Your Guide to Legacies and Estate Planning
inside Brain Aneurysm Survivor Leaving a Legacy for All................ 3 Leaving Gifts Now and in the Future...............................8 The Cy-PrĂ¨s Doctrine: Protecting Charitable Gifts........11 A Legacy to Illustrate a Lifetime of Work...........................12 Creating a Vision of Hope for the Next Generation..............13
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a program of the canadian association of gift planners
I give to my community and with Vancouver Foundation, my giving lasts forever. 75 years ago, a single gift started Vancouver Foundation and that gift is still making a difference in the community today. We can help you create a fund that gives forever. Get started at vancouverfoundation.ca/create or call Kristin at 604.629.5186
To find your local community foundation visit communityfoundations.ca
Brain Aneurysm Survivor Leaving a Legacy for All Kathy Jenkins with the piano she learned to play as she recovered from brain surgery at VGH.
Charlene Taylor Senior Associate Director, Gift & Estate Planning VGH & UBC Hospital Foundation
In 2012, Kathy Jenkins suffered a terrifying burst brain aneurysm. It was quickly determined that she needed the kind of complex care only available at Vancouver General Hospital (VGH), and she was flown out from Vancouver Island to the mainland. VGH neurosurgeon Dr. Gary Redekop and his medical team ran a series of brain scans, assessed Kathy’s condition and performed the brain surgery that saved her life.
home I just thought, ‘We’ve got to get a will drawn up.’ Me and my husband Scott talked and decided we’re leaving our entire estate to VGH & UBC Hospital Foundation.”
“If it wasn’t for VGH I wouldn’t be here,” says Kathy. “So when we got
Kathy and Scott, who don’t have children, want to use their estate to
make a positive impact on future generations. “We have a bunch of nieces and nephews and we could divide everything up amongst them, but we felt we would accomplish a lot more by doing it this way,” says Kathy. “It just made
“Everybody at some point in their life has to have imaging,” says Kathy.
perfect sense to give back, and I don’t just mean to the hospital, I mean to everybody that’s out there.” Kathy and Scott’s future gift will specifically support imaging equipment at VGH. After
all, it was the images from her brain scans that Dr. Redekop used to save her life, so Kathy knows first-hand the importance of having the best equipment available to make lifesaving decisions.
For Kathy and Scott, leaving a legacy was as simple as drafting their wills and notifying the Foundation of their intent. A simple phone call later and their estates were ready to be disbursed when the time comes. “This is our legacy,” says Kathy. “To know that our estate will be used to help people in need is the greatest gift of all.”
1 in 3 Canadians will suffer from a brain injury or disease. We’ve assembled expert teams who have made it their mission to solve the most difficult challenges in brain health. CREATE YOUR LEGACY AND SUPPORT THE NEW FUTURE OF HEALTH CARE IN BC. vghfoundation.ca/legacy
Service Dogs On-Duty for Veterans & First Responders Who Serve tara doherty Marketing & Communication Manager Pacific Assistance Dogs (PADS)
Crippling anxiety and paralyzing fear kept Juliet, a 54-year-old retired RCMP officer, from enjoying life. After a childhood plagued by abuse and a traumatic experience as an adult where she was drugged, kidnapped, and held hostage—sexually and physically assaulted for days—Juliet was left broken and lost. In an effort to take control of these traumatic experiences and find purpose and meaning in her life, Juliet joined the RCMP. At first, her uniform made her feel safe—like Superman—even in violent or dangerous situations. Eventually, though, the trauma she faced within her work combined with her past to crack through her tough shell.
crying after call outs, loss of her sense of balance and direction, and an inability to complete tasks.
It all came to a head in 2010: Juliet zoned out while driving and when she came to, her patrol car was resting on the median of the highway. For four years, Juliet sought medical help and attempted to return to work multiple times. In 2015 she was finally diagnosed with Complex Post Traumatic Stress Disorder (C-PTSD). Juliet retired from the RCMP with 11 years and 78 days of service.
The symptoms started slowly: not sleeping, anxiety attacks, flashbacks,
Forever a place in your heart. Help end animal cruelty and comfort animals in need by becoming a FOREVER GUARDIAN. Include a gift in your will to The BC SPCA to ensure your legacy of love and care lives on.
Yolanda Benoit email@example.com 1.800.665.1868 Charitable Registration Number: 11881 9036 RR0001
Unable to trust, make connections, or often leave her house, Juliet spent most of her days alone. She could spend hours or even days in a dissociative state and was on medication for depression, insomnia, night terrors, and anxiety attacks. In 2018, Juliet found Pacific Assistance Dogs (PADS) and hope in a dog named Stark. This very special dog brought the support she so desperately needed. He
was a smart, confident old soul. Stark has had a profound impact on Juliet’s life. “Stark makes me feel safe and he is helping me recapture trust.” Stark recognizes when Juliet is feeling anxious and will prompt her to engage with him. His presence alleviates her hypervigilance and he’s a physical barrier when someone gets too close. Stark has also helped her regain an active life.
Recently, Juliet ventured out to the park for the first time in years. It was her and Stark, enjoying a beautiful fall day. “Stark provides unconditional love and support; he lets me know that I am not alone.” Behind many success stories like Juliet’s is a donor who made a gift through their estate or during their lifetime. A legacy gift can change someone’s life for the better.
GIVE A GIFT. LEAVE A LEGACY. PADS has been placing life-changing assistance dogs for over 30 years. Behind many of our success stories is a donor who, through their estate or during their lifetime, made a generous gift. Create a lasting legacy and change our clientsâ€™ lives for the better by supporting PADS today.
