The Legacy Project

Your guide toleaving a legacy and

estate planning.

An action today to make a difference forever

and

The Legacy ProjectThe Legacy Project

B2 Friday, May 18, 2012

Include us in your estate planning and provide the YMCA

experience to Prince George families of tomorrow.

Learn more at www.pgymca.com

How do you want to be remembered?

Friday, May 18, 2012 B3 www.pgfreepress.com Prince George - The Legacy Project - Free Press

OLE H. SORENSEN, E.P.C.PRINCIPAL

935 Brunswick StreetPrince George, B.C. V2L 2C3

Ph: (250) 561-1011Toll Free: 1-800-561-1024

Fax: (250) 561-1037e-mail: [email protected]

SORENSENFINANCIAL SERVICES INC.

AllAn [email protected]

Home.It’s a word which comes

up a lot when describing Jubilee Lodge, and what it

hopes to become.“This is their home,” Northern Health

residential program manager for Prince George Loretta Jackson says, sitting in the dinging room at the facility. “Before, it was very hospital-y.

“We’re trying to change that.”One of the big changes is in the din-

ing room area, thanks to a legacy grant received from a local family.

“The son was here for about 20 years,” Don Gowan, the executive director of the Spirit of the North Healthcare Founda-tion, says.

“The family wanted to leave the money here, because the staff made his life here so good.”

Jackson says the family didn’t attach any strings to the legacy – except for one thing.

“It was very important to the family to do something to benefit everyone here, patients and staff.”

So they looked at the dining room. At that time, Jackson says, it was not a very good system for getting meals to the lodge residents.

“We’re attached to the hospital, so the meals came on hospital trays. There’s nothing wrong with hospital trays – if you’re in the hospital.

“Not too many people use hospital trays at home.”

Staff also had to bring the food to the lodge from the hospital kitchen, a time delay which Jackson says made, “the hot food was cool and the cold food was warm.”

Now, thanks to the leg-acy, things are different, she says.

“The food is still pre-pared in the hospital, but it’s brought here on a hot cart. The staff here put it on plates, and it’s deliv-

ered to the resi-dents at their tables.”

Audrey, one of the food staff at the lodge, says the new facilities are “hugely different.”

“It’s much more personal now for us,” she says. “It’s easier to make changes for the residents. Sometimes they ask for an extra dessert, and I know who can have one.

“I consult with the aides and the staff. I don’t just make the changes on my own.”

New tables in the dining room were also part of the legacy fund. Jackson says they also make a difference.

“Conversations and friendship are forged around these tables. We also got them with reversible tops, because some of the residents have vision problems, and we can use the side which provides better contrast for them.”

The renovations in the dining area included installing a steam table to keep foods warm while they’re being plated, a refrigerator and freezer, and a dishwash-ing room.

Now, Gowan and Jackson are look-ing at using the funds still in the legacy account for an addition to the solarium.

“We’d like to cover the outside walk-way,” Jackson says. “Right now it’s actu-ally kind of dangerous for some of the residents because the fence is too low. They also can’t really use it when it’s raining.”

JubileeLodge

benefactorAllan WISHART/Free Press

Loretta Jackson, right, the Northern Health residential program manager for Prince George, and some of the kitchen staff show off the renovations to the dining room at Jubilee Lodge.

Estate Planning and Charitable Giving Specialists

Key Life WCF Financial Inc.

Matt Calvert Senior Partner

Phone: 250-563-6777

Toll Free: 1-888-563-6777

Locally Owned and Operated inPrince George

Since 1971

Consultation is Free

B4 Friday, May 18, 2012 www.pgfreepress.comPrince George - The Legacy Project - Free Press

Each year the BC Society for the Prevention of

Cruelty to Animals helps more than 32,000 abused, sick, homeless, injured, lost and neglected animals at its 37 branches across the province.

Your support enables the BC SPCA to rescue animals in need and give them a second chance at life.

Please help by making a donation or leaving a gift to the animals in your Will. To find out how, visit us at spca.bc.ca/donate or contact:

John HooleSenior Manager, Gift Planning E: [email protected]: 1.800.665.1868

BCSPCA SPEAKING FOR ANIMALS

Heneedsyourhelp.

