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).
2. Include RPC in your will
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.