FOR MORE INFORMATION CONTACT US TODAY 604.527.0556 | INFO@PADS.CA | PADS.CA/LEGACY Registered Charity #: 89225 2347 RR0001
A Legacy for Future Families
David Primrose BC Children’s Hospital Foundation Donor and Previous Patient Family
On July 12, 2010, I received a call that I will never forget. My daughter Natalie, 11 at the time, was thrown from a horse and was at the Emergency at Mission Hospital. My mom didn’t know how bad it was, but she urged me to come right away. I asked to speak to my wife Cindy, but she was already in the helicopter with Natalie flying to BC Children’s Hospital. As soon as I heard the word “helicopter,” I realized how serious this was. When the horse bucked and stepped
on Natalie, she suffered multiple internal organ injuries. She spent 12 days in the pediatric intensive care unit and a total of 28 days at BC Children’s. I felt so scared to see our girl fight for her life. The hardest part was there was nothing I could do except comfort her. What comforted us was seeing the care she was
receiving and knowing there was no better place for her to be. The doctors and nurses were extremely informative and compassionate, and we were grateful to them for saving Natalie’s life. At BC Children’s, we saw other families that were worse off than we were. So we made a choice to make a difference in
Cindy and David Primrose, BC Children’s Hospital Foundation Donors and Previous Patient Family. Photo: Tina Chin
the lives of others. We hosted fundraising dinners, supported through monthly giving and then decided to leave a legacy gift. Natalie, now 20, is doing great. As she and her sister Julia grow, it gives us the opportunity to shift our estate—to leave a legacy to a place that shares our values. We want children and families to have the same comfort we did—having access to the best care possible. We talked about leaving a gift in our will for a while, but we never got around to updating it. When we
finally did, our wills were outdated and the girls were older, so it was the perfect opportunity to include BC Children’s. The process is very simple. It involved our lawyer making sure BC Children’s Hospital Foundation was written into the will the right way. It’s easy
to put off, but it’s not complicated once you do it, and we knew what we wanted to do. For us, family is important. We want people to know the difference they can make in a child’s life, like previous donors did for us, and how their legacy can create a better future.
Legacy Wild Be Be
Build a better community for future generations. A gift to Wildlife Rescue Association can be a tangible way to preserve and protect wildlife impacted by urbanization. Support the rescue and rehabilitation of urban wildlife with a legacy gift and help wildlife move beyond survival and future generations THRIVE.
Home is where the heart is. It’s where we eat, love, play, raise our families and live our lives. Everyone deserves to live in a healthy, caring, inclusive community – one that we can all feel proud of.
To learn how you can leave a gift, call: Vindi Sekhon at 604-526-2775 ext. 504 firstname.lastname@example.org • www.wildliferescue.ca
All gifts to United Way remain 100% local. This ensures that your legacy will make a difference right here at home for generations to come. Contact us today: www.uwlm.ca/planned-giving Charitable Registration No. BN108160185 RR 0001
Why Consider Alter Ego Trusts for Charitable Giving? Mary A. Richter Wills and Estates Lawyer on behalf of Leona Gonczy, Gift Planning Officer, Alzheimer Society of B.C.
As a wills and estates lawyer in Vancouver, I see an increasing number of clients diagnosed with the early stages of Alzheimer’s disease or another dementia, and their family and friends looking for strategic ideas for charitable giving. For those over age 65 years of age, an “alter ego trust” to distribute assets on death offers many advantages. Avoiding will challenges, saving probate fees and legal costs to probate a will, preserving privacy, allowing for an immediate distribution of assets to beneficiaries upon death and protection against
future creditors are just some of these advantages. An alter ego trust is created by a written agreement called a “trust agreement.” One who makes the alter ego trust is called the “settlor.” No tax is triggered when the settlor transfers assets into the trust as this trust
BREAK THE CYCLE OF HOMELESSNESS, ADDICTION AND INCARCERATION LEAVE YOUR LEGACY By supporting EFry through a donation or planned gift, you can empower marginalized women and children to reach their full potential and build positive lives in the community. Contact: Nat Weich 604-545-0928 | email@example.com www.elizabethfry.com
hese charitable T donations can offset 75% of the income earned in the settlor’s year of death, thereby reducing the tax bill payable by the trust.
receives the assets at the cost base of the settlor. The alter ego trust is similar to a will as the trust agreement sets out where the trust assets go when the settlor dies. Because the assets in an alter ego trust are not distributed by a will, the distribution can be made immediately upon the settlor’s death, cannot be challenged under the legislation which allows wills to be challenged and can be kept private. Since probate is not required, no probate fees are payable on the trust assets. When a will is probated, a copy with the names of the beneficiaries, heirs-at-law and details of assets and liabilities held
The forget-me-not flower represents dementia awareness
by the deceased all become public record. With an alter ego trust, one can keep private their assets, liabilities and how they want to distribute their assets upon their death. Tax is triggered on the trust assets when the settlor dies, and the alter ego trust is taxed at the highest marginal tax rate. Therefore, there can be significant tax advantages of including provisions in the trust agreement empowering the trustee on the settlor’s
death to make charitable donations from the trust assets. These charitable donations can offset 75% of the income earned in the settlor’s year of death, thereby reducing the tax bill payable by the trust. When considering an alter ego trust to donate to the Alzheimer Society of B.C. or another charity, we encourage you to consult with a legal advisor. This article presents general information only. Contact your own advisor for specific advice about your circumstances.
Leaving Gifts Now and in the Future Deb Kennedy Director of Marketing & Development The Nature Trust of BC
I have had the privilege of getting to know some amazing people who share a passion for nature and wish to leave a lasting legacy to The Nature Trust of BC. One such person was Fritz Durst, who was born in Switzerland and immigrated to Canada as a young man. Despite a steady loss of vision, Fritz attended the University of British Columbia. He had the help of a lady who used to read to him and she told him about The
Nature Trust of BC. Fritz graduated with a Bachelor of Arts and went on to a successful career as a radiology technician. By middle age he was totally blind but continued to hike in the local mountains with friends, listening to the birds and enjoying nature.
