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WEDNESDAY, APRIL 29, 2015
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| BREAKING NEWS: VANCOUVERSUN.COM
Insight to Impact
A message
from the
LEAVE A
LEGACY TM
Chair
W
e make a living
by what we get,
but we make
a life by what we give”Winston Churchill
With my years of experience in the financial
services industry, I have
come to recognize the
importance and financial benefits of leaving a
gift to charity. I have also
learned that the motivation and passion to do
something charitable
often comes from reasons
other than tax benefits.
People want to enrich
their lives and to make a
difference in their community. This leads people
to often support a cause
or organization that they
care about, to leave a
legacy that reflects their
values, and to hopefully
inspire the next generation, to also leave a simple
expression of their gratitude. That is why I think
it is so valuable to incorporate philanthropy into
the conversation when as
an advisor we help people
build their financial and
estate plans.
I think the best way to
describe a Charitable Legacy is to say that it’s your
life story as told through a
well-planned estate.
LEAVE A LEGACYTM is
a public awareness initiative of the Canadian
Association of Gift Planners (CAGP) that takes
place in local communities across Canada. This
initiative helps to promote
the importance and benefits of leaving a bequest in
your will or other planned
giving strategy to support
the charity or cause that
means the most to you.
The LEAVE A LEGACYTM
initiative provides information on how easy it is
for you to support charities through estate planning while still ensuring
your loved ones will be
cared for through your
will.
From the LEAVE A
LEGACYTM initiative people can also learn that
their bequest to charity
will be felt long after their
death and that it will have
an enormous impact on
the future vibrancy of our
communities.
In this publication you
will find articles that
motivate you, inspire you
and help guide you in
creating your own Legacy
Plan that will be woven
into the lives and causes
of those you most care
about.
Julia Roudakova,
Lead Strategist for
Legacy Giving
at FS Financial
Strategies
T
he Canadian Association of Gift
Planners (CAGPACPDP) and the members of the local Vancouver Chapter are pleased
to provide this LEAVE
A LEGACY feature
publication.
CAGP-ACPDP is the
only organization in Canada that brings together
charitable representatives
with donor advisors in one
professional association!
Among our fundraising,
legal and financial peers,
we are looked to as the
experts in charitable gift
planning. We work with
donors to achieve their
highest philanthropic
goals through thoughtful
tax-wise well-planned giving. We have thousands
of members that come
from backgrounds as varied and diverse as health
and financial advisory
services, with representatives of multiple charities
from all sectors and professional advisors.
It is CAGP-ACPDP’s
mission to champion the
growth and development
of strategic charitable gift
planning in Canada by:
• Developing knowledge
and providing education
• Building awareness
and promoting philanthropy, locally and
nationally
• Creating connections and facilitating
partnerships
• Engaging in national
dialogues and influencing
public policy
The Association brings
together professionals
from various disciplines
to ensure that the gift
planning process achieves
a fair and proper balance
between the interests of
donors and the aims and
objectives of registered
charitable organizations
in Canada in accordance
with the our Code of
Ethics.
The Canadian Association of Gift Planners
offers this supplement
as a resource to help you
find Canadian charities
addressing the problems
you would like to help
solve and the professionals who can help you make
the right gift that fits your
family and tax situation.
We believe that through
philanthropy we can
change the world for
good. What legacy would
you like to leave to benefit
future generations?
Please take some time to
contact the caring members listed in this supplement who are all here to
help you do more with
your charitable donations
while creating some tax
savings.
A message
from the
CAGP
Roundtable
Chair
Michelle A. Bernard
Manager of
Philanthropy
United Way
of the Lower Mainland
Family enterprise to family philanthropy –
private foundation or donor-advised fund?
GOOD PLANNING
AND DUE DILIGENCE
REQUIRED WHEN
WEIGHING OPTIONS
CALVIN FONG,
DIRECTOR, DONOR SERVICES,
VANCOUVER FOUNDATION
F
amily enterprises
are constantly confronted by the challenge in balancing issues
of commercial activities
with complex relationships
amongst family members.
Successful family enterprises generally achieve
that balance with a set of
principles and values that
guide and bind family
across generations and
family branches.
When the family enterprise is either sold or ownership is transitioned to
the next generation, the
years of focused effort by
the founders on building
the value of the business
can now be realized and
that focused effort now
shifts.
The set of family principles and values often serves
to guide the shifted focus of
the founders towards giving back to their communities with the wealth that
has been realized. A mystery often experienced by
families is not what to be
done but what to consider
in getting started and how
to give back in a thoughtful and strategic fashion.
The choice of which charitable vehicle to use is an
important clue to solving
the mystery.
For private philanthropy,
or family philanthropy,
there are two charitable
vehicles to choose from.
One is a private foundation
and the other is a donor
advised fund.
A private foundation is
a registered charity under
the Income Tax Act. A private foundation is useful in
providing a long-term legacy for the philanthropy of
the family while maintaining control. It typically
performs its charitable
activities through funding
other charities and their
programs.
The potential downsides
for families looking at a
private foundation can be
the lead time needed to
obtain charitable registration from the Canada
Revenue Agency (a real
headache if one wishes to
set up a private foundation with a short deadline
in mind) and the cost and
effort needed to keep the
private foundation compliant with the regulatory
requirements for registered charities.
A donor advised fund is
a charitable fund sponsored and administered
by a public charity, such as
a community foundation
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
like Vancouver Foundation. It is an alternative to
creating your own private
foundation but with the
same utility of tax advantages and funding of other
charities while being less
costly to create and maintain without the headache
of regulatory compliance.
