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 Planned Giving

Philanthropy can transform your life from success to significance as you inspire the next generation with your spirit of giving.

DAREarts’ planned giving Legacy Circle allows you to leave a legacy and have a lasting impact on the lives of Canadian children whose futures are at risk.

Did you know that one of the easiest ways to give to DAREarts is through planned gifts?

Simply notify your financial/estate planner or lawyer that you wish to leave a gift to DAREarts.

Here are a few ways that you can maximize the impact of your gift:

  • Gift by will/bequest
  • Charitable gift annuities
  • Life insurance
  • Securities
  • Mutual funds
  • Charitable remainder trust and endowments

In addition to your philanthropic goals, a planned gift can help you achieve your tax and financial goals, allowing you to make a much larger gift than otherwise possible. If you are considering a planned gift, we strongly encourage you to seek advice from your attorney or estate planner and include your family and friends in the planning process.

Let us help you to create your legacy as both a resource for DAREarts and a source of pride for your family and generations to come.

Once you have chosen to include DAREarts as part of your legacy, please let us know. We would love the opportunity to thank you and recognize you within our Legacy Circle.

For assistance in planning your gift, please contact us at: (905) 729-0097.

Planned Giving FAQs:

HOW DOES A CHARITABLE BEQUEST (PLANNED GIFT) BENEFIT YOU?
  • It provides you with an opportunity to make a large contribution to a cause you care about, in a way that might otherwise be impossible during your lifetime.
  • Your estate will receive a donation receipt for the full value of your bequest gift. The resulting tax credits will reduce taxes owing on your final tax return. This helps increase the remaining value of your estate for your beneficiaries.
  • If you are considering a planned gift, we strongly encourage you to seek advice from your attorney or estate planner and include your family and friends in the planning process.
LEAVING A GIFT TO DAREarts IN YOUR WILL
All that’s needed to leave a legacy gift in your will is a few sentences. Here is some information that may be helpful when consulting with your lawyer or estate planner:

  • Our legal name is DAREarts Foundation Inc.
  • Our charitable registration number is 88691 7764 RR0002
  • Our address is 3042 Concession 3 Adjala, RR1 Palgrave, ON, L0N 1P0 Canada
  • Our suggested wording for a specific gift: "To give, devise, and bequeath to DAREarts Foundation Inc. the sum of $___  (or a description of the specific asset), for the benefit of DAREarts Foundation Inc. and its general purposes."
  • Our suggested wording for a residual gift: “To give, devise, and bequeath to DAREarts Foundation Inc. the residue (or share of the residue) of my estate for the benefit of DAREarts Foundation Inc. and its general purposes."
If you have questions, please contact us.
TYPES OF BEQUESTS
Bequests can be in the form of cash, real estate, securities, tangible personal property or other assets. Here are some types of bequests, using a gift to DAREarts as an example.

Specific bequest:
DAREarts would receive a specific dollar amount from your estate, or a stated fraction. The advantage of a specific gift is that it can be precisely identified and is simple to administer.

Residual bequest:
DAREarts would receive a percentage of the remainder of your estate after other specific bequests and debts have been paid out. The actual value can be sensitive to any change in the value of your estate between the date you make your Will and the date of your death.

Contingent bequest:
DAREarts would receive a stated share or all of your estate only in the event that other named beneficiaries have died by the time bequests to them would be made.

Your legal advisor can help you prepare a Will that addresses your individual wishes and requirements.

LIFE INSURANCE GIFTS
Gifts of life insurance can be a practical way to leave DAREarts a substantial gift for the future. It is best to talk to your Financial Adviser to determine which type of life insurance gift is right for you. You may like to designate DAREarts as a beneficiary on a new or existing policy, or transfer the ownership of your policy to DAREarts directly with a pledge to pay the premiums each year. When you designate DAREarts as beneficiary, your estate benefits from a tax deduction in the year of death, and /or the year preceding. Alternatively if you transfer your policy and name DAREarts as the policy holder, you may receive tax credits annually on the premiums paid.

  • To make a change to your current life insurance policy to allow for DAREarts to be a primary, jointly shared, or contingent beneficiary, simply ask your insurance company for a Change-of-Beneficiary Form.
GIFTS OF RETIREMENT ASSETS
Registered Retirement Savings Plans (RRSPs)/ Registered Retirement Income Funds (RRIFs)
Depending on your investment portfolio, retirement assets can often be very heavily taxed when withdrawn. Should sufficient alternative funds be available for your retirement years, DAREarts could be named as the direct beneficiary of your RRSP/RRIF assets (except for in Quebec where the beneficiary must be an individual). This would allow you to obtain full tax benefits without having to subject the funds to probate.
You could also simply gift DAREarts your RRSP/RIFF proceeds through your Will. A donation tax receipt would then be used to offset taxes on your final tax return, and/ or the year preceding.

  • Designated gifts of retirement assets are easy to set-up. All that is required is to contact your Investment Advisor to have the beneficiary information updated.
GIFTS OF CHARITABLE REMAINDER TRUSTS (CRT)
A Charitable Remainder Trust (CRT) allows you to secure a charitable gift for the future, while allowing you to retain the income interest on your assets throughout your life.

Charitable remainder trusts are established by transferring investments to a trustee who will manage the trust account during your lifetime and provide you with income from the investment, such as dividends and interest. Upon your death, the trustee is required to donate the capital of the investment to DAREarts to ensure your charitable wishes are carried out. You could also give a life interest in the charitable remainder trust to someone else, such as your spouse, with the capital being gifted only after your spouse’s death.

  • The advantage of a charitable remainder trust is that you may receive a charitable donation tax receipt at the time the trust is established based on the calculation of the fair market value of the residual Interest that belongs to the charity. Gifts made through charitable remainder trusts are irrevocable with the residual interest always being secured for charitable purpose.
REINSURED CHARITABLE GIFT ANNUITIES
A charitable gift annuity is a financial product that is purchased through a life insurance company. It allows you to make a charitable gift today, while providing you with a guaranteed fixed income for the rest of your life, or a specified number of years.
With charitable gift annuities, a donation receipt can be issued for the gift portion retained by the charity after the purchase cost of the annuity. This can be used to offset taxes payable in the short term, and save estate probate fees later.

  • Charitable gift annuities are often beneficial to older Canadians as they represent safe and guaranteed investment and income.
GIFTS OF SECURITIES
Donating publicly traded stocks, bonds, mutual funds or other securities is a tax-smart way to support DAREarts while enhancing your charitable gift. By donating publicly traded securities, you eliminate the capital gains tax that would be payable if you were to first sell the stock, and then donate the proceeds.

Donating securities is easy! The simplest way to make your gift of stock or securities is to have them electronically transferred from your brokerage account to DAREarts’ brokerage account. You will receive a receipt for income tax purposes for the full appreciated value of your securities on the day they are received—similar to when you donate cash gifts.

  • IMPORTANT: All gifts of publicly traded securities, either being gifted through your estate plan’s or if being donated today, should be designated directly to DAREarts so that the full value of the appreciated investment obtains the capital gains exempt.

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We have to start with our young people.

- Paul Semple