CRISIS CENTRE FOR NORTHERN BC

24 Hour Line

When there’s no one else to listen

250-563-1214 1-888-562-1214www.northernbccrisissuicide.ca

1-888-564-8336(TEEN)www.northernyouthonline.ca13134 6066 RR0001

Although you may be primarily concerned with planning and enjoying your retire-ment years, consider-

ing estate plans and other issues are also part of a comprehensive financial plan.

Making a charitable donation can be a very satisfying way to share your good financial fortunes with deserv-ing causes and those less fortunate.

Donating can also provide tax advantages to you and your fam-ily, either while you are alive or in your estate plans. The federal and provincial governments appreciate that it is good

social policy to provide tax advantages to those willing to make donations to worthy causes, so they have a number of policies in place that encourage charitable

giving.

EligiblE ChAritiEsAlthough saving money on tax may

not be the primary incentive to contrib-ute to a particular cause, you want to be confident that the intended recipients of your donation will actually benefit. Unfortunately, various schemes have been created that appear to represent legitimate charities but are in fact fraudu-lent.

Canada Revenue Agency (CRA) has information that helps you determine the status of a charity of interest: The CRA Charities Listing

thE ChAritAblE DonAtion tAx CrEDit

The charitable donation tax credit has two levels as well as maximums allowed in a particular tax year. The first $200 of eligible donations will reduce tax payable at a rate of 15 per cent of the donation amount. Any amount donated over the first$200 per year reduces tax payable at a rate of 29 per cent. The amount of credits

claimed can generally not exceed 75 per cent of net income in the year the credit is being claimed. The credits cannot be car-ried forward but the donation itself can be spread out over up to five years.

MAking AChAritAblE DonAtion

There are different ways to make chari-table donations which will have different tax/financial effects. For example, you can donate to an eligible charity or to the government.

You can donate cash, life insurance or property. Property can include gifts of eligible securities.

If you donate securities (such as stocks or bonds), you will receive a tax credit for the fair market value of the donation and you do not have to pay capital gains tax on any increase in value from when you bought the security to when you donate it. This is clearly preferable to selling the security and donating the cash since capi-tal gains taxes would have to be paid. There are also advantages with respect to ordering of gifts.

Retiring and charitable donations

ChildrenofFriends

Assisting Prince George and Northern BC

families with children in extraordinary medical

need since 1999.

Friends of Children is a charitable organizationthat relies upon donations. Your donations go

to families with children in medical need.

www.friendsofchildren.ca

Phone 250.564.2217 | Fax 250.564.2247PO Box 2463, Prince George, BC V2N 2S6

PLEASE CALL TOLL FREE

1.866.564.2217


STORE1180 Third Avenue, Prince George, BC

DROP-IN CENTRE1220 Second Avenue, Prince George, BC

The Saint Vincent de Paul SocietyBox 1617, Prince George, BC V2L 4V6

St. Vincent de Paul offers meals, hampers and many support services to those in need in our community.

The St. Vincent de Paul store provides good quality goods for reasonable prices and all

proceeds are used to support the other services offered.

St. Vincent de Paul depends on the

generosity of many to support those in need.

Please think of the good your

donation to St. Vincent de Paul will provide.

Saint Vincent de Paul Prince George

Charitable giving is a priority again for many Canadians.

In recent statistics: dona-tions in 2011 increased and

continue to do so in 2012.

This kind of support for charity is unprec-edented in our history. While generosity and belief in community are primary motiva-tors, the greatest enabler are the many new tax incentives designed to increase capacity for Canadian philanthropy.

In introducing these incentives for charita-ble giving, the Federal government has given taxpayers a choice. It is a choice about how individuals wish to support society and the amount of tax they wish to pay.

With these new incentives, it is now possible to eliminate the taxation on 75 per cent of income except in the year of death and year prior to death, when this figure jumps to 100 per cent.

Everyone still has to make a con-tribution to society, but the decision about where the contribution goes is

now up to the individual taxpayer.What makes these incentives distinct

is that they all focus on gifts of assets – stocks, bonds, mutual funds, real

estate, RRSPs/RRIFs, and business interests. These aren’t gifts we give often. They are exceptional gifts that stand out for their size and level of commit-ment.