Typically, a donor advised
fund can be established in
a few days.
Each one has their merits
and disadvantages. Good
planning and due diligence
on the part of donors and
their advisors are needed
to decide which charitable vehicle is best for
the family and
their long-term
philanthropy.
Calvin Fong,
Vancouver
Foundation.
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BREAKING NEWS: VANCOUVERSUN.COM
| WEdNESdAy, ApRIl 29, 2015
Make a Difference in the Lives that Follow
An alignment of heart
ChoiCe of Charity
a refleCtion of
values and help
for others
Women’s.”
Michelle’s legacy will
help save and change lives
permanently, for generations to come.
Preparing for the
future
By James Carruthers
Director of Development, Bc Women’s
Hospital + HealtH centre founDation
Your legacy is a reflection of your values – the
right charity helps your
legacy reflect those values in a meaningful way.
Beyond that it’s just technical. Many financial
tools can be used. You
should feel confident that
the charity you choose
can treat your estate gift
with the best possible
advantage. For 90% of
bequests it’s very simple.
The most important thing
is an alignment of heart.
Michelle’s story
Michelle’s story began
with the loss of two babies
during pregnancy. Her
family doctor referred her
to the Recurrent Pregnancy Loss Clinic at BC
Women’s Hospital.
Fortunately for Michelle,
the treatment worked. Now
she has not just one child –
but two! A boy and a girl.
“Our kids are everything. We can’t imagine
life without them. Our
world totally changed.
It feels like somehow
our hearts got bigger,”
explains Michelle.
Without the expertise
that identified her issue;
without the research that
found the right treatment; Michelle wouldn’t
be the proud parent she
is today.
Michelle’s experience
moved her and her husband, Gilles, to honour BC Women’s with
a bequest in their Will.
They felt they had to
give back to the hospital
that gave them so much.
“How could we not?”
she asks, “It just seemed
right to make a personal,
significant gift to BC
Just a short time spent
talking to your solicitor and sorting out your
affairs now could prevent
uncertainty for those left
behind. It will also mean
that you, not the government, will decide what
happens to your property.
If you should die without making a Will (in
legal terms this is called
dying intestate), the
law will determine how
your property (estate) is
divided. This can cause
uncertainty and distress.
If, however, you make
a Will, you’ll know your
loved ones will see your
wishes carried out, bringing some comfort during
a difficult time.
And by leaving a donation in your Will, you, like
Michelle, will be helping
for generations to come.
For more about how you can
support the health needs of
women and babies, contact
James Carruthers, Director of
Development, at 604-875-2798.
www.bcwomensfoundation.org
Opportunity to give
back to the community
Coporate
windfall used to
help vanCouver
organization
Joseph milBourne
Recently the company I
worked for, Sulliden Gold
Corporation, was taken
over by Rio Alto Mining.
As part of the takeover,
the change of control
clause in my employment
contract went into force
and I realized a windfall along with a large tax
obligation. I contacted
an accountant to determine how best to meet
my tax obligation and
was surprised to find out
that there a number of
alternatives aside from
sending a cheque to the
appropriate tax authority. I was very pleased
to learn for example that
charitable donations can
be used to offset capital
gains tax and depending
on the type of donation
additional credit(s) can
be realized.
The concept of making a charitable donation
to a local organization
resonated with me and
I decided to contact the
Vancouver branch of Covenant House, a charity
that I have been involved
Joseph Milbourne is a supporter of Covenant House.
with for many years, to
see how I could make the
donation. After consultation with Covenant House
and my accountant, I
opted to donate shares by
exercising stock options.
The transaction involved
me paying for the options
(rather than a cashless
transaction) and then
donating the stock certificate directly to Covenant
House. The consequence
of buying the options and
donating the certificate to
the charity directly rather
than taking ownership of
the share certificates and
then donating the shares
bypasses any capital gains
tax associated with the
transaction.
I know that there are
others in our organization who may find themselves in a similar situation given all of the recent
mergers and acquisitions
and would like to suggest
that they consider a similar strategy. Contributions to charities or organizations that help/serve
our communities are
desperately needed and
if done properly, capital
gains tax can be offset.
Personally I felt very honored to be able to make a
donation to a local group
that is helping the many
vulnerable youth who
find themselves living on
the street.
Most registered charities have knowledgeable
staff who are familiar
with these types of donations. The key is to work
with a competent accountant who can advise you
of the benefits and liabilities when making charitable donations.
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
Our Superhero Big Sisters enhance confidence,
self-esteem and well-being in girls aged 7-17, helping
and help the next
them to make good choices and lead fulfilling lives.
generation succeed.
Your superhero legacy gift will help us provide a
life-changing mentoring relationship for every girl
in the BC Lower Mainland who needs one.
CONTACT US TODAY
To support literacy in British
Columbia, please contact:
at 604.873.4525, x316.
bigsisters.bc.ca
Gail Hanney
604.681.4199 x 411
[email protected]
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The difference
you make could
be life itself
Leaving a legacy to
Covenant House is like
being a grandparent to
over 1,500 kids a year.
Leaving a gift in your Will helps thousands of
women and newborns each year. With a legacy to
BC Women’s Hospital Foundation you transform
the lives of others for generations to come.
Your legacy gift to Covenant
House ensures our young people a
welcoming smile, a safe place,
support and a chance for a new life.
