The most common type of deferred planned giving is by way of bequest in your Will. It gives you peace of mind that your assets are still available to you if you need them during your lifetime. A Will is a very flexible planning tool allowing you to gift specific property, a specific sum of money or a percentage of your Estate. The gift may be absolute or contingent upon another matter.

In consultation with Chinook Village, you may designate a particular purpose for which your bequest is to be used, as long as it is within our purpose and with the approval of the Board. You may include whether your bequest is to be available for immediate use or held in trust.

  • You make a long term commitment without affecting your current standard of living.
  • Your estate will be entitled to a tax donation receipt for the full value of the bequest, which can be used against taxable income in the year of death as well as the previous year.
A gift of an existing policy or new policy of life insurance allows you to make a significant donation to the Chinook Village Care Society at a modest present cost to you.

There are five ways to do this:
  1. Transfer ownership of a paid-up policy.
  2. Purchase a new policy and name Chinook Village as the sole owner and beneficiary.
  3. Donate an existing policy you no longer need by transferring ownership to Chinook Village by naming Chinook Village as beneficiary.
  4. Purchase a new policy, keep ownership in your own name and name Chinook Village as beneficiary.
  5. Designate Chinook Village as the sole beneficiary of an existing policy you no longer need, but you remain the owner of the policy.

  • You can leave a significant legacy for a relatively small after-tax cost.
  • This gift has very little impact on your estate, leaving it intact for your heirs.
  • The proceeds are paid directly to Chinook Village, eliminating this gift from being subject to probate.
When you die without a surviving spouse, or have children under 18, or dependants who are physically or mentally impaired, all of your registered funds will be added to your taxable income in the year of your death. For example, if you have $100,000 in registered funds at death, your income in the year of death will be increased by $100,000, and your estate will owe taxes on that income. The increased income bumps you to the highest federal/provincial combined marginal rate, which in Alberta is around 39% (in other words, $39,000 is lost to tax payable on those registered funds.)!

Single individuals without dependants should consider a testamentary gift of RRSP or RRIF accumulations. Assuming current donation limits, the tax credit will offset the tax on the proceeds.

  • Single individuals can realize significant tax savings by gifting retirement plan accumulations to Chinook Village.
The simplest way to give is an outright gift of cash and it may be the best way. Your gift goes to work immediately meeting current needs and results in a donation receipt for the full amount resulting in immediate tax savings. Other examples of outright gifts include treasury bills, bonds, GICs, mutual funds, real estate, private shares and tangible personal property.

Recent amendments to the Income Tax Act tend to make it more advantageous to give appreciated listed securities, that is, stocks, bonds, warranties, and futures traded on approved stock exchanges, which have increased in value since the time you acquired them.

  • Your gift goes to work immediately and your tax savings are immediate.
  • Gifting of appreciated listed securities may be favourable option from a tax perspective.
Nearly every method of charitable giving saves taxes for the donor. Canadian tax laws have been enacted to encourage philanthropy.

Currently, individuals are entitled to claim a tax credit for charitable donations, while corporations receive a tax deduction.

In Alberta, provincial tax is a percentage of taxable income. The maximum combined federal and provincial tax rate applicable in Alberta as of 2006 is 34% for a corporation and 39% for an individual. The tax savings from charitable giving will vary depending upon the size of the donation and the specific individuals or corporations taxable income.

Want More Information?

For further information about making donations to Chinook Village, get in touch with Vern Enslen, Managing Director.


Message Vern Enslen