health care.
As a member of our Legacy Circle, you will receive important updates on programs of the Foundation and special invitations to annual events such as our Holiday Tea.
Whether you have left a gift to Children’s Health Foundation of Vancouver Island or are considering one, please let us know so we can celebrate and honour your generosity in a way that is meaningful to you.
We can help
Making a legacy gift is an important decision that requires thoughtful planning.
If you, or your advisor, have questions about leaving a legacy or any other type of gift and wish to discuss this in confidence, please email Kelsi Langdon or phone 250-940-4950 ext.106.