Planned Giving

Planned giving takes into account not only the donor’s philanthropic objectives, but also maximizes the tax and estate planning implications of the gift. A planned gift may be outright, providing resources for immediate use, or it may be deferred, planned now for completion at a future time.

Your gift planning should be carefully assessed in light of your personal situation and priorities. The various gift options listed below will provide you with some general information, which you can review with your financial or legal advisor. When you are ready to proceed, we encourage you and your advisors to contact the Foundation to determine the best way to plan, create and fund an endowment and achieve your charitable objectives.

Outright Gifts

Cash – This is the simplest type of charitable gift. The donor receives a donation receipt for the full amount, which means a tax saving in the gift year.

Securities – is the transfer of ownership of stocks or bonds to the Sunshine Coast Community Foundation (whether of a private or publicly traded corporation).

Gift Annuity – Provides both an immediate gift to the Sunshine Coast Community Foundation and guaranteed payments for life for you and your spouse. The annuity rates depend on your age and will normally be higher than current GIC interest. A significant portion of your annuity payments (100% in some cases) will be tax-free.

Charitable Insured Annuity – While providing a significant charitable donation, it can be adapted to provide you with an increase in your monthly after-tax income during your lifetime or an increased estate benefit (by the life insurance component) for your beneficiaries on your death.

Deferred Gifts

Charitable Bequests – A bequest in your Will may specify a certain sum of money, a particular asset, or a portion of your estate, to be donated to the Foundation. You may specify that your bequest be used to establish a new fund in your name, be added to an existing fund or be added to a fund that you or your family has established during your lifetime. Because a bequest is revocable, it provides no income tax credit while you are alive. However, your estate will be entitled to a donation receipt for the full value of the bequest, which can reduce significantly the tax payable with your final income tax return. Any unused credit of the receipt may be carried back one year.

Life Insurance - A lifetime gift of a paid-up life insurance policy can provide a significant future gift to the Sunshine Coast Community Foundation at an affordable present cost to the donor. You may make such a gift with either an existing policy or a new one. You may donate the death benefit of any existing policy simply by naming the Sunshine Coast Community Foundation as the beneficiary. To receive current tax benefit, however, you must also transfer ownership of the policy to the Foundation. This entitles you to a donation receipt for the cash value of the policy. When you make the Foundation the owner and beneficiary of a policy, you receive a donation receipt for every premium you subsequently pay. At your death, the Foundation will receive the proceeds.

Named Beneficiary of Life Insurance, RRSP or RRIF - If you have designated the Foundation as the beneficiary of the life insurance policy but keep the ownership of that policy and continue to pay the premiums, no donation receipt is available until you die. That receipt can then be used in your terminal return and to the extent it is not used in your terminal return, it can be used for the year before the year of your death. The same applies to an RRSP or RRIF where the donor has designated the Foundation as beneficiary.

Charitable Remainder Trust - This is an arrangement under which you, during your lifetime, irrevocably transfer property (cash, securities, or real estate) to a trustee, usually a trust company. The trustee pays you income from the trust, either for life or for a specified term of years. At the end of that time, the remaining capital in the trust is paid to the Foundation. When you establish the trust, you receive a charitable donation receipt for the calculated present value of the remainder interest.

Gift of a Residual Interest – This type of gift provides a very special benefit to the donor. As an example, you may donate your residence to the Sunshine Coast Community Foundation, but retain the right to occupy if for the duration of your life. Other examples may be artwork or a piano. In each case, you will receive a donation receipt for the present value of the future or residual interest you have given to the Foundation.