Frequently, these are gifts that are planned ahead of time and real-ized through estate plans.

While this sounds exciting in theory, a good financial and estate plan that includes charitable giving can be difficult to implement on its own. It is first essential to put personal and fam-ily needs at the centre of the planning process and then consider giving.

Charitable gifts are irrevocable – once given, they are not returned. Also, it is sometimes

hard to choose charities and commit large gifts. Working with a team of experts from across the Scotiabank Group, we can work with you to inte-grate philanthropy into your financial or estate plan to ensure that all your goals and objectives are considered.

legacyProject

Malcolm D. BurrowsHead, Philanthropic

Advisory Servicesmalcolm.burrows@sco-

tiaprivateclient.com (416) 933-2351

Paul C. NazarethManager, Philanthropic

Advisory Services [email protected] (416) 933-3197

3800 - 40 King St. West. Toronto, ON M5H 1H1

Toll Free 1-866-216-2116Lauren StorerManager, Philanthropic

Advisory Serviceslauren.storer@scotiapri-

vateclient.com

Charitable givingimportant to us


Museum and Science Centre

Your gift will shape the future ~ yesterday, today & tomorrow ~ making history together

Your gift will shape the future ~ yesterday, today & tomorrow ~ making history together

The Fraser-Fort George Museum Society PO Box 1779, Prince George

British Columbia V2L 4V7

Contact: Tracy Calogheros CEO [email protected]

250-981-5910

CRA Number R118930700BC Society Act # S-9084

www.theexplorationplace.com

Helping one another help oneself

Cariboo Action Training Society

#130-1460 Sixth Avenue, Prince George, BCV2L 3N2Phone: (250) 563-9159 Fax: (250) 563-9154 email: [email protected]

BCV2L 3N2

Camp Trapping – 40 years of continuous service for youth in a supportive, caring, structured environment.

Our program provides a life changing opportunity and service. You can provide a gift that allows us to continue to enhance the experience for these young men.

A gift to Camp Trapping can help us to continue to change lives – forever.

There appears to be a common theme that on the death of an individual, their total Estate will be go directly to their child or

children named in the Will and therefore it is not necessary to consider any charitable bequests. This is far from the truth as most individuals die holding growth type assets such as a residence, stocks, bonds etc.

Under the Income Tax Act, on the death of the taxpayer, all property held by the deceased, are deemed to be disposed of immediately prior to the taxpayer’s death, which may trigger substantial capital gains depending on the size of the Estate. One half of the capital gains (referred to as tax-able capital gains) incurred are taxed on the taxpayer’s terminal T1 Return and can result in a substantial tax owing as at the date of death.

One way to eliminate this tax liability is to consider a charitable bequest. As the Will does not take effect until the death of the testator/rix, any gifts made to a reg-istered charitable beneficiary are consider revocable and can be changed at any time. The charitable gift generates a non-refund-able tax credit that can be claimed against tax owing.

Depending on how the bequest is struc-tured, a gift at death can be claimed against up to 100% of the deceased’s net income on the terminal T1 Return to the date of death. If the bequest under the Will exceeds the taxable income reported on the terminal T1 Return any excess can be carried back to the prior Personal Income Tax Return and offset any taxes owing on this return.

A bequest can be for a specific amount or property or can represent a share of the residue. Bequests are exceptional gifts that stand out for their size and as a once in a lifetime gift they require more consider-able planning. It is also possible with the appropriate planning to include a Estate Tax Eliminator Clause which instructs the Executor to make a gift to a specified char-ity that is enough to offset the taxes owing.

Individuals are now having children later in life, which means that their children are financially established when their par-ents pass away.

For many individuals this may mean that gifts to charity to offset taxes on assets held at death will not impact too strongly on the share a child receives as beneficiary of their parent’s estate.

ffffCharitable planners are not suggest-ing that families exclude their children as heirs of their Estate, but consider making a charitable gift that may offset taxes and leave more of the Estate intact for their chil-dren. Although there will be expenses that cannot be eliminated at death, such as Pro-bate fees etc, where possible the individual should consider any type of estate planning that you enable them to leave a greater share to their family.

In conclusion, we all give back to society in one way or the other.

