Testimonial by Irene Antochiw

Irene Antochiw

bequests of $90,000.00 (2020)
"As co-executors of Irene Antochiw’s estate, Chris and I are very happy that the Ukrainian Canadian Congress received Irene’s generous gift. Irene was a proud Ukrainian Canadian who cherished Ukrainian culture, language, and tradition and she wanted for the Ukrainian Canadian Congress to continue promoting and preserving Ukrainian Canadian issues. She wanted to give back to the community she grew up with and was always part of her. This is her gift to the next generation of Ukrainian Canadians so they can continue to enjoy Ukrainian heritage the same way she did." Mary S.
 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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Leave your legacy!

An affordable and TAX-SMART way to make a strategic donation!

A donation that you arrange NOW to be realized in the FUTURE!

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.

We thank you in advance!

If you have any questions
please call or email Janine Kuzma, B.A, CFRE
Fund Development Manager at 416.524.7665 or janine.kuzma@ucccetrust.ca

Why Give a Planned Gift to the UCC-National?

  • To ensure that the work you have supported and believed in continues.
  • To make sure that our community’s and Ukraine’s interests are protected and represented.
  • To make sure that our community will be strong for many years to come.
  • It is a tax-effective way to support the UCC (C&E Trust) – your estate may claim gifts in the year of death up to 100 % of your net income in that year and the preceding year.
  • You will become a member of our Legacy Club. With your consent, you will be recognized in our donor listing.

What should I tell my family?

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.

Ways to make a Planned Gifts to the Ukrainian Canadian Congress-National

Bequest

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:

  • a percentage of your estate
  • the residual of the estate
  • a specific dollar amount
  • real estate/property
  • gifts-in-kind  (UCC-National reserves the right to refuse gifts that are not of value or benefit to UCC.)
  • stocks and securities (more tax benefits if given outside of the will)
  • insurance policies and annuities (more benefits if given outside of the will)
  • donations of retirement funds: RRSP’s, RRIF’s & TFSA’s (more benefits if given outside of the will)
  • memorial Gift

If you have any questions please contact Janine Kuzma, UCC National Fund Development Manager at 416.524.7665   or   janine.kuzma@ucccetrust.ca

Life Insurance

Life Insurance Policy – an affordable way to create a significant legacy.

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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

Annuities

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.

A portion of the total contribution is used to purchase the annuity from a licensed insurance company, while the balance is retained by the UCC C&E Trust as an immediate donation, for which you receive a charitable tax receipt.

 

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

 

Example — a charitable gift annuity for an 80-year-old:

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

Shares and Securities

Tax-Smart Giving

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Publicly Traded Securities & Shares are accepted by the UCC National & UCC (C&E Trust). Securities are appraised immediately upon transfer and the donor is provided with a tax receipt for the fair market value of the securities based on the closing bid of the share on the date of transfer. 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.
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Example: Ihor decided to support the UCC (C&E Trust)  with a gift of $100,000. When reviewing whether he should sell his shares in a publicly-listed corporation and then donate the cash proceeds, or donate the shares directly,  Ihor learned that he would have a greater net tax benefit by donating the shares directly to the UCC.  See the below chart that assumes a tax rate of 50 percent.

OPTION 1

SHARES ARE SOLD &

THEN CASH IS DONATED

OPTION 2

SHARES  ARE DONATED

DIRECTLY
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

Download Share Transfer Form

RRSP, RRIF, TFSA

DID YOU KNOW?

RRSPs/RRIFS are among your most heavily taxed assets on transfer to the next generation.

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

Charitable Remainder Trust and Gifts of Residual Interest

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

Memorial Gift

Ask your family and friends to donate to the UCC in your memory– in lieu of flowers.

Some practical tips on how to prepare to meet with your lawyer.

Create an Inventory of Assets and Liabilities

Assets

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:

  • money in savings and chequing accounts
  • stocks and bonds, mutual funds, GICs, etc
  • real estate, automobiles, jewelry, and other valuables
  • life insurance policies; include values, beneficiaries, company and agent names
  • RESPs, RRSPs, RRIFs
  • interest in businesses
  • interest in a trust set up by someone else

Liabilities (Debts and Obligations)

For each item, indicate the debtor, account information, outstanding debt, and the repayment schedule:

  • Mortgages
  • Car or personal loans
  • Credit card balances
  • Any other debt

Identify Your Beneficiaries

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.

Name an Executor

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:

  • manage your estate
  • file your will for probate (the legal process of verifying your will)
  • collect and manage your assets
  • pay your bills and those of your estate
  • arrange and pay for your funeral
  • distribute your assets as you have indicated in your will

Document Check List.  Bring the following documents with you when you meet with your attorney:

  • current wills, power(s) of Attorney for Property and Personal Care
  • property deeds
  • marriage, cohabitation, separation, divorce papers
  • business registration, articles of incorporation, partnership agreement, shareholders’ agreement
  • registered investment statements (RRSPs, RRIFs, etc.)
  • life insurance policies
  • investment account statements
  • most recent income tax return and a notice of assessment

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.