Through the years, Fritz supported The Nature Trust of BC. We would meet to celebrate his birthday and catch up on our land conservation work in British Columbia. Fritz had advisors who provided estate planning. He worked with them to name The Nature Trust of British Columbia as his beneficiary in his will and he also donated a major gift during his lifetime.
Writing a will is one of the most important things you can do. A will outlines who will manage your estate after you die and how you would like your assets disbursed to family, friends and charities. A will is important because it allows your legacy to live on and reflect your personal values and interests. Yet only 55% of Canadians have a will. Without a will, the law in
Nature Trust Scout Island conservation property in Williams Lake. photo: Carleton MacNaughton
A Gift for the Future of Young People Celia Campos Manager, Planned Giving Covenant House Vancouver
“I can’t change what happened in the past, but this bequest will affect the lives of young people in the future. That’s important to me.” Despite living at home with a loving mother, Kathryn committed suicide when she was just 15 years old, after years of struggling with mental health issues. Her mother Gail WitwerWalter remembers that time 25 years ago like it was yesterday “I was horrified when it happened. As a
here are a T number of different types of charitable bequests that can be included in your estate plans...
parent, you never expect to outlive your children. A single mom at the time, I felt like my support system wasn’t as strong as it could be, so this was a particularly hard thing for me to deal with.”
to commemorate the life of her daughter. “I can’t change what happened in the past, but this bequest will affect the lives of young people in the future. That’s important to me.”
Gail chose to include a bequest in her will to Covenant House Vancouver
Despite not being in a position to make a significant gift now, Gail
knows that her bequest will have a large impact on the lives of young people in the future. That is because this type of gift, a legacy gift, comes from assets rather than income. And the gift is made after an individual’s lifetime rather Kathryn & Gail Walter
Young Great Horned Owl photo: William Murdock
British Columbia says how your estate will be divided. A gift in your will combined with a major gift can offer both personal and financial benefits. With the help of an advisor, you can make a tax-effective giving plan so that your gift costs you less, which benefits your estate or provides a greater gift to a charity. From a non-tax point of view, making a gift during your lifetime
than during it. Gail also knows that her legacy, and Kathryn’s, will live on in the community.
...a residual bequest that gives all or a percentage of the remainder of your estate to the charity. There are a number of different types of charitable bequests that can be included in your estate plans, but two of the main ones are: a
in addition to a bequest may be attractive because you get to see your money being used and the charity of your choice gets to benefit immediately. When planning your estate, please ensure you consult a professional advisor and discuss any charitable wishes you may have. Like Fritz, you too can have a lasting impact on a cause that’s meaningful to you.
...a specific bequest that gives a stated gift of cash or property... residual bequest that gives all or a percentage of the remainder of your estate to the charity; and a specific bequest that gives a stated gift of cash or property (such as stocks or real estate) to the charity. Legacy giving is a tax savvy way of giving – a charitable bequest results in a receipt that can reduce the amount of tax your estate owes to the government. When you make a legacy gift to Covenant House Vancouver, you make a positive impact on the youth in our community and you send a powerful message that someone cares.
Leave your lasting legacy to nature. Imagine leaving this as your legacy.
Nature Trust Kitsumkalum Lake South property, photo by Carleton MacNaughton
Do you want to leave a legacy that really makes a difference? Then consider a planned gift in your will to The Nature Trust of BC. As a non-profit organization we’ve saved over 175,000 acres of our province’s most critical habitats. With your gift, we can protect even more of these irreplaceable treasures. Please contact us to ﬁnd out how a gift in your will can be used to preserve these special places for future generations. To learn more about us, please visit naturetrust.bc.ca or call 604.924.9771
Sue’s Story: Helping Those T She Had in Her Heart P Roch Ripley Chair Coquitlam Foundation The Coquitlam Foundation, which has existed for almost 30 years, recently received one of the largest bequests in its history. Margaret Susan Price (Sue) left nearly $800,000 to the Foundation, helping to raise the Foundation’s endowment from $3.2 million to almost $4 million. The Coquitlam Foundation is immensely grateful for Sue’s generosity and is committed to giving life to her gift, both to honour
s Sue wanted, A the income her fund generates will benefit two types of organizations. the faith she placed in the Foundation and to help those she had in her heart with her charity. Sue, who was born in New Westminster, worked at RBC in various positions for most of her career. She was a talented seamstress who enjoyed
baking and cooking. Sue had two cats, Syndi and Charli. Earlier in her life she had four older cats, who passed away shortly after she lost her mother, which was an emotionally difficult time for her. It was her experience with cats, and older cats in particular, which informed her understanding of how cats can provide companionship for seniors, that led to her bequest and the consequent establishing of the Margaret Susan Price Fund. As Sue wanted, the income her fund generates will benefit two
“BCIT HELPED ME TO GROW IN WAYS I’VE NEVER IMAGINED.” Kayla Di Bauda BCIT Nursing Student
— LEAVING A LEGACY FOR A COMPLEX WORLD. Help students like Kayla develop the skills they need to grow. Contact Kimberly Harmsen at 604.451.6902 or firstname.lastname@example.org
BCIT SPECIALTY NURSING SIMULATION LAB
e at the W Coquitlam Foundation are humbled by Sue’s gift, and look forward to working for her in the years to come. types of organizations. She’ll be helping organizations that rescue, rehabilitate and/or find adoptive homes for cats, with an emphasis on placing adult/senior cats and following up on placed cats in Coquitlam and neighbouring municipalities.