We can either do this by paying taxes and the Government decides how that money is spent or we can give a gift to a charity or charities that will eliminate these taxes and have some input into how that money is spent.

Think the kidswill get it all?


TBJ can provide you with advice in relation to Estate and Legacy Gift options

and tax planning.

TBJ LLP Accounting for Your Future

Make a lasting impact on the

lives of people in your community.

Prince George Offi ce:#300 - 180 Victoria Street, Prince George, B.C. V2L 2J2

Tel: (250) 564-2014 Toll Free: 1-888-564-2014 Fax: (250) 564-5613

It feels good to give.

Your Community – Our Community

Call us.

We are a team of dedicated professionals accounting for your future

TBJ Terlesky Braithwaite Janzen LLP

tErEsA [email protected]

Bernie Goold, president of the St. Vincent de Paul Society, and her husband Jack Goold have been helping people in need for

as long as they can remember.They have seen the changing face of

poverty in Prince George over the years and have tried their best to stretch the money they receive from donations and small amounts of funding to make life better for those in need.

They do their best work perhaps at St. Vincent de Paul’s drop-in centre at 1220 Second Ave. If not for that centrally located place, many local people who have fallen on hard times would go hun-gry.

However, Bernie says they owe a debt of gratitude to a Good Samaritan and a centre volunteer who gave the society a financial leg-up over a decade ago. Because of their generosity, many more people now have a decent place to go where they can sit down in comfort and have breakfast, hot lunch or snacks.

Their former drop-in building on Third Avenue was cramped for space and short on any modern conveniences – like an efficient freezer to keep food. In 2000, the society began looking for bigger quarters.

“We didn’t have a lot of capital back then – we were operating on a wing and a prayer, then suddenly we got a call from a lawyer who said a businessman in Prince George had died and left us

$50,000 in his will.”It was a complete surprise to them,

said Bernie. The news was soon followed by another unexpected act of kindness.

“Within three weeks of getting the first $50,000, one of our vol-unteers was left money and she donated $50,000 to St. Vincent’s. So we had $100,000 for the down pay-ment on a new building – which was nothing short of a miracle.”

Had the generous monetary gifts not come along when they did, the society’s options for moving would have been restricted, she said.

“We would have had to settle for a much smaller building and then four or five years down the road, we would have been looking for somewhere else to go. When we first opened our doors, we had about 60 people and, as we all know, those numbers have grown substantially.”

Their present location is four times the size of the old place, says Bernie, and the kitchen, the walk in cooler and the freezer are “much, much better not just in size but they are better equipped. All our renovations were done by volunteers, even the flooring, so it was just incred-ible.”

The drop-in centre on Second Avenue serves meals for 250 to 300 people per day, depending on

the time of month. The numbers peak towards month’s end as people, espe-cially seniors, find it hard to buy grocer-ies on limited funds.

“The face of poverty has changed dra-matically in the past few years,” said Ber-nie. “There are so many people now who are just living on the fringe, teetering on homelessness. They may have jobs but they don’t earn enough to pay their bills. They may be seniors on a fixed income who have a place to live but simply can’t afford to feed themselves. So they come to the drop-in centre at the end of the month to eat and get by until their [pen-sion] money comes in.”

St. Vincent de Paul Society always welcomes new volunteers and monetary donations.

The local society runs the drop-in cen-tre at 1220 Second Ave. and a thrift store at 1180 Third Ave. For more information on how to help the society with its work, phone 250-564-7871.

Generosity leads to goodwillfor St. Vincent de Paul drop-in centre

Bernie Goold

950 Kerry St., Prince George, BC V2M 5A3

Ph: 250-564-6408 Visit our website

www.aimhi.ca

Helping people since 19577

Leave a legacy of hope for a better

future.

Scotia Bank Building614 - 1488 - 4th AvenuePrince George, BC V2L 4Y2

Telephone: (250) 563-7741Fax: (250) 563-2953

Lawyers – Notaries Public

Wills | Estates | Powers of AttorneyRepresentation Agreements


What is a great legacy of a life lived? Helping future generations reach their full potential.

Giving can be as simple as a bequest to UNBC in your will or trust. Consider naming UNBC as a beneficiary of a life insurance policy or investments.