575 Drake Street
Vancouver, BC V6B 4K8
Phone: 604-638-GIFT (4438)
www.covenanthousebc.org
To make a donation or learn more:
bcwomensfoundation.org
James Carruthers 604.875.2798
BN 89767 5625 RR 0001
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Wednesday, april 29, 2015
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| BreaKinG neWs: VanCOUVersUn.COM
E3
Clean water is our legacy
VancouVer island
couple builds
support for
ecology into plan
jocelyn anderson
philanthropy coordinator
EcojusticE
Nature stewards Bill
Heidrick and Kathie
Woodley are proud to be
two of Ecojustice’s original supporters. Their
love for the environment
stems from a strong connection to water. For
many years, they lived in
a small town on the coast
of Vancouver Island, surrounded by forest with a
gorgeous river running
through it. They feel very
fortunate to have lived in
a place where they could
go on long kayak adventures and witness bears
fishing, salmon spawning
and even a few cougars
prowling.
One of the ways Bill and
Kathie have chosen to
safeguard this precious
wilderness for the long
term is through providing a gift in their will to
Ecojustice.
“Working with our lawyer, we were happy to
arrange for a plan, which
takes care of our loved
ones, and supports our
favourite causes too. For
us, it is a win-win situation. We want to provide
for our family and make
sure there is an environment to enjoy for future
generations.”
Kathie and Bill took
their time when planning
their estates to establish
clear goals and to fully
understand what was
Scott Low is co-founder of FS Financial Strategies and Mission of Care.
A legacy strategy for everyday people
you don’t need to
be wealthy to
make and impact
on the future
Kathie Woodley and Bill
Heidrick enjoy spending
their time in nature
together.
Jocelyn Anderson,
philanthropy coordinator
with Ecojustice.
needed to ensure their
wishes would be carried
out. This included choosing the right professionals to work with, such as
a financial advisor who
provided initial insight
into planning and a lawyer to draft their will.
Their chosen executor
is someone whom they
know well and trust to
ensure their estates run
smoothly when realized
and to bring on other professionals as needed.
They also understood
that the value of their
assets may shift over time
and that dividing and distributing their estate by
percentage would allow
for family and charities to
be taken care of. To maximize the value of their
estates by taking advantage of tax benefits their
lawyer also included language in their wills which
will allow for their executor to distribute assets
(such as appreciated securities) in their intact form
to charity.
Kathie and Bill’s generosity and foresight are
wonderful examples of
how thoughtful planning
can ensure the critical
issues we and our families
care about will be supported into the future.
“The choices we make
about our lives will determine the kind of legacy we
leave.” – Travis Smiley
What can we leave
behind for the next
generations?
Leaving a legacy is on
the minds of many Canadians, especially the
baby boomers – the largest demographic in our
country.
As we age we ask ourselves why are we here
and what difference can
we make in the world. I
hear this from clients and
friends all the time and
we have strategies that
answer these questions.
Everyday people can
leave a legacy
Many people think they
have to be wealthy or
have made a lot of money
in order to leave a substantial legacy gift.
Not so.
Today one of the most
effective financial vehicles
to create assets that you
can pass along to future
generations is through a
permanent or whole life
insurance policy.
Recently there have
been many new features
added to these policies
that can be used to create your own legacy fund.
This legacy fund can benefit your family, fund a
post-secondary education for your children or
grandchildren and make
a bigger impact with your
charitable donation.
One strategy for putting
money aside for this fund
is to defer your property taxes. Many British Columbia residents
can defer their property
tax on a yearly basis. On
deferred taxes the BC
Government charges
simple annual interest of
3% for those homeowners under the age of 55
and only 1% per year for
those over 55.
For example, if you are
45 years old, own your
home and pay an annual
property tax of $4,000
per year, here’s how this
would work (based on
$100,000 face amount
whole life insurance policy paid for on a 20 year
schedule):
Monthly Insurance
Premium: $217
Death Benefit at age 85:
$327,058
Deferred Property Tax
owing: $122,360
Legacy Fund Balance:
$204,698
This represents a significant gift or donation that
will have really cost you
nothing yet will make an
enormous difference to
the causes and people you
most care about.
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
What
will
your
legacy
be?
Legacy Gifts Help Keep
the Gardens Growing
“I found it easy to get a life insurance policy and
name VGH & UBC Hospital Foundation in my will.”
After having a procedure at the Vancouver General Hospital,
Martin Glynn has first-hand experience of the excellent care
VGH provides. And as a VGH & UBC Foundation board member,
Martin understands the impact legacy gifts have on the hospitals’
most urgent needs.
Your planned gift to the Gardens ensures that Vancouver’s
green heart continues to beat for future generations.
For more information please contact:
Dawn Russell, Development Director
VanDusen Botanical Garden Association
604-257-8190 | [email protected]
www.vandusengarden.org
Legacy gifts can be made in several ways: leaving a bequest in your
will, giving a gift of life insurance, or designating the Foundation as
the beneficiary of your RRSP, RRIF or TFSA.
Whichever type of legacy you leave, know your gift will help
our health care teams save lives now, and well into the future.
