Ways to Give

Tax Benefits of Charitable Gifts

With careful planning it may be possible to eliminate all taxes payable by your estate while providing a very significant gift to a cause you care deeply about.

Some information on the tax benefits associated with various charitable gifts is outlined below. We encourage you to consult with your financial/estate advisor for more detailed information on maximizing your potential tax savings.

Cash Gifts
You will receive a charitable donation receipt for the full amount of your gift.

Stocks, Bonds, Mutual Funds
You will receive a charitable tax receipt for the fair market value of your donation and will not be required to pay any capital gains.

Endowed Gifts
For gifts made to Southlake’s Endowment during your lifetime you will receive a charitable donation receipt for the full amount of your donation. Gifts to the endowment made through a bequest will result in a charitable donation receipt for the full value of your gift to help offset taxes payable by your estate.

Bequests
When Southlake Regional Health Centre Foundation receives your bequest following your death a charitable donation receipt will be issued for the full value of your donation. In the year of death, 100% of your income may be claimed and the excess may be applied to the previous year’s tax return.

RRSP/RRIF
When Southlake is named the beneficiary on registered retirement plan documents a charitable donation receipt for the value of the investment gifted will be issued to your estate to be applied towards final income tax return. By contrast, when retirement savings are not donated but rather are left to a beneficiary who is neither a spouse nor a dependent, the value of the RRSP/RRIF will be taxed as ordinary income in the year of death meaning that a substantial portion of the value could be consumed in taxes.

If you name Southlake Foundation as the owner and beneficiary of a new policy you will receive charitable donation receipts for each of the annual premium payments

If you retain ownership of the policy during your lifetime but donate the proceeds of the policy to Southlake Foundation through a bequest, your estate will receive a charitable donation receipt for the amount of the proceeds

Gifts of Property
A charitable donation receipt will be issued for the value of the property based on a qualified appraisal. When a principal residence is given, no taxable capital gains are triggered.

   The information provided is general in nature and is not intended to be a substitute for professional legal or financial advice. Southlake Regional Health Centre Foundation encourages donors to seek independent legal and/or financial planning advice.

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