You don’t have to be old or wealthy to have a will – writing a will and including your charity is easy!
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Giving a bequest gift in your will allows you to make a major charitable contribution which may not be possible to make during your lifetime, and can save your estate a sizable amount of money on taxes.
The Ukrainian Canadian Congress-National (C&E Trust) would be honored if you would consider leaving your legacy in your will to ensure that the UCC-National continues to make our community strong, respected, and influential.
Please talk to your legal advisor, accountants and/or investment advisors. A planned gift can help get significant tax advantages and allows to make a gift at a higher level than what might have been considered possible. It is always a good idea to coordinate the planned gift with the charity/organization to ensure the maximum benefit is achieved. If you do not want to do that, an unrestricted bequest is always the best option.
Talking it through with your kids is a crucial step.
Explain that your charitable donation will offset taxes on the estate, and instead of your money going to the tax collector, they will go to your favorite organization.
By designating the UCC (C&E Trust) as a beneficiary in your will, your gift will be eligible for a tax receipt, which may be applied to up to 100% of the income stated on your final return. Your bequest to the UCC (C&E Trust) may be one, or a combination, of the following:
If you have any questions please contact Janine Kuzma, UCC National Fund Development Manager at 416.524.7665 or janine.kuzma@ucccetrust.ca
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By naming the UCC-National C&E Trust as a beneficiary of your policy or transferring the ownership of your existing policy to the UCC C&E Trust, you receive a tax receipt for premiums paid after transfer.
Three ways to donate Life Insurance Policy:
1. donate an existing life insurance policy: receive a charitable tax receipt for the net cash surrender value and any premiums paid after the donation date
2. donate a new policy: receive a charitable tax receipt for any premiums paid after the donation date.
3. assign the UCC C&E Trust as the beneficiary of your individual or workplace insurance policy. Your estate receives a charitable tax receipt.
Benefits of life insurance gift:
1. they are affordable
2. your estate receives a charitable tax receipt based on the way the insurance was gifted
3. gifts of life insurance are not included in the probate (they are outside of the will) so the charity gets them right away
4. your gift will be recognized in our publications
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If you have any questions please contact Janine Kuzma, UCC National Fund Development Manager at 416.524.7665 or janine.kuzma@ucccetrust.ca
Annuity involves the transfer of cash or property to the UCC-National (C & E Trust) in exchange for a partial tax deduction and a lifetime stream of annual income. Depending upon your age, this income maybe 100 % tax-free.
Benefits of donating Annuities:
1. you receive a guaranteed income for life. Annuity rates are typically much higher than the return on guaranteed income investments
2. depending on your age, a substantial portion or all of the annuity payment is tax-free
3. you receive a charitable tax receipt for the gift portion
4. it allows you to eliminate capital gain tax when you donate long-term appreciated assets
5. provide long-term support to your favorite causes
6. your gift will be recognized in our publications
A transfer of $80,000 gives an annual payment of $,3500.00, guaranteed for life, while $30,000 becomes the gift portion and the amount of the charitable tax receipt.
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For more information, please contact Janine Asya Kuzma, UCC National Fund Development Manager, 416.524.7665 or janine.kuzma@ucccetrust.ca
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OPTION 1 SHARES ARE SOLD & THEN CASH IS DONATED |
OPTION 2 SHARES ARE DONATED DIRECTLY |
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Fair Market Value | $100,000.00 | $1,000,000.00 |
Cost Basis | $20,000.00 | $20,000.00 |
Capital Gain | $80,000.00 | $80,000.00 |
Taxable Gain | $40,000.00 | $0.00 |
Tax Credit (at 50%) | $50,000.00 | $50,000.00 |
Tax on Gain (at 50%) | $20,000.00 | $0.00 |
Tax Savings | $30,000.00 | $50,000.00 |
Benefits of gifts of stocks and securities:
1. the capital gain inclusion rate is zero when eligible stock or securities are donated directly to the UCC C&E Trust. If you sell the shares and donate the proceeds, you will be required to pay capital gains tax
2. the value of your charitable tax receipt will be based on the market closing price on the day that UCC C&E Trust receives your stock or securities
3. donors making a gift of shares acquired through an employee stock option plan of a publicly-traded company benefit from the favourable treatment of a zero capital gain inclusion rate. To be eligible for this benefit, you must donate these shares in the same calendar year and within 30 days of their acquisition
4. your gift will be recognized in all our publications
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For more information, please contact Janine Kuzma, B.A., CFRE, member of the Canadian Association of Gift Planners, UCC National Fund Development Manager, 416.524.7665 or janine.kuzma@ucccetrust.ca
UCC-National (C&E Trust) can be named a beneficiary on registered retirement plan documents. A tax receipt for the value of the investment gift will be issued to the donor’s estate and applied towards the final income tax return. Alternatively, the donor can make a bequest to UCC C&E Trust (this option is subject to probate) of value to that of RRSP/RRIF proceeds received by the estate.