Her generosity will also support organizations that foster cats to live out their senior years with willing and able seniors. These can include programs that provide boarding for cats in the event of holiday or travel plans and cover all vet bills including transportation to and from pet-related appointments.
ommunity C foundations can help people like Sue leave a powerful legacy.
Assuming a reasonable rate of return, Sue’s gift will allow the Foundation to donate thousands of dollars annually, in perpetuity, to charities that support her vision. Community foundations can help people like Sue leave a powerful legacy. With a bequest, people can realize a tax benefit in addition to the reward inherent in giving.
I t b t
D o d t “ c “We at the Coquitlam o Foundation are humbled s by Sue’s gift, and look “ forward to working for w her in the years to come,” o says Roch Ripley, the o Foundation’s Chair. s
Clark Wilson, LLP
The Cy-Près Doctrine: Protecting Charitable Gifts Aaron Pearl tep Associate, Estate & Trusts Clark Wilson LLP
In some cases, a gift to a charity provided through a will becomes impossible to fulfill because the charity no longer exists after the will-maker’s death. Due to the importance of charitable giving, a doctrine has arisen in the common law, called “cy-près” which allows courts to alter the terms of a charitable bequest in situations where there is a “general charitable intent” which cannot be carried out due to “impossibility” or “impracticability.” In such circumstances, the
court can make an order to apply the property in a way as close as possible to the charitable intent of the will-maker. Of course, the interpretations of the above noted terms, which inform whether the court can perform this function, are crucial. The “cy-près” concept is well illustrated in the
...“cy-près” which allows courts to alter the terms of a charitable bequest... British Columbia Supreme Court case of Eberwein Estate v Saleem, 2012 BCSC 250. In this case, a bequest in a will was made
to a charity called “Aid to Animals in Distress,” a charity to which the willmaker had gifted various amounts throughout her life. However, the charity ceased to exist in 2007, and the will was made in 2010. The executor went to court for directions regarding the construction of the will. The court found that the cy-près doctrine could not apply. While the will-maker had a clear fondness for animal welfare, the evidence before the court was not clear enough to show that the will-maker would have wanted money to go to another charity if this gift failed. Part of the
recision and P specificity are important to ensure that your intentions in your will are clear and possible for the executor to carry out. consideration in this case was that the will-maker had made nine separate bequests in her will to identified charities on a range of subject matters. In the circumstances, the will-maker was found to have such specificity in her will that the court
could not find a “general charitable intent” with respect to the gift. The gift lapsed and formed part of the residue of the estate. This case, aside from being an interesting read, has several important lessons for charitable giving. Precision and specificity are important to ensure that your intentions in your will are clear and possible for the executor to carry out. However, adding a clause in your will that communicates your intentions in a more general way may contribute to the survival of a gift if a charity ceases to exist at a later date.
A Legacy to Illustrate a Lifetime of Work
Patricia Pitsula exploring Lynn Canyon
Patricia Pitsula Ecojustice Legacy Supporter
For as long as I can remember, my family would spend every summer at my grandmother’s farm in Northern Saskatchewan. My fondest memories are like a series of vignettes: an abundance of wild berries, intense heat and blue skies, the exhilarating movement and sound of the trees in response to the prairie winds, the birds and wildlife that shared the land, dark purple thunderclouds rolling towards the farm from several miles away and hundreds of crows flying
in unison. What I did not appreciate until much later in my adult life was how much it meant to me to protect nature, through a legacy to Ecojustice, so that those precious childhood moments could be preserved for future generations. I first became aware of Ecojustice, then known as Sierra Legal Defence Fund (SLDF), in 1990 in
my capacity as Program Director of The Law Foundation of BC – one of the first funders of Ecojustice. The creation of a charity that used the principled approach of the law to resolve environmental disputes was timely. Even then, Ecojustice impressed me with its ‘get up and go’ approach, which included a commitment to raising funds from individual
Canadians to maintain its strong independence and ability to respond quickly to the most urgent environmental issues of our time. Leaving a gift in my will is my way of making sense of a lifetime of work. Throughout my career, I saw the value that substantial and assured funding has on not-forprofit groups, rather than constantly being in the churn of fundraising from multiple sources. Not having to unduly worry about future support
W a allows a group’s board, staff and volunteers to focus on the mandate and fulfill their strategic visions for addressing systemic barriers to social and environmental justice. The choice to leave a legacy gift to Ecojustice is also very personal. It feels right to me, probably because of my treasured childhood memories. My parents had a record
A player which we would use d to listen to President John a F. Kennedy’s speeches. On w June 10, 1963, he told a m graduating class that it was i important not to be blind to the differences among I us, but added, “In the final T a analysis, our most basic O common link is that we r inhabit this small planet. f We all breathe the same air. H We all cherish our children. T And we are all mortal.” d
Help build the case for a better earth. Leave a Legacy of Life-Long Friendships
Ecojustice uses the power of the law to defend nature, combat climate change, and fight for a healthy environment for all.
Incorporating Big Brothers into your legacy plan is a lasting statement of your generosity and kindness – that you believe in a future where children and youth are empowered to achieve their full potential, creating a legacy of life-long friendships for generations to come.
To speak to us personally and confidentially about legacy giving, please contact: Valerie Lambert | Executive Director 604.876.2447 x223 or email@example.com Learn More: BigBrothersVancouver.com
Every light brings joy Light a life this holiday season for Canuck Place children, like baby Roz. A gift in your will helps Canuck Place Children’s Hospice care for children with life-threatening illnesses and the families who love them.
After your loved ones are provided for, please consider leaving a legacy that will safeguard our environment for future generations.
