We all want to leave the world a better place for our children and grandchildren. Leaving a gift in your will to help make cities greener can make a difference to the air they breath, the water they drink, and their general health and well being.
Please be sure to reference the Green Cities Foundation Charitable Registration Number 83177 8410 RR0001 when establishing a planned gift.
It’s important to note that the information contained here is general in nature and is not intended to represent tax advice or legal advice. The information you find on this website may need to be updated from time to time, but at the time of this writing, it is correct. It is highly recommended that you consult with your own tax and legal advisor(s) as related to your particular situation and circumstances when engaging in tax or estate planning.
Life insurance can benefit both the donor and the mission of Green Cities Foundation when the Foundation is named beneficiary. Upon death, the proceeds pass outside your estate, providing both privacy and protection from estate administration taxes (formerly known as probate fees), and the charitable tax receipt issued will reduce the tax burden on your estate. It’s also possible to donate a new or existing policy during your lifetime, irrevocably making the Foundation both owner and beneficiary, in which case you will receive a charitable tax receipt from Green Cities Foundation for the fair market value or cash surrender value on the policy when donated, as well as for any future premiums you pay.
Bequests are gifts made through your Will. You can leave a specific amount of money, a piece of property or a portion of your estate residue. Since you can claim up to 100% of your income on your final tax return and carry back any excess to the previous year, the tax relief created by an estate gift can be significant. The cost for an experienced estate lawyer to create a well-drafted, valid Will is small, given the peace of mind provided by knowing it is done properly.
A Charitable Gift Annuity is an attractive option for older donors, allowing them to collect annuity payments for the rest of their life, while at the same time benefiting Green Cities Foundation. Part of the donor’s gift (typically up to 25% of the total value) is an immediate donation to the Foundation for which a tax receipt is issued. Green Cities Foundation then uses the remaining funds to purchase a commercial annuity on the life of the donor and that annuity pays the donor income, largely tax exempt, for their lifetime.
When Green Cities Foundation is designated as beneficiary of your RRSP or RRIF, the proceeds are paid directly, bypassing your estate and avoiding estate administration taxes. The charitable income tax receipt issued will eliminate most if not all of the significant tax generated by the realization of your registered plan upon your death.
There are other planned gifts, such as Charitable Remainder Trusts and donations of real estate or cultural property, which are more complex. Talk to your advisors to create this type of meaningful gift.