UCC-National (C&E Trust) can be named a beneficiary on registered retirement plan documents. A tax receipt for the value of the investment gift will be issued to the donor’s estate and applied towards the final income tax return. Alternatively, the donor can make a bequest to UCC C&E Trust (this option is subject to probate) of value to that of RRSP/RRIF proceeds received by the estate.
Benefits of planned gifts of RRSPs, RRIFs, and TFSAs
1. Remaining funds in most RRSPs/ RRIFs/TFSAs become fully taxable as income in the year of death, usually at the highest tax rate. Naming the UCC C&E Trust as the direct beneficiary of such plans generates a charitable tax receipt which will offset this tax.
2. These types of gifts provide privacy as they are not part of your will, and there is no cost in creating them.
3. The balance of your retirement fund flows outside your estate, therefore it is not included in probate.
4. Your gift will be recognized in our publications.
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For more information, please contact Janine Asya Kuzma, UCC National Fund Development Manager, 416.524.7665 or janine.kuzma@ucccetrust.ca
If you have cash or an asset that you are considering leaving in your Will but would like the tax benefit now, then a charitable remainder trust or gift of residual interest could be best for you.
The property, such as a house or investments can be placed in a trust, for the benefit of the UCC (C&E Trust). You can use the property during your lifetime, obtain a charitable receipt today for the present value of the residual interest.
Upon death, the property will be used or sold by the charity depending on your wishes.
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Benefits of Residual Intrest gift:
.1. you continue to use the property for life
2. you receive a charitable tax receipt for the net present value of the property when the gift is made
3. these gifts are not included in probate, they are not part of your will
4. if all or the majority of your estate is intended for charity, then a gift of residual interest is a way to ensure to maximize your charitable tax receipt
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For more information, please contact Janine Asya Kuzma, UCC National Fund Development Manager, 416.524.7665 or janine.kuzma@ucccetrust.ca
Ask your family and friends to donate to the UCC in your memory– in lieu of flowers.
Listing co-owners and your interest in the assets. For each item, indicate the organization (bank, trust company, etc.), account information and value of each item:
For each item, indicate the debtor, account information, outstanding debt, and the repayment schedule:
Make a list of all of your close family members and friend whom you want to remember in your plans. Also include any charitable organizations you want to benefit after your life comes to an end – educational institutes, hospitals, places of worship, etc.
A gift to charitable organizations through your estate can make a lasting difference.
The executor is typically a spouse, sibling or child but can be anyone you trust to follow the directions you have stated in your will. You will want to choose someone who is honest and who has good organizational and communication skills and will be sensitive to the needs of your family. Naming an Alternative Executor may also be a good idea.
Typically, the executor will handle these duties:
The drafting of a will should be arranged with the involvement of legal counsel. It is preferable that you allow for the broadest possible flexibility for determining how your gift should be used by the UCC-National while at the same time ensuring that the UCC can carry out your wishes. Below see the information your lawyer might need:
Ukrainian Canadian Congress National: Charitable Trust Number: BN:119273464RR0001
UCC Address: Ukrainian Canadian Congress-National, 203-952 Main St., Winnipeg, MB., R2W 3P4
UCC Website: https://www.ucccetrust.ca
Here is an example of suggested wording:
I give and bequeath to the Ukrainian Canadian Congress – National (C&E Trust), Winnipeg, MB, the sum of $________ or ______% of my estate.