MIKHAEL BORNSTEIN 1.800.926.7744 ext.535 MBORNSTEIN@ecojuStice.cA
For information on legacy giving contact Robert at firstname.lastname@example.org or 604-730-3310
Canuck Place child, Roz photo by Dani Photography
Creating a Vision of Hope for the Next Generation Andrea Tang Manager, Philanthropic Relations The Terry Fox Foundation
We all have a story to tell and a legacy to leave. Although we have different dreams and aspirations, most of us want to know that we’ve made a meaningful impact in some way. In 1980, 21-year-old Terry Fox dipped his artificial leg in the Atlantic Ocean with the dream of raising a million dollars for cancer research. Humble but determined, Terry wanted to make a difference in the lives of
cancer patients. On April 26th, 1980 – Day 15 of his Marathon of Hope and 337 miles in at South Brook Junction – Terry wrote: “Today we got up at 4:00 am. As usual, it was tough. If I died, I would die happy because I was doing what I wanted to do. How many people could say that? I went out and did fifteen push-ups in the road and took off. I want to set an example that will never be forgotten.”
After 143 days and 3,339 miles, Terry was forced to stop running outside of Thunder Bay. Before returning to BC for treatment Terry said, “I’m going to do my very best. I’ll fight. I promise I won’t give up.”
e is the H ultimate example that we can continue to make a difference long after we are gone.
oday we got up at 4:00 am. T As usual, it was tough. If I died, I would die happy because I was doing what I wanted to do. How many people could say that? I went out and did fifteen push-ups in the road and took off. I want to set an example that will never be forgotten. Determined to take himself to the limit for his cause he set out on an improbable journey. Terry’s legacy is one of hope and courage. He is the ultimate example that we can continue to make a difference long after we are gone. That one person can make a difference.
What will your legacy be? What do you want to leave the world with after you are gone? Everyone wants to leave a legacy, something they will be remembered for. While many people don’t think of themselves as having the means to
TFF_Leave a Legacy Ad_1910_V2_PRINT.pdf
Leaving a gift in your will to Ronald McDonald House BC & Yukon will provide accommodation and a community of support for 2,000 families with seriously ill children each year at our 73 room house.
Contact us for information: 604-736-2957 email@example.com www.rmhbc.ca
make a difference, a gift through a will often allows individuals to leave a larger gift than would be possible in their lifetime. Today, cancer outcomes are better than ever, but there’s still a ways to go. Leaving a gift in your will is a powerful, generous, and surprisingly simple act to create a vision of hope for the next generation. A legacy gift is a gift with lasting meaning. How do you want to change the future?
Planning for Loved Ones with Disabilities Dave Lee cim, cfp, fcsi Senior Wealth Advisor Scotia Wealth Management
If you have loved ones who are among the 1.3 million Canadians who qualify for a Registered Disability Savings Plan (RDSP), you may want to consider whether they have an active RDSP and whether your estate plans are aligned to make optimal use of this benefit. In British Columbia, the government fully exempts RDSPs when calculating an individual’s eligibility for provincial disability assistance.
Parents or grandparents of a financially dependent child or grandchild can arrange for some or all of their RRSP or RRIF to be rolled over to their
child or grandchild’s RDSP when they pass away. The rollover amount, plus any contributions made to the RDSP prior to the rollover, cannot exceed $200,000. Government grants, called Canada Disability Savings Grants (CDSGs) are more generous than most people realize. The first $500 contributed is matched at 300% and the next $1,000 is matched at 200%. This means a $1,500 annual contribution will provide $3,500 of grants each year. It would take 20 years of making $1,500 contributions to reach the lifetime maximum of
$70,000 in grant money, at a total cost of $30,000. For those with family incomes above $95,259, the grant amount is reduced. When family income is below $31,121, another $1,000 is available even if no contribution is made to the plan. Since RDSPs have a lifetime contribution limit of $200,000, it may be optimal to limit RRSP/RRIF rollovers to $170,000 to ensure the 300% and 200% matching grants continue to be available in the future. It is also worth knowing that you can reach back up to 10 years to claim
unused matching grants. When doing so, a maximum of $10,500 in grants can be received each year. A client of mine, we’ll call her Kathryn, recently opened an RDSP. In her case, a $3,500 contribution this year provided $10,500 in grant money. Kathryn will continue to catch up on $10,500 of grants per year until 2023, and then she will continue on the path of making $1,500 contributions that provide $3,500 in grants.
If I could encourage one idea regarding RDSPs to become more widespread, it would be that you do not need to become an expert in RDSPs to benefit from them. You just need to work with a knowledgeable wealth advisor who can guide you through the process and explain the parts that are relevant to you or your loved one. This is for informational purposes only and is not intended as advice. Please contact your financial advisor for further information.
There is a Planned Gift Vehicle to Suit Everyone Kristine Love Senior Trust Officer Solus Trust Company Limited
It doesn’t really matter how much wealth you have accumulated in your life.
Each of us have different motivations and goals, and goals change over our lifetimes. Consider these donors’ circumstances and desires:
Kay has switched jobs and has elected to transfer her pension plan funds out. She cannot shelter 100% of them, so she stands to pay a significant amount of tax this year.
Bea’s parents have both recently passed away and she has received an inheritance. She feels now she can afford to make larger gifts to her favourite charity, but she feels that she should include the charities that her parents supported. Gary was enrolled in a share purchase plan at Big Bank where he worked
for many years. Retired now, the shares have been moved into a self-directed trading account and continue to increase by the reinvested dividends. All three have been inspired to give by a presentation from one of their favourite charities. Initially, they don’t think they can give very much; however, their financial advisors show them how to maximize their gifts. assumptions: The tax rate
for everyone is 50%. This is not their only charitable gift, so 100% of this gift receives a tax credit of 50%.