Contact Charlene Taylor today to learn more
or visit vghfoundation.ca/legacy
Charlene Taylor, Associate Director,
Gift and Estate Planning
[email protected]
604 875 4917 1 877 875 4676
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BREAKING NEWS: VANCOUVERSUN.COM
| WEdNESdAy, ApRIl 29, 2015
Make a Difference in the Lives that Follow
Lifetimes of caring will
help for generations
A legacy of smiles
How one
man’s legacy
transforms tHe
lives of many kids
couple’s
professions,
legacy giving
benefit otHers
By Christiane sim
Development officer, legacy giving
Diane haarstaD
Union gospel mission
philanthropy officer,
Justice Gerald Coultas
was known by many in the
legal profession in British
Columbia as leader of the
Provincial Court, and a
justice of the BC Supreme Children enjoy a week away at camp thanks to Justice
Court from 1988 to 2003. Coultas’ legacy gift to Union Gospel Mission’s summer
Gerry’s intelligence, wit, camp program.
and charm, as well as his
great capacity for empathy, made him a highly
respected leader and an
outstanding judge.
But he will perhaps be
best remembered by the
individuals whose lives
he touched personally.
The Honourable Justice,
who never had children of
his own, delighted in supporting and encouraging
young people. He became
godfather to eight children and considered it a
privilege to participate in Christiane Sim, development officer for legacy giving
with theUnion Gospel Mission, left; and The Honourable
their lives.
“Uncle Gerry,” who Justice Gerald Coultas, BC Supreme Court judge and
was a beloved figure to humanitarian, 1931–2013.
his godchildren, also
Two years ago, Gerry
recognized the need to childhood, he wanted to
reach out to many more. support children who did passed away, but his
Through Union Gospel not grow up with the same compassion will live on
in the lives of many more
Mission, Gerry became opportunities he did.
an anonymous benefactor
Gerry knew that camp children. That’s because
to hundreds of children is a place where kids can Gerry left a substantial
- children whose lives take on new challenges, gift in his will to UGM’s
Gerry impacted through receive encouragement, summer camp program.
his support of the sum- develop self-confidence,
Gerry made his mark
and recognize their poten- in many ways during his
mer camp program.
During his lifetime, tial. By providing this life, but the smiles on the
Gerry sponsored 55 chil- opportunity to children in faces of kids he’s helped
dren from low income need, Gerry helped create send to camp may be the
families to attend sum- life-long memories and legacy that’s closest to his
mer camp. Because he felt transformed many young heart.
he’d enjoyed a privileged lives.
gift & estate planning,
Bc chilDren’s hospital foUnDation
Frank and Phyllis
Abbott have spent their
lives caring for people.
Phyllis is a retired nurse
who looked after young
patients at BC Children’s
Hospital for more than
two decades. Her sense
of compassion comes
through in the way she
speaks about those years
and in the hours she now
spends volunteering for
Jeff Weddell PhotograPhy
the hospital’s Auxiliary,
with people she calls her Frank and Phyllis Abbott have spent their lives caring
for people. Through their legacy giving, they will
“second family.”
Frank’s career took him continue to contribute to the greater good.
on a similar path. As a
will transform care. “It’s
researcher and former continue?’”
In deciding which char- important to give back,”
dean of the University of
British Columbia’s Fac- ities to put in their wills, Frank says. “We feel good
ulty of Pharmaceutical the Abbotts gave priority about it. We wanted these
Sciences, and an asso- to the causes that were charitable gifts in place,
ciate in the university’s nearest and dearest to and when we were revisDepartment of Pediatrics, them. Phyllis, who spent ing our will, it was the
Frank dedicated himself years looking after chil- perfect time to do it.”
to finding better drugs dren with cystic fibrosis
Professional advisors
for treating children with at BC Children’s Hospi- recommend that Canaepilepsy.
tal, designated one of the dians review their wills
When the community- gifts in her will to sup- every five years, and when
minded Vancouver cou- port research and care their family experiences a
ple met with their law- for children with CF. birth or death, or when
yer and financial planner Frank’s expertise in pedi- there is a change in finanlast year, they knew that atric epilepsy inspired cial or marital status. As
they wanted to update him to make a gift to fund Frank and Phyllis found
their estate plan to sup- research into better treat- when they reviewed their
port their family and sev- ments for the disease. He estate plans, giving to
eral charities. “We were hopes to leave the next causes dear to one’s heart
both in professions that generation of researchers is ultimately a compasaim to contribute to the with the resources they sionate – and fulfilling
greater good,” says Frank. need to share ideas and – gesture of hope for the
“So we thought, ‘why not make discoveries that future.
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
Plant your legacy today.
Be forever.
Find out how at
vancouverfoundation.ca/belikealice
or call Kristin at 604.629.5186
#BeLikeAlice
vancouverfdn
.
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Wednesday, april 29, 2015
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E5
Make a Difference in the Lives that Follow
A LiST of our ChAriT Y pArTnerS
For further information, please contact any of the advertisers or LEAVE A LEGACYTM partners listed in the publication. Further information on the LEAVE A LEGACYTM program can be obtained by visiting the LEAVE A LEGACYTM
Greater Vancouver website at www.leavealegacyvancouver.com or by emailing info@leavealegacyvancouver.
com. Information on how your organization can become
a LEAVE A LEGACYTM Greater Vancouver Partner can be
obtained by [email protected]. This supplement is a forum for information
about charitable gift planning. Neither CAGP-ACPDP
National Office nor any of its Roundtables or the LEAVE
A LEGACYTM program will be held liable for any claims,
misrepresentations or errors made by any advertiser or in
any article in this publication.
