We all want to see an end to cancer. Imagine if ... future generations never feared cancer. Imagine if ... your gift helped make it happen.
You have provided for your family and other loved ones. Now may be the perfect time to establish your legacy to the fight against cancer.
Resources
Legacy Society News
Legacy Society News June 2013
Personal Estate & Will Planning Guide
Estate Tax Eliminator Clause
This unique clause ensures that your Will donates just enough to eliminate your estate taxes, but not more. It can protect your estate from taxation without unduly impacting your other beneficiaries.
Bequests
Planning your estate? After you have provided for your family and other loved ones, please remember the Canadian Cancer Society in your Will.
View some Sample Will Clauses.
Please tell us about your future legacy
Life Insurance Gifts
Would you be surprised to know that you have the potential to personally fund a cancer research project for a year? How can you do this?
Your regular monthly donation could be used to purchase a life insurance policy which you would then donate. In the future, this would create a significantly larger gift.
On the chart below, the dotted lines represent the accumulation of monthly gifts. The solid lines of corresponding color represent the value of life insurance policies at age 80 if the monthly gifts were spent on insurance premiums instead.
The 30 year old donor in green - gives $68/month for 15 years. The total accumulation of these donations is $7,600. If that $68/month was spent on an insurance premium instead, the gift would be worth $110,000 at age 80!
The 45 year old donor in red - gives $87/month for 15 years. The total accumulation of these donations is $9,526. If that $87/month was spent on an insurance premium instead, the gift would be worth $73,800 at age 80!
The 60 year old donor in blue - gives $102/month for 15 years. The total accumulation of these donations is $11,046. If that $102/month was spent on an insurance premium instead, the gift would be worth $40,500 at age 80!
By taking out a new life insurance policy and naming the Canadian Cancer Society as the owner and beneficiary, you would receive tax receipts for the monthly premiums you pay.
The accumulated donations are net amounts after Charitable Tax Credits of 43.7%. Life insurance figures are examples only and will vary by individual. Life insurance products provided by your financial advisor, or the Canadian Cancer Society can recommend an advisor if required.
*Examples are available for ages 25-75. Contact us for more information.
This information should not be construed as financial advice. Every person’s situation is unique, and we recommend that everyone discuss gift intentions with their financial, legal and tax advisor(s).
Michael Etherington, legacy donor
When we asked Mike why he decided to create a legacy gift to the fight against cancer, he replied, “I lost a cousin to cancer when he was only 9. It felt awfully unfair. What did he do to deserve such a short life? He was so young and didn't even have a chance to live his life. Then my dad got cancer – twice. It was very scary. I am so close with my father and it made me realize that life is so precious and can be taken away from us in the blink of eye.”
I think it always feels great to give back and support important causes that are affecting so many lives. To know that my donations will make such an impact is very exciting. We need more healthy people to create legacy plans of their own to not only help the people that are struggling with this terrible disease today, but also for those people who will be diagnosed with cancer tomorrow.”
We also wanted to know why he chose a gift of permanent life insurance. “It is really the best way to leave a legacy and create dollars from pennies. This way my gift is seriously magnified and will create enough capital to fund an entire research project for one full year, through an investment in the safest asset class in the history of Canada.”
About Permanent Life Insurance
Other gifts
Charitable Remainder Trusts
A charitable trust gift is designed to give you an ongoing income, immediate tax relief today, and confirms your future commitment to the fight against cancer.
You can choose to fund the trust with cash, stocks, bonds, mutual funds or real estate, and for your commitment you will get an income tax receipt based on the market value of your gift, your age and current interest rates.
You will also continue to receive income from the gift for the rest of your life (if it is an income-producing asset). Here is a real-life example of how a Charitable Remainder Trust works:
- a husband and wife, aged 84 and 91 respectively, establish a Charitable Remainder Trust with $400,000 in government bonds
- they immediately get a tax receipt of $304,500 to include in their tax returns that year
- excess tax credits from their gift can be carried forward for the next five years,
reducing or totally eliminating tax every year
- they receive $10,000/year income from their Charitable Remainder Trust for the
rest of their lives
- on their passing, the charities receive the $400,000 capital
The above is an example only as market conditions and interest rates continually change.
Gifts of Real Estate
As an owner of real estate, a donor may be looking for a simple and tax-effective exit strategy that provides income for life with peace of mind. Many donors explore the option of setting up a Charitable Remainder Trust for a real estate asset, but find that the CRT vehicle is not well-suited to real estate due to its administration costs, accounting and tax reporting requirements. Another option is to transfer real estate directly to the Canadian Cancer Society with an agreement for a portion of the proceeds to be allocated to a tax-advantaged life income plan and/or life insurance plan to replace the value of the real estate tax-free to the donor's estate.
Diversify into highly safe assets and eliminate property management hassles. Our Planned Giving Team has the expertise to handle donations of real estate.
Gifts of RRSP's, RRIF's, Tax-Free Savings Accounts, Pension Plans You can name the Society as the beneficiary of these after your passing, and thereby provide a legacy to the cancer cause without affecting your current lifestyle. Your gift may offset taxes payable by your estate.
Gifts of Oil and Gas Royalties and Mineral Rights
The Canadian Cancer Society is pleased to accept Oil and Gas Royalties and Mineral Rights. Our team has experience in determining fair market value (for which you will receive a tax receipt), and selling royalties and mineral rights in Canada
Contact us:
Mrs.Toni Andreola
Director, Planned Giving
Toll-Free: 1-800-663-2524 Ext. 7112
Direct: 604-675-7112
Email: tandreola@bc.cancer.ca
Tim Staunton
Planned Giving Officer
Toll-Free: 1-800-663-2524 Ext. 7111
Direct: 604-675-7111
Email: tstaunton@bc.cancer.ca
Larry Amstutz
Planned Giving Officer
Toll-Free: 1-800-663-2524 Ext. 7351
Direct: 604-675-7351
Email: lamstutz@bc.cancer.ca
This communication is not to be construed as financial advice. Your financial situation is unique, and we recommend that you discuss your gift intentions with your financial, legal and tax advisor (s).