Kay Gift of cash to offset pension payment Amount $10,000 cash of gift
Bea Inheritance from parents
Gary Publicly traded securities
$10,000 cash to establish $10,000 fair market value a Donor Advised Fund of 200 shares of Big Bank
T ax payable $5,000 $5,000 without gift
$2,000 tax on capital gains of $8,000
Calculation $5,000 tax on of tax income inclusion of $10,000 pension lump sum payment
$5,000 tax on income inclusion of $10,000 on the income earned in the estates and allocated to her
$2,000 tax on income inclusion of $4,000
Amount of Charitable tax credit Charitable tax credit Zero tax on capital gains tax savings on $10,000 gift on $10,000 gift means $2,000 savings if gift made is $5,000 is $5,000 Charitable tax credit on $10,000 gift is $5,000 total: $7,000 Net cost of gift
total gift: $10,000
total gift: $10,000
net cost: $5,000
net cost: $5,000
net cost: $3,000
tax savings: $5,000
tax savings: $5,000
Future gifts Donor Advised Funds distribute income annually to one or more charities, allowing Bea to support both her charities and her parents’ charities
tax savings: $7,000
A Passionate Pioneer Leaves a Legacy Jim Bindon Director of Philanthropy Peace Arch Hospital Foundation
Ellen Kennett grew up on a farm in Cloverdale when roads were gravel, phones were scarce, neighbours knew and helped each other through good times and bad — and the closest hospitals were in New Westminster.
In 1948 when the White Rock Hospital Society formed to build a hospital, the close-knit community rolled up their collective sleeves and got to work. Their ambitious fundraising goal was $150,000 – at the
time, a staggering amount. “It was one third the cost of the hospital,” Ellen recalls, “and a requirement of the provincial government.” When the White Rock District Hospital opened
in 1954, Ellen remembers a feeling of real ownership of that first little hospital, and one she has taken to heart ever since. In the 1960s Ellen volunteered with the Hospital Auxiliary’s Hilltop Group, of which she was President for several terms, then Vice-President of the main Auxiliary followed by President for four years – which also made her a voting member of the Peace Arch Hospital Board. She became Chair of the Hospital Board in the mid-80s until the government disbanded hospital boards, and then
she led the transition to the Peace Arch District Hospital Foundation. “We sought as much continuity as possible, and to maintain control over our fundraising dollars and how they would be spent.” Like her community neighbours, Ellen and her husband Howard – who share a blended family of 10 children – have appreciated a good hospital close to home. Seven of their children were born at Peace Arch Hospital and, over the years, they have relied on treatment for appendix surgery, tonsillectomies and fractured collarbones.
Passionate pioneer Ellen Kennett and her husband Howard leave a legacy at Peace Arch Hospital.
As she thinks about the early pioneers who made the hospital a reality, and those who continue to ensure it offers quality care, she knows the tradition must continue. Grateful for the care her family has received over the years, she and Howard have confirmed a gift in their wills for Peace Arch Hospital.
“We wanted to do this,” Ellen said. “Our children are educated and looked after, and while we are not a wealthy family, we know that no matter what the gift is, it will make a difference. It’s a good feeling and it’s so easy to do.” “Every family, young and old, needs Peace Arch Hospital.”
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Be Inspired, Help Save a Life, Leave a Legacy at the Sunshine Coast Community Foundation and this fund can accept gifts in wills.
Trevor Lavender President Gibsons Marine Rescue Society (GMRS)
When I retired in late 2013 and moved to the Sunshine Coast, I was introduced to the allvolunteer team of men and women of Royal Canadian Marine Search and Rescue, Station 14, Gibsons. When I realised that it is mostly donor funded, it incentivised me to do something to help and to give back to the community. Too old to start training on the water, I turned to the station’s fundraising charity arm, Gibsons Marine Rescue
Society (GMRS), where I am currently President. I was surprised to learn that all three search and rescue stations on the Sunshine Coast rely mostly on donations to support their operations. From our station in
On a mission
Gibsons to Station 12 at Halfmoon Bay to Station 61 at Pender Harbour, volunteers are on duty 24/7 every day of the year, in fair weather and foul. Between donors and volunteers, the safety of everyone out on the water really is in the hands of the community.
When I joined the Gibsons Marine Rescue Society, I was pleased to learn that donors are making future gifts to support marine rescue on the Sunshine Coast. The three societies that support our rescue stations worked together to set up a fund
Beyond the satisfaction of knowing you are helping your community, if you make a charitable gift in your will, your estate will receive a tax receipt that may be used to reduce taxes owing. To find out more about how to arrange a legacy gift,
o matter how N large or small, your legacy gift will make a difference.
contact your legal and financial advisors. My wife and I have regularly updated our wills as time and circumstances dictate, and leaving a legacy is certainly something on the agenda. There is nothing better than giving to a cause that you care about, whether it’s providing training and lifesaving equipment to rescuers or helping out another cause you believe in. No matter how large or small, your legacy gift will make a difference. Your legacy is a lifeline for organizations like ours.
Three Steps to Giving Jeremy Wong Estate Planning Lawyer Westcoast Wills & Estates
Leaving a legacy allows you to make your mark on this world but with the growing number of charities and the varying methods of giving, where do you start?
STEP 1: Determine what is important to you
Make a list of charities based on your values and conduct some research to learn more about them. An important resource is the Canada Revenue Agency charities list. This website provides detailed information on all registered charities in
ake a list of M charities based on your values and conduct some research to learn more about them. Canada, including their annual financial returns. Important questions to ask while examining this information include: How does this charity impact the community? What
type of programs does this charity operate? What percentage of my donation goes towards funding the programs that are important to me?