http://www.bc.lung.ca
Bull, Housser & Tupper LLP
Margaret Mason [email protected]
http://www.bht.com
Canadian Hemochromatosis Society
Robert (Bob) Rogers [email protected]
http://www.toomuchiron.ca
Canuck Place Children`s Hospice
Denise Praill [email protected]
http://www.canuckplace.org
Clark Wilson LLP
Richard Weiland [email protected]
http://www.cwilson.com
Covenant House Vancouver
Michelle Bernard [email protected]
http://www.covenanthousebc.org
Crisis Intervention & Suicide Prevention Centre of BC
Kyle Tiney [email protected]
http://www.crisiscentre.bc.ca
Crossroads Hospice Society
Anna Wilczewski [email protected]
http://www.crossroadshospice.bc.ca
Decoda Literacy Solutions
Gail Hanney [email protected]
http://www.decoda.ca
Ecojustice Canada Society
Jocelyn Anderson [email protected]
http://www.ecojustice.ca
Family Support Institute
Angela Clancy [email protected]
http://www.familysupportbc.com
FS Financial Strategies Inc
Julia Roudakova [email protected]
http://www.fsfinancialstrategies.ca
Genus Capital Management
Robin Larsen [email protected]
http://www.genuscap.com
Heart and Stroke Foundation Canada
Jane Westheuser [email protected]
http://www.heartandstroke.bc.ca
Knowledge Network Corporation
Donna Robinson [email protected]
http://www.knowledge.ca
L’Arche Foundation of Greater Vancouver
Sig Stark [email protected]
http://www.larchevancouver.org
Miller Thomson LLP
Sandra Enticknap [email protected]
http://www.millerthomson.com
New View Society
Jill Calder [email protected]
http://www.newviewsociety.org
North Shore Community Foundation
David Alsop [email protected]
http://www.nscommunityfoundation.com
Alexander Holburn Beaudin & Lang LLP
Emily Clough [email protected]
http://www.ahbl.ca
ALS Society of BC
Rena Mendoza [email protected]
http://www.alsbc.ca
Alzheimer Society of BC
Leona Desharnais [email protected]
http://www.alzheimerbc.org
BC Cancer Foundation
Alyson Meehan Murzsa [email protected]
http://www.bccancerfoundation.com
BC Children’s Hospital Foundation
Diane Haarstad [email protected]
http://www.bcchf.ca
BC Schizophrenia Society Foundation
Jane Duval [email protected]
http://www.bcss.org/category/aboutbcss/foundation
BC Women’s Hospital & Health Centre Foundation
James Carruthers [email protected]
http://www.bcwomensfoundation.org
BCIT Foundation
Marie-Claire Concannon [email protected]
http://www.bcit.ca/foundation
Big Brothers of Greater Vancouver Foundation
Valerie Lambert [email protected]
http://www.bigbrothersvancouver.com
Big Sisters - BC Lower Mainland
Fleur Cooper [email protected]
http://www.bigsisters.bc.ca
Boys and Girls Clubs of South Coast B.C.
Marcie Mark [email protected]
http://www.bgcbc.ca
British Columbia Guide Dog Services
William Thornton [email protected]
http://www.bcguidedog.com
British Columbia Lung Association
Scott McDonald [email protected]
North Shore Community Resources
Li Boesen [email protected]
http://www.nscr.bc.ca
Pat McGuire, Rogers Group Financial
Pat McGuire [email protected]
http://www.rogersgroup.com
Peace Arch Hospital & Community Health Foundation
Stephanie Beck [email protected]
http://www.pahfoundation.ca/
Prostate Cancer Foundation BC
Leah Lariviere [email protected]
http://prostatecancerbc.ca
Queen’s Park Healthcare Foundation
Lizz Kelly [email protected]
http://www.qphf.org
Ridge Meadows Hospital Foundation
Laura Cherrille [email protected]
http://www.rmhfoundation.com
Royal Columbian Hospital Foundation
Catherine Cornish [email protected]
http://rchcares.com
Seniors Services Society
Kara-Leigh Bloch [email protected]
http://www.seniorsservicessociety.ca
Simon Fraser University
Doug Puffer [email protected]
http://www.sfu.ca
Solus Trust Company Limited
John Blackmer [email protected]
http://www.solustrust.com
St. Paul’s Hospital Foundation
Karen Brown [email protected]
http://www.helpstpauls.com
Surrey Hospital & Outpatient Centre Foundation
Yolanda Bouwman [email protected]
http://www.championsforcare.com
Surrey Public Library
Cyndy Hill [email protected]
http://www.surreylibraries.ca
The BC Society for the Prevention of Cruelty to Animals
Yolanda Benoit [email protected]
http://www.spca.bc.ca
The CH.I.L.D. Foundation
Jamie Hunt [email protected]
http://www.child.ca/
The Dance Centre
Sheri Urquhart [email protected]
http://www.thedancecentre.ca
The Kettle Society
Nancy Keough [email protected]
http://www.TheKettle.ca
The Kidney Foundation of Canada, BC Branch
Pia Shindler [email protected]
http://www.kidney.bc.ca
The Nature Trust of British Columbia
Deb Kennedy [email protected]
http://www.naturetrust.bc.ca
The Public Guardian and Trustee
Bryce Somerville [email protected]
http://www.trustee.bc.ca
The Salvation Army
Kathy Mannas [email protected]
http://www.salvationarmy.ca
Union Gospel Mission
Christiane Sim [email protected]
http://www.ugm.ca
Vancity Community Foundation
Jacqueline Dagg [email protected]
http://www.vancity.com/vcf
Vancouver Board of Parks and Recreation
Josie Riebe [email protected]
http://vancouver.ca/parks
Vancouver Foundation
Calvin Fong [email protected]
http://www.vancouverfoundation.ca
Vancouver Hospice Society
Doug Knight [email protected]
http://www.vancouverhospice.org
VanDusen Botanical Garden Association
Dawn M. Russell [email protected]
http://www.vandusengarden.org
Variety - The Children`s Charity of BC
Peter Chipman [email protected]
http://www.variety.bc.ca/legacy.htm
VELA Wealth Management Inc.
