Gift planning

The Canadian Cancer Society – Nova Scotia established the Legacy Circle to honour donors who have arranged for future gifts to the Society in their estate plans.

Membership in the Legacy Circle is a reflection of the highest values of philanthropy and commitment to our mission. This is a unique circle of friends who are fighting cancer in a very special way. Together we are building an important legacy for future generations – a world where no one fears cancer.

Our Legacy Circle is a way to express our appreciation and provide opportunities for donors to learn about the impact of the Society’s work today and our plans for tomorrow. As a member, you will be invited to the annual general meeting of the Canadian Cancer Society – Nova Scotia held every spring and receive a copy of our annual report. Throughout the year, you will receive invitations to special events and noteworthy communications about the fight against cancer.

Your name will be listed, with your approval, in the annual report. The Legacy Circle honour roll is published each year as our thank you and is a means of celebrating this unique form of giving, creating awareness and encouraging others to consider making similar planned gifts.

As a Legacy Circle member, you may also choose to share the story behind your generosity – the inspiration for your giving, why you chose the Canadian Cancer Society as your charity of choice and how you believe your gift will make a difference.

Let us know if you have already made a gift to the Canadian Cancer Society in your will. Each gift regardless of its size will make a difference. We would be honoured and pleased to include you in the Legacy Circle.

A will is the easiest and most effective means to ensure that you fully provide for your family and your assets are distributed as you wish. 

Benefits to you
A gift in your will:

• is a cost-effective way to make a substantial donation to the Canadian Cancer Society while maintaining financial security
• is a tax-effective means of supporting the Society, and your estate may claim gifts equal to 100% of your net income in the year of death and the preceding year
• can be changed if your financial situation changes
• is a lasting testimony and a way to fulfill your personal wishes for the Canadian Cancer Society

When establishing a gift in your will, it is important to use our full registered name in your bequest clause:

Canadian Cancer Society – Nova Scotia Division

5826 South Street
Halifax, NS
B3H 1S6

Our charitable registration number is 1188 29803 RR0009.

The Canadian Cancer Society would be pleased to assist you and your legal counsel by providing sample wording to ensure that we can accept your gift as you intended.

Your gift of a life insurance policy allows you to make a significant contribution in the future for a relatively modest investment today. Consider presenting a gift of an existing policy, creating a new policy or simply naming the Society as beneficiary. Each type of gift provides a different kind of tax credit, so we recommend that you work with your life insurance agent to determine what best suits your needs.

Benefits to you

• A planned gift of life insurance saves you tax dollars today. Not only is this important if you are looking for immediate tax relief, it also means that you can make sure that the tax-deductible limit is not exceeded.
• Your estate is not diminished to your heirs, because life insurance exists outside the estate settlement process.
• Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to the Canadian Cancer Society at maturity or death.
• Life insurance is not a matter of public record. You can plan, arrange and announce the gift yourself, and the gift will occur just as you planned.
• Unlike a will, the gift cannot be contested.
• Insurance allows you to make a substantial gift without taking on a large expense.

Establishing a gift of life insurance
For the cost of a monthly premium – a tax deductible expense – you can leave a major bequest to the Canadian Cancer Society.

You can donate an existing policy and receive a tax receipt for the cash surrender value and any subsequent premiums paid, simply by designating the Canadian Cancer Society – Nova Scotia as the irrevocable owner and beneficiary.

You can donate a new policy to the Canadian Cancer Society. You will receive a tax receipt for the full amount of premiums paid after the date of transfer, again by designating the Canadian Cancer Society – Nova Scotia as the irrevocable owner and beneficiary.

You can also name the Canadian Cancer Society as the beneficiary of a life insurance policy from your employer. A donations tax deduction for the estate will be available when the death benefit proceeds from the policy are paid directly to the Society.

We recommend you discuss your gift intentions with a life insurance agent to determine which type of insurance best suits your needs. When you are ready to proceed, we would be pleased to assist you in completing your gift.

In 2006, the capital gains tax was eliminated on all gifts of publicly traded securities (stocks, bonds, mutual funds, etc.) made to registered charities. This provision offers donors the opportunity to realize significant tax savings by donating securities directly to the Canadian Cancer Society.

The donation must be an in-kind transfer of the security itself, not the cash proceeds from the sale of the security. Such a transfer is easily made electronically from your investment account to the Canadian Cancer Society’s brokerage account.

Benefits to you

• Donations of appreciated publicly listed securities to the Canadian Cancer Society are exempt from capital gains tax.
• You will receive a tax receipt for the full appreciated value of your gift based on the closing trading price on the day it is received.
• Your charitable donation can be claimed up to 75% of your net income, and any unused donation amount can be carried forward over the next 5 years.
• You receive the satisfaction of contributing a significant gift to support the fight against cancer.