STEP 2: Determine what you would like to donate The type of asset given to a charity can be crucial. For example, will-makers and executors may want to consider gifting
person’s will A is a common method of giving gifts to charities and will be enough for many people. shares in publicly traded corporations rather than cash to take advantage of the preferential tax treatment. Where shares are donated, capital gains associated with the shares may be minimized to 0% if gifted appropriately. In order to carry out this type of planning though, it is important that your executor is given the appropriate powers to gift assets “in kind” within the will. Additionally, you
may also want to have a conversation with the charity about how they will use the asset you are thinking of giving. For example, does the charity have a need for a piece of real estate or would it be more beneficial to them if they were simply given liquid assets towards their mission?
STEP 3: Determine how you would like to leave your legacy A person’s will is a common method of giving gifts to charities and will be enough for many people. It is important however, to consult an estate planning professional to ensure
that you do not succumb to some common pitfalls when making gifts within a will, such as failing to accurately and sufficiently identify a charity. If you are struggling with step 1, you may want to consider alternate ways of giving, such as a Donor Advised Fund (DAF). A DAF allows you to provide money immediately (with the benefit of an immediate tax receipt) or at death to a charitable foundation but allows you to amend the charities or charitable purpose of this fund in the future, making it a flexible tool to carry out your wishes. Speak with an estate planning professional today to plan your legacy.
What if you could live forever?
However, as many Canadians have already discovered, there is a way for your values, priorities and passions to continue on far beyond your lifetime. And that’s why almost 2 million Canadians have chosen to make a gift to charity in their will. You might only have one lifetime to live, but your reach can extend far beyond that. For me, that’s incredibly inspiring.
It excites me to know that this passion can outlast me, and that this vital work will continue. I find it incredibly gratifying to think that generations of women will live healthier, better lives because of me. We all have causes near and dear to our hearts. If you haven’t thought about leaving a gift in your will, I encourage you to take the time to look into it. What you discover might surprise you.
ou might Y only have one lifetime to live, but your reach can extend far beyond that.
How do you save a life? Exceptional care. Exceptional gifts. Inspire lifelong learning. Support challenging ideas. Grow fresh perspectives. For generations to come.
Include a gift in your will to Royal Columbian Hospital Foundation and ensure exceptional care for generations to come.
Knowledge Network is your commercial-free home for intelligent programming. For more information on giving to Knowledge:
Donna Robinson 1.877.456.6988 knowledge.ca/legacy
In fact, many people find they can have a greater impact with a gift in their will than they ever could during their lifetime. Often,
I n fact, many people find they can have a greater impact with a gift in their will than they ever could during their lifetime.
ACCREDITED SINCE 2018
The cause I care most about is women’s health. I’m passionate about improving the quality of life and potential of all women. Because I know when a woman flourishes, so too will a family, a community and entire societies. Supporting women’s health has a beautiful, exponential ripple effect.
here is a way T for your values, priorities and passions to continue on far beyond your lifetime.
It’s certainly an interesting question and one I’ve spent some time thinking about. But the truth is, unless science makes some astonishing advances in the next few years, none of us will live forever... at least not in the traditional sense.
We might not be able to live forever, but we can shape the world we want to leave behind. For me, this means creating a world of healthy women everywhere, capable of anything. I encourage you to think about what is important to you, and then create a legacy that will last forever.
What if you could live forever? What would you do if there was no limit to your lifetime? What would you accomplish? Learn? Experience?
we overlook assets like investments, real estate and savings when we think about how much money we have. Your impact could be greater than you think!
STRONG C HA
Beth Ann Locke Chief Development Officer BC Women’s Health Foundation
LEAVE A LEGACY™ is a national, community-based public awareness campaign that encourages people to leave a gift through their will or another planned giving vehicle to a charity that is meaningful to them. Supporters of local LEAVE A LEGACY™ programs include charitable organizations, professional estate and financial organizations, financial institutions, community foundations, other local funders and the media.
A Message from the Chairs Aimée Lindenberger Co-Chair Canadian Association of Gift Planners Greater Vancouver Chapter
How do you wish to have a positive impact in the world? Every one of us has an influence on the world: sharing traditions and values with children or grandchildren, helping in our community, creating a business and aiming to make the world a better place through charitable giving. And you may have ideas for how you wish to have a greater and lasting impact in the world. But, like many of us, you aren’t quite sure how to achieve these goals.
You can make a difference in the years to come with your legacy. One way to have an impact that lasts, an impact that will make a statement about who you are and what is important to you in this world, is to create a charitable gift in your will or estate plan. No need to be nervous if this seems like a daunting task. As these stories show us, it is about following your heart and fulfilling your vision — and there are a lot of people in our
Jane Westheuser Co-Chair Canadian Association of Gift Planners Greater Vancouver Chapter community who can help ensure your legacy comes to life as you intend.
Legacies can be large or small – and every single one matters Creating a legacy gift isn’t just for the well-known philanthropists of the world. It doesn’t mean you have a lot of money or assets. It is for people like you and me, who may not be able to donate a lot in our lifetime, but who can remember our favourite charity in our future plans.
Will you remember me? Be a celebrated guardian of Canadian wildlife. We have a special title for those who name us in their will or estate plans: Wilderness Guardians. But we can only give benefits if you let us know your intent. Join today. Notify us. See the benefits.* *Benefits: personalized updates, guided field trips and more...