Jason Boudreau [email protected]
http://www.velawealth.com/
VGH & UBC Hospital Foundation
Charlene Taylor [email protected]
http://www.worldclasshealthcare.ca
West Coast Environmental Law Research Foundation
Lucy Hough [email protected]
http://www.wcel.org
West End Seniors’Network Society (WESN)
Anthony Kupferschmidt [email protected]
http://www.wesn.ca
Westcoast Wills & Estates
Mike Beishuizen [email protected]
http://www.westcoastwills.com
Western Canada Wilderness Committee
Matt Jong [email protected]
https://wildernesscommittee.org/
York House School
Priscilla Clark [email protected]
http://www.yorkhouse.ca
Zajac Ranch for Children
Carmen Zajac [email protected]
http://www.zajacranch.com
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
You Can Create
a Lasting
Legacy
for Dance
You can create
a lasting legacy
of love for all of
BC’s children.
Be remembered.
Supporting the future of dance in our
community is an extraordinary legacy. Please
consider a planned giſt to The Dance Centre.
For more information please contact
Diane Haarstad, Philanthropy Officer, at
604 875 3679
or [email protected]
bcchf.ca
When you include BC Children’s
Hospital as part of your estate plans
you could be saving the life of a
child 20 or more years from now.
VAN01199476_1_1
You can
always be
there for
them.
For more information, please
contact 604.606.6407 or email
[email protected].
www.thedancecentre.ca
GRATITUDE
VAN01198913_1_1
For helping to ensure that men have a fighting
chance against the number one cancer for men.
Give a second chance at a happy life… there is no better
gift you can give an animal in need. Include a gift in your
Will or designate a life insurance policy to the BC SPCA to
set tails wagging!
For helping to educate on the importance of early
detection to the one in 8 who will get it.
For helping to expand our survivorship programs
so men and their families have all the support they
need to live with the effects of their cancer.
Visit us today at spca.bc.ca/support or contact
Please continue to help.
Yolanda Benoit
[email protected]
1.800.665.1868
www.prostatecancerbc.ca
604-574-4012
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E6
|| advertisement
BREAKING NEWS: VANCOUVERSUN.COM
| WEdNESdAy, ApRIl 29, 2015
Make a Difference in the Lives that Follow
A life insurance lifeline
Quest for family history leads
to discovery of lost legacy
familiar finanCial
instrument Can be
used to pass on
multiple benefits
Charitable
bequest in aunt
anna’s will
honoured
deCades later
Patrick Mcguire,
cFP cLu chFc
jane westheuser
finAnCiAl Advisor
Advisor, Gift PlAnninG, HeArt And
stroke foundAtion, BC & Yukon
In 2007, Dr. Andrée
Lotey was devastated by
the loss of her beloved
mother. When cleaning
out the house, she found
an old suitcase revealing many secrets kept
from her since her father,
Jacques Lotey, died of a
cardiac arrest when she
was only five years old.
Dr. Lotey discovered
that her father’s real
name was Jacob Lotenberg, that he was Jewish,
and that he was forced
to escape Nazi-occupied
Paris in June 1940, losing
all his possessions. Luckily, he was able to find a
safe haven in Portugal
thanks to the courage of
Consul-General Aristides
de Sousa Mendes, who
issued Portuguese visas
to thousands of refugees
seeking to escape the Nazi
terror. Jacob then moved
to Canada in 1941.
Jacob’s sister, Anna,
was not as fortunate. She
was trapped in the Lodz
Ghetto, where her husband died. She was then
deported to AuschwitzBirkenau and ultimately
to Theresienstdat. Miraculously, Anna survived.
She remarried, immigrated to Montreal with
her second husband, but,
unfortunately, he also
Dr. Andrée Lotey, discovering family secrets from the
past
died of a heart attack.
Dr. Lotey made an official request to the “Compensation for Victims of
Spoliation” in France.
While doing her research
she discovered Aunt
Anna’s Will that included
a charitable bequest
clause for the Heart and
Stroke Foundation back
in 1986. In order to honour this wish, Dr. Lotey
asked the Commission to
donate a percentage of the
total amount received to
the Foundation. The legacy gift honouring Anna
Lotenberg amounted to
$16,000 and was received
in February 2013.
A special thanks to niece
Dr. Lotey, for her determination to honour the
long lost legacy. It will
fund life-saving research
and treatments and help
create more survivors.
What can we leave
behind for the next
generation?
As we age, there are
often thoughts that we
have on the type of legacy that we would like to
leave behind. What sort
of mark would you like to
leave in your family, community, church, or world
as a whole?
Mark and Lauren, a
recently retired couple
age 57 and 55 respectively, wanted to make
a donation to a charity close to their heart,
preserve the wealth that
they had accumulated
for their children and
grandchildren, reduce
some of their investment
risk, reduce taxation,
and preserve their current income. After some
sound financial planning,
it was decided that they
had $100,000 in surplus
capital that they wanted
to isolate from market
risks.
This was the idea that
they ended up proceeding with: They purchased
life insurance.
Mark and Lauren purchased two different policies so that both of their
long-term legacy goals
could be met.
They purchased a joint
last-to-die universal life
policy with $300,000 of
Brian and Pat McGuire.
coverage for which they
named the charity as
owner and beneficiary.