Talk to us today about how you can ensure your wishes endow future generations.

Call 250-960-5750, ask for Kathie or email [email protected]

Consider a legacy gift to UNBC that will touch the lives of students, the future alumni who will strengthen northern communities. Forever.

2012 Political Science Graduate Naomi Findlay of Burns Lake

Carefree Society2832 Queensway St.

Prince George, BC V2L 4M5Charitable Tax Number

11883-8358-RP001

We provide specialized door to door transportation, operating as a shared taxi.

To use our service you must have a disability that prevents you from using the city bus.

Carefree Society is your local Handy Dart and Community

Bus operator

Carefree is dedicated toour Community, continually

fund raising for bus replacementand extra service demands.

A Legacy gift will ensure ourability to serve your community.

Alice Trickett and her husband moved to a farm in Aldergrove soon after they were married.

They enjoyed their home immensely and raised three lovely children there. Although motherhood occupied much of each day, Alice carved out special time to support community causes both financially and as a volunteer.

Alice’s life changed for-ever when she developed breast cancer at age 57.

After her cancer diagno-sis in 1986, she re-focused her energy on the cancer cause. She became a door-to-door canvasser, collecting donations to the Canadian Cancer Society for over 20 years. Cancer invaded her life again, reoccurring just two years later. Alice underwent another round of treatment and survived. Cancer stole all three of her brothers. Alice’s granddaughter Crystal was diagnosed with lymphoma and sur-vived a bone marrow transplant. Sadly, Alice passed away in 2008.

Prior to passing, Alice had met with a lawyer to update her will. In prepar-ing her will, her first priority was to remember her family. But she was also concerned about the high estate taxes she would pay on her passing. These would be taxes the government might take from her estate. She wanted some assurance to prevent this from happening. So, on her own, she created an innovative clause

and attached it to her will as a codicil.The clause instructed her executor to

calculate the taxes owing at her death and in the previous year, and to make charitable donations just large enough to eliminate those taxes owing through her estate. The wording in this clause would ensure the majority of her estate would pass to her own family, and the government’s share would be replaced with the charities she cared about.

The Canadian Cancer Soci-ety recognized that Alice’s strategy – replacing taxes with a gift to charity, without unduly impacting family and

other loved ones – might appeal to many others, so the Society asked an estate law-yer to review and re-word Alice’s codicil with a view to sharing it with the general public.

The “Estate Tax Eliminator Clause” can be used by people who wish to consider this type of strategy when preparing their wills. While many people can use this clause effectively to reduce their estate taxes, the Canadian Cancer Society cau-tions that people preparing their will should first review this strategy with both legal and tax professionals to deter-mine its suitability for each individual’s unique personal situation.

To view the Estate Tax Eliminator Clause, click here, or contact Tim Staun-ton at [email protected], 1-800-663-2524 (ext. 299), or 604-675-7111.

The estate taxeliminator clause

Alice Trickett-Estate tax eliminator clause


Prince George Needs her Creativity!

Creativity is the core of her ability to come up with innovation and solutions to problems.

Your legacy is an investment in the young minds that will help the community prosper in the coming decades. Any contribution you are able to make is a generous one.

Contact: Peter Thompson, Managing DirectorTwo Rivers Gallery

725 Civic PlazaPrince George BC V2L 5T1

Tel: [email protected]

Prince George Regional Art Gallery

Association CRA# 107858763RR0001

In 1964, the Family YMCA of Prince George was founded by a group of civic-minded resi-dents committed to creating a

vibrant community by incorporating the YMCA values of respect, honesty, caring and responsibility.

“The important thing to remember about the YMCA, says Mark Miller, Family YMCA Chief Executive Officer, “is that it joins a community at the invite of its citizens.

“When a city reaches a certain stage in its population and economy, the next step seems to be establishing a YMCA – confirming the commu-nity’s maturity and optimism for the future.”

From a newspaper editorial in 1958 titled “We Can’t Afford To Be With-out YMCA” to the construction of the Massey Drive facility in the early 1970s, to our current summer camp and child care programs, the Family YMCA of Prince George has mirrored the growth of Prince George from small town to hub of the north.

