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Four ways to give:
1. Giving Securities or Other Appreciated Property (ie art, land)
- If you want this church to benefit from your gift immediately, you might consider the gift of securities (stocks, bonds, mutual funds) or appreciated property.
- Benefit to donor is that you do not have to pay tax on the gains associated with the asset and you receive a tax deduction for the entire amount donated. Normally we pay taxes on 50% of the capital gains, so your incremental tax savings equate to your tax rate times 50% of the capital gain (46% maximum tax rate in Ontario).
For example:
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2. Include RPC in your will
To leave a gift to RPC, include a bequest in your will.
The wording can be something like this:
I give, devise and bequeath to Rosedale Presbyterian Church the sum of $XXX or X% of the residue of my estate. And I declare that the receipt of the congregational treasurer shall be sufficient to discharge to my executors for payment thereof.
3. Give the Gift of Life Insurance
By naming Rosedale Presbyterian Church as your beneficiary on a policy you own. Premiums are tax deductible up to 20% of income.
By assigning dividends on a life insurance policy to Rosedale, generating a tax receipt for the amount of the dividends.
You can give a paid up policy to Rosedale by naming it as owner and beneficiary and can generate a tax receipt for the paid-up cash value. The tax receipt can be used for this year’s income tax, returning up to 20% of income and the unused amount can be carried forward for 5 years.
Begin a new policy naming Rosedale as beneficiary generating a tax receipt for the premium.
4. Give a Charitable Gift Annuity
Can allow you to give a substantial gift to RPC and in return receive regular income for life. You can buy a single (just you) or joint annuity (you and your spouse, brother or sister).
Depending on your age (older creates more write-offs) it allows:
all or some of the annual income to be exempt from tax
a write-off for the total value of the annuity.
Please note that these are general descriptions only. Donors should consult with their expert tax advisors.
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