From the $100,000 surplus, a single deposit of
$88,395 was made to the
policy. For this, the charity gave them a donation receipt for $88,395,
which generated a tax
credit of $40,397.
The second policy that
they purchased was also a
joint last-to-die universal
life policy with $159,000
of coverage. Mark and
Lauren were the joint
owners of this policy and
they named their children
and grandchildren as beneficiaries. The remaining
$11,605 was used as the
initial deposit and in the
following year, they paid
an additional $40,397
to the policy, which was
received as a tax refund
from their donation to
the charity.
The surplus of $100,000
grew to $459,000 – Mark
and Lauren were able to
make a sizable contribution of $300,000, on
their death, to the charity
and still leave $159,000
to their family. They preserved their wealth for
their family, made an
impact with the charity,
reduced their market risk
and taxation, and maintained their income. Mark
and Lauren are leaving
a lasting mark on those
that matter most.
Patrick McGuire, CFP CLU Ch.FC
is a Financial Advisor with
Rogers Group Financial. The
views expressed are those of
the author and not necessarily
those of Rogers Group Financial,
which makes no representations
as to their completeness or
accuracy.
These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.
Research is our Foundation.
When you remember the BC Cancer Foundation in your will,
you’ll be supporting world-renowned research in BC that is
shaping the future of cancer care.
Please be sure to use the full legal name of our organization:
BC Cancer Foundation
Registration Number: 11881 8434 RR0001
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Wednesday, april 29, 2015
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| BreaKinG neWs: VanCOUVersUn.COM
E7
Make a Difference in the Lives that Follow
Jim Robson’s gift:
Putting it to good use
Charitable gift giving
delivers gratitude
hockey icon
MAkeS DiFFeRence
FoR chiLDRen AnD
FAMiLieS AT
cAnUck PLAce
DonATionS A gReAT
wAy To heLP
SocieTy, AnD geT
TAx ADvAnTAgeS
Karen reid
MiKe Beishuizen
Officer, cOmmunicatiOns & marketing
lawyer, westcOast wills & estates
canuck Place children’s hOsPice
If you’re a hockey fan,
you are probably intimately acquainted with
the name Jim Robson and
the words “Good evening,
hockey fans, and welcome
to this National Hockey
League game…”
For over 47 years, Jim
called the action for more
than 2,000 NHL games
on radio and TV. He is
remembered best in B.C.
for broadcasting Vancouver Canucks games on
CKNW for decades and
making play-by-play calls
for those fans near and
VancouVer canucks archiVe
far who could not be at
Jim Robson, the voice of hockey, encourages others to
the games.
Jim will forever leave think about leaving a bequest to support an organization
a legacy as “the voice that holds significance to them.
of hockey.” But he also
Jim encourages those
wants to leave a legacy of was inspired by founders
compassion and care for Brenda Eng and the Grif- doing their financial
children in need. One of fith Family involvement,” planning to think about
leaving a bequest to supthe ways he has decided said Jim.
Based on this inspira- port an organization
to care for B.C.’s children with life-threaten- tion and his own involve- that holds significance
ing illnesses is to leave ment with the organiza- to them. Speak to a proa bequest in his will to tion over the years, Jim fessional advisor or conCanuck Place Children’s informed Canuck Place tact your preferred charthat he had included the ity today to learn more
Hospice.
about how you can make
Through his relation- Hospice in his will.
“It’s a place close to a lasting impact now and
ship with the Vancouver
Canucks and then team home, where you can see in the future. They will
owners, the Griffiths fam- the results of your sup- work together with you
ily, Jim has supported port,” he said. “I take to ensure the legacy you
Canuck Place since the comfort knowing l will be choose to leave best suits
first provincial location making a difference in the your needs and wishes.
lives of sick children and
was opened in 1995.
“If there is anything left
“I always thought it their families through my in the pot,” said Jim, “why
was a wonderful place. I gift long after I am gone.” not put it to good use?”
There are few things
more gratifying than
helping others. Giving
to charity in your Will is
a great way to accomplish
this.
It is common knowledge
that when you give a gift
to a charity during your
lifetime, the tax receipt
issued by the charity can
be used as a donation
tax credit to offset your
income taxes. This is no
different when donating
to charity in your Will –
your executor receives a
tax credit on your behalf
that could help offset
the sometimes substantial taxes that the Canada
Revenue Agency levies
upon death.
The most important
part about giving a charitable gift by Will is naming the charity by their
correct legal name. This
is because there are thousands of registered charities in Canada, and some
names are confusingly
similar.
For example, there are
currently 228 registered
charities with the words
“Catholic Church” somewhere in their legal name,
so a gift to “the Catholic Church” would obviously be troublesome to
interpret.
To make sure that you
are giving to the correct
success
is finding
satisfaction in
giving a little
more than you
take.
Christopher reeve
charity, you could contact
the charity directly to ask
for their legal charitable
name.
You can also double
check the name by using
the Canada Revenue
Agency’s website, which
provides an easy-to-use
search engine to check
the details about any registered charity. Google
search “CRA charities”
to get there. For further certainty, you can
also include the charity’s
address or BN number.
Usually the best way to
give to charity by Will is
to name a specific charity
and a specific amount or
percentage of the residue
of your estate.
Some Will-makers prefer to let their executor
choose the charity, or
decide what amount to
give, or both. However,
oddly enough, the Canada Revenue Agency may
determine that this gift
was actually made by the
estate instead of directly
from the Will-maker. In
these scenarios, the charitable tax receipt cannot be
used to offset the sometimes huge tax bill levied
upon death, and may only
be used by the executor to
offset the often-smaller
estate tax bill.