Learn more at: WildernessCommittee.org/legacy
Michelle Johnson Victoria (250) 388-9292 Vancouver (778) 708-9179
46 E. 6th Avenue Vancouver, BC V5T 1J4 1-800-661-9453 (toll free) email@example.com
ou’ll see Y ordinary people creating a lasting impact through charitable giving. What can you do? First, enjoy these stories of British Columbians who are making a difference in their communities and around the world. You’ll hear how they’ve put their generosity into action to ensure that the things
Mike Todd Chair Leave a Legacy Committee Greater Vancouver that are important to them are going strong in the future. You’ll see ordinary people creating a lasting impact through charitable giving. Then, if you’re feeling inspired, reach out to your financial and legal advisors to learn more about the best ways to have the impact you desire. If you don’t have a financial or legal advisor? Reach out to one of our Leave a Legacy™ partners to get started. We hope you enjoy this year’s selection of
stories that showcase the power of creating a legacy with a charitable giving plan.
each out R to your financial and legal advisors to learn more about the best ways to have the impact you desire. More resources are available on the LEAVE A LEGACY™ Vancouver website: LeaveALegacyVancouver.com
Leave a Legacy™
Partnership List 2019 Further information on the leave a legacy™ program can be obtained by visiting the leave a legacy™ Greater Vancouver website at leavealegacyvancouver.com or by emailing firstname.lastname@example.org.
Langley Memorial Hospital Foundation Lisa Rosales email@example.com lmhfoundation.com
Information on how your organization can become a leave a legacy™ Greater Vancouver Partner can be obtained by emailing firstname.lastname@example.org.
The Nature Trust of British Columbia Deb Kennedy email@example.com naturetrust.bc.ca
ALS Society of BC Rena Mendoza firstname.lastname@example.org alsbc.ca Alzheimer Society of B.C. Leona Gonczy LGonczy@alzheimerbc.org alzheimer.ca/en/bc Arthritis Research Canada Patti Nakatsu email@example.com arthritisresearch.ca BC & Alberta Guide Dogs William Thornton firstname.lastname@example.org bcandalbertaguidedogs.com BC Cancer Foundation Kelly Sodtka email@example.com bccancerfoundation.com BC Children’s Hospital Foundation Hilary Beard firstname.lastname@example.org bcchf.ca BC Women’s Health Foundation Beth Ann Locke email@example.com bcwomensfoundation.org BCIT Foundation Kimberly Harmsen firstname.lastname@example.org bcit.ca/foundation Big Brothers of Greater Vancouver Foundation Valerie Lambert email@example.com bigbrothersvancouver.com British Columbia Society for the Prevention of Cruelty to Animals Yolanda Benoit firstname.lastname@example.org spca.bc.ca Canadian Cancer Society, B.C. and Yukon Janice Williams email@example.com cancer.ca
Canuck Place Children`s Hospice Robert Hamanishi firstname.lastname@example.org canuckplace.org Clark Wilson LLP Raman Johal RJohal@cwilson.com cwilson.com Coquitlam Foundation Roch Ripley email@example.com coquitlamfoundation.com Covenant House Vancouver Celia Campos firstname.lastname@example.org covenanthousebc.org Crossroads Hospice Society Anna Wilczewski email@example.com crossroadshospice.org Ecojustice Canada Society Huda Al-Saedy firstname.lastname@example.org ecojustice.ca Gibsons Marine Rescue Society Trevor Lavender email@example.com gibsons: rcmsar14.ca halfmoon bay: rcmsar12.org pender harbour: facebook.com/rcmsar61
Pacific Assistance Dogs Society (PADS) Laura Watamanuk firstname.lastname@example.org pads.ca Peace Arch Hospital Foundation Jim Bindon email@example.com pahfoundation.ca
Spina Bifida and Hydrocephalus Association of British Columbia Pauline Dooley firstname.lastname@example.org sbhabc.org
St. Paul’s Foundation of Vancouver Karen Brown KBrown@providencehealth.bc.ca helpstpauls.com Surrey Hospital Foundation Yolanda Bouwman Yolanda.Bouwman@fraserhealth.ca surreyhospitalfoundation.com The Terry Fox Foundation Andrea Tang Andrea.Tang@terryfox.org terryfox.org
Public Guardian and Trustee of British Columbia Bryce Somerville email@example.com trustee.bc.ca
Union Gospel Mission Keisha Knight firstname.lastname@example.org ugm.ca
Queen’s Park Healthcare Foundation Lizz Kelly email@example.com qphf.org
United Way of the Lower Mainland Adrian Cheng firstname.lastname@example.org uwlm.ca
Ronald McDonald House BC and Yukon Shannon Kidd email@example.com rmhbc.ca
Vancouver Foundation Calvin Fong firstname.lastname@example.org vancouverfoundation.ca
Royal Columbian Hospital Foundation Catherine Cornish email@example.com rchfoundation.com
Variety – The Children’s Charity of BC Jennifer Shang Jennifer.Shang@variety.bc.ca variety.bc.ca
Scotia Wealth Management Dave Lee firstname.lastname@example.org dave-lee.ca
VGH & UBC Hospital Foundation Charlene Taylor email@example.com vghfoundation.ca
H.R. MacMillan Space Centre Raylene Marchand firstname.lastname@example.org spacecentre.ca
Seniors Services Society Brian Dodd email@example.com seniorsservicessociety.ca
Junior Achievement of British Columbia Nancy Cardozo firstname.lastname@example.org jabc.ca
Solus Trust Company Limited Mark Oldham email@example.com solustrust.com
Knowledge Network Corporation Donna Robinson firstname.lastname@example.org knowledge.ca
Sources Community Resources Foundation Tiffany Kwong email@example.com sourcesbc.ca
West End Seniors’ Network Society (WESN) Anthony Kupferschmidt firstname.lastname@example.org wesn.ca Westcoast Wills & Estates Mike Beishuizen email@example.com westcoastwills.com Wilderness Committee Michelle Johnson firstname.lastname@example.org wildernesscommittee.org