Establishing a gift of securities
The Canadian Cancer Society will provide you with a stock donation form and information that your broker will need to carry out the stock transfer.

You can begin the transfer process by completing the donation form and sending it to your broker. A copy should also be sent to the Canadian Cancer Society.

Your broker should provide you with an estimate of how long it will take to complete the transaction. The stock will be valued at the closing price on the date it is received in the Canadian Cancer Society’s brokerage account.

Shares received through a bequest will be receipted for the closing value on the date of death. An official receipt for income tax purposes will be issued by the Canadian Cancer Society and forwarded to you.

It is a simple process to make this kind of gift through your broker. Please contact us in advance and we will be happy to provide you with all the necessary information to facilitate the transfer.

A charitable gift annuity is a way of donating an irrevocable gift to the Canadian Cancer Society in return for guaranteed income for the rest of your life. This can also provide a substantial tax break.

A portion of your gift of at least $10,000 is invested in a gift annuity, giving you a lifetime income at a fixed rate comparable to most commercial investments. Depending on your age at the time of your gift, a substantial portion, if not all, of the annuity income is tax-free. You receive payments at your choice of intervals.

Joint annuities are available for couples, or you may purchase an annuity for another person, such as a parent or grandparent.

Benefits to you

• You can increase your current after-tax income.
• The annuity provides the security of a fixed guaranteed income.
• If you are in a high tax bracket, you can increase your tax-free income.
• A donation receipt is issued, resulting in further tax savings.

Establishing a charitable gift annuity

• Your donation to the Canadian Cancer Society of $10,000 or more is invested in a guaranteed life annuity with a major insurance company.
• A portion of the donation (20%–25%) is used by the Canadian Cancer Society immediately as you wish it to be used.
• You will receive a guaranteed lifetime income and, depending on your age (you should be 70 or older), your income will be substantially or entirely tax-free. You will also receive a tax receipt for the gift portion to the Canadian Cancer Society.
• We recommend you discuss your gift intentions with your financial, legal or tax advisor. When you are ready to proceed, we would be pleased to assist you in completing your gift.

A charitable remainder trust allows you to receive an immediate tax receipt for a gift that the Canadian Cancer Society will receive in the future. The gift, in the form of cash, stocks, bonds or real estate, is invested by your financial institution or trust company (trustee) to give you ongoing income for life from the trust. After your lifetime, the assets remaining in the trust will be used by the Canadian Cancer Society.

Benefits to you

• You receive an immediate tax receipt for the present value of the residual interest.
• You receive an annual income from the assets in the trust.
• Irrevocable trusts are not included in the value of your estate, thus avoiding probate fees.
• Gifts of appreciated property can be structured to avoid capital gains tax.

Establishing a charitable remainder trust
The trust is created by irrevocably transferring ownership of assets to a trustee (your financial institution or trust company).

A trust document is created, naming the Canadian Cancer Society as the residual beneficiary, and is signed by you and the Canadian Cancer Society.

The present value of the residual interest is determined, and the Canadian Cancer Society will issue a charitable tax receipt for this amount.

You will receive income from the trust for life or a set term of years, and upon termination, the trustee will pay out the remaining trust assets to the Canadian Cancer Society.

We recommend you discuss your gift intentions with your financial, legal or tax advisor. When you are ready to proceed, we would be pleased to work with you to develop a gift that is meaningful to you and will bring a maximum benefit to the Canadian Cancer Society.

A gift of residual interest allows you to donate an asset now (e.g. your home, work of art, vacation property) and continue to enjoy the use of it for the rest of your life. You benefit from an immediate tax savings with a charitable receipt based on the present value of the property.

Gifts can include real estate or other non-depreciating tangible assets and are gratefully accepted in accordance with Canadian Cancer Society policy.

If you have an asset that you have considered leaving to the Canadian Cancer Society in your will but would like the tax benefit now, a gift of residual interest may be your answer. It can produce large lifetime tax savings. Your donation receipt can be used to offset the taxes owing from other investments.

Benefits

• You receive an immediate tax receipt for the present value of the donated property.
• You retain the use of the property for the rest of your life.
• Gifts of appreciated property can be structured to avoid capital gains tax.

We recommend you discuss your gift intentions with your financial, legal or tax advisor. When you are ready to proceed, we would be pleased to work with you to develop a gift that is meaningful to you and will bring a maximum benefit to the Canadian Cancer Society.