Giving to charity in your
Will can be a great way to
offset taxes and to benefit
society. With careful and
precise drafting, you will
ensure that your gift is
well-received.
Give the
Gift of the
Future
A legacy gift
to the B.C. Wildlife
Federation allows you to contribute to a
sustainable future through conservation and
rehabilitation of B.C.’s precious fish and wildlife
habitats and ecosystems.
Plan your giving with this much passion.
At the Jewish Community Foundation, we understand that
there are certain causes—whether it’s your alma mater or
your favourite performing arts, healthcare, or community
organization—that make your heart truly sing. We encourage
you to give according to your deepest passions. We can help
you plan your giving to ensure that the charities you find
most uplifting will continue to soar for many years to come.
Let’s plan on it. Isn’t it time we had a conversation?
Help us protect, enhance and promote the wise
use of the environment for present and future
generations.
Contact us today to leave
your conservation legacy!
BCWF Development Coordinator
1-888-881-2293 ext. 223
[email protected]
www.bcwf.bc.ca
Registered Charity # 11880 1315 RR0001
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E8
|| advertisement
BREAKING NEWS: VANCOUVERSUN.COM
| WEdNESdAy, ApRIl 29, 2015
Make a Difference in the Lives that Follow
How to reduce taxes on your final tax return
john pin
Senior Manager, eState Planning
SoluS truSt CoMPany
Benjamin Franklin said
“Certainty? In this world
nothing is certain but
death and taxes.” Unfortunately, the income tax
rules bring these two
events together, often
resulting in a huge financial hit for an estate and a
financial windfall for the
Canada Revenue Agency.
However, an estate plan
that provides for a charitable gift can result in a
significant reduction in
the amount of tax that is
owed at one’s death.
The most income tax
a person will pay is often
not paid by themselves
during their lifetime, but
instead is paid by their
executor on their final tax
return. Under the Income
Tax Act, an individual is
deemed to have disposed
of all their assets at fair
market value at their date
of death. There could be
significant capital gains to
report on their real estate
(excluding their principal residence which is tax
exempt), stocks, marketable bonds, and personal
items such as paintings,
jewellery, and antiques.
There is also the deemed
income inclusion at fair
market value of one’s
registered plans (RRSP,
RRIF) on this final tax
return.
The only exclusion to
this triggering date of
death tax rule is when the
assets or registered plans
are distributed to the
deceased’s spouse / common-law partner. The tax
impact in this case will
be felt at the death of the
surviving spouse.
All this income and capital gains on one tax return
can result in a potentially
large tax balance due. If
we take a simple example
of an estate with the following income inclusion
on their date of death
return:
All this income and capital gains on one tax return
can result in a potentially
large tax balance due. If
we take a simple example
of an estate with the following income inclusion
on their date of death
return:
Taxable capital gain
on investment portfolio. $125,000
Taxable capital gain
on cottage $150,000
RRIF fair market
value $300,000
Regular pension
and investment
income prior to death
is $ 65,000
The tax liability
on the date of death
return would be in
excess of $250,000.
A charitable gift at
death could reduce some,
or depending on the size
of the gift, the entire tax
bill. The Income Tax Act
allows for the charitable
donations to be claimed
on the date of death
return when you make
the gift through your will.
The donation can also be
claimed if you designate
a charity to be the beneficiary of your RRSP,
RRIF or life insurance
policy. The maximum
eligible donation credit
at death is 100% of net
income (increased from
75% while living) and
excess credits can be carried back one year to the
deceased prior year tax
return. The 2014 Federal Budget has resulted
in even more flexibility
in the use of the donation credits by allowing
their use on the Estate
return(s).
A $10,000 gift produces
a tax savings of over
$4,300. A gift of $50,000
saves the estate over
$21,800. In our example,
a donation of approximately $580,000 would
be required to reduce
income tax to zero.
Having a proper estate
plan that incorporates
charitable giving can
ensure the proper matching of donations credits
to offset the large tax bill
that can result as a consequence of death.
For more information about advertising
in future LEAVE A LEGACY™ features
please call Catherine at 604.605.2676
VAN01200760_1_1
These stories were provided by Advertisers for commercial purposes. Postmedia had no
involvement in the creation of this content.
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Let saving lives and creating hope
BE YOUR LEGACY
By including the Heart and Stroke Foundation in your estate plan,
you’ll support life-saving heart disease and stroke research — and
give Canadians more time to laugh, love and live!
To start planning your Legacy Gift, call
Jane Westheuser at 1-866-473-4636 ext 8020
or visit heartandstroke.ca/legacygiving
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PROVIDING
COMPASSIONATE END OF LIFE
CARE IN OUR COMMUNITY
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Bereaved parents Greg and Karen with
son Kairo and daughter Stella Marie
YOUR LEGACY GIFT SUPPORTS OUR:
• 6 Bed Hospice Home • Home Hospice Visiting Program • Bereavement
Walking Program • Family Grief Support Program • Healing Touch Program
Gratitude
For investing in BC’s children with life-threatening
illnesses and the families who love them.
Make a Legacy Gift to Canuck Place by calling
Denise Praill at 604.646.1341.
www.canuckplace.org
FOR MORE INFORMATION, CONTACT US AT
604 737-7305 Ext 202 or [email protected]
4615 GRANVILLE ST.
(29TH & GRANVILLE)
vancouverhospice.org
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