Almost 50 years ago, hundreds of donors visualized a healthy Prince George with the Family YMCA play-ing an integral role. As the organiza-tion comes up on the next fifty years, preparation is even more critical and strategic planning is vital.

“Our Board and staff are commit-ted to growing the Family YMCA to

as large and involved as possible,” adds Miller. “I think we can safely say that everyone has been touched by the Family YMCA in some form or another since 1964.”

As one of Prince George’s busi-est charities, the Family YMCA has assisted thousands of individuals real-ize their philanthropic goals.

“We have a solid track record of delivering lasting personal and social change and our donors are confident

that their donation is used responsibly and for the greatest community good. Estate planning presents a unique opportunity for donors and their families because it creates a long-term legacy as well as tax benefits,” says Miller.

Stocks, real estate, will bequests are stewarded carefully and often grow in size over the years.

For example, the Vancouver YMCA was included in the will of Noel

Caryll – a long-time YMCA mem-ber who left a donation of just over $270,000 to the YMCA when he passed away in 1984.

Today that donation has grown to over $1million!

Though the world may be unpre-dictable, one thing remains certain – the YMCA is and always will be, dedi-cated to building healthy, confident, secure and connected children and youth, families and communities.

Strengthening thefoundations of community

It is a privilege to be providing over 28,000Prince George households with information on

what’s happening in our caring city.

ThePrince George

Free Press is pleased to

help the people who help our community.

1773 Lyon Street, Prince George250-564-0005

Delivering Your Message Home

www.pgfreepress.ca


We Believe ... Investing in Northern BC Communities

We Believe.

We believe in our community. We believe that its success depends on the people who live in it. That everyone has something to

contribute. That everyone deserves respect. That everyone’s potential can be realized. That diversity is vital. That every person has

value. That everyone needs help and everyone can offer help. That a safe, supportive community is everyone’s responsibility. We

believe in possibility. We believe in our community. We believe that its success depends on the people who live in it. That everyone

has something to contribute. That everyone deserves respect. That everyone’s potential can be realized. That diversity is vital. That

every person has value. That everyone needs help and everyone can offer help. That a safe, supportive community is everyone’s

responsibility. We believe in possibility. We believe in our community. We believe that its success depends on the people who live in it.

For more information on volunteer opportunities and United Way’s impact & activities in your community, please call 250-561-1040 or visit our website:

www.unitedwaynbc.ca

Prince George & District Community Arts Council2820-15th Ave., Prince George, V2M 1T1

Contact: Wendy A. Young CRA #: 118870104

A Charitable Remainder Trust is a complex gift, but a great tool for the right donor in the right situation.

With a Charitable Remainder Trust, you sustain the benefit of an asset but transfer the formal ownership of this asset to your charity.

Once all of the requirements for making the gift are satisfied, a tax receipt can be issued for the value of the residual, or remainder, that will ultimately pass to the charity.

Is a Charitable Remainder Trust right for you?• A Charitable Remainder Trust may be a good gift for

you if you are 70 years of age or older and ..• Are an investor who is comfortable with complex

tax arrangements.• Have an asset (or income) that you want to maintain

for the remainder of your life.• Have a good financial advisor who is comfortable

using trusts.• Can afford to lose control of the capital portion of an

asset.• You are concerned about probate or estate issues

(like estate freezes). Considerations about a Charitable Remainder Trust

A charitable remainder trustis great in the right situation

The gift of a Charitable Remainder Trust is irrevo-cable.

Once you have made this gift, you cannot change your mind. Because of the irrevocable nature of this gift, you must get independent financial advice before decid-ing to commit to this kind of gift.

The process for accepting this kind of gift is complex. It may turn out, after investigation by your financial advisors and Charity that this gift is not the best choice for you.

What are the benefits?

• You can receive a discounted tax receipt today.• You can continue to enjoy the benefits of your asset.

For example, you can continue to live in your home.• You can make a gift that is not subject to probate.• You will receive a charitable tax receipt, which will

reduce taxes on other sources of income.What will be your tax receipt?The size of the tax receipt is determined by a set of

formulas and actuarial tables that take into account fac-tors such as your age, payment schedule and whether you are male or female.

Ghandi once said that to truly make a difference each of us must “be the change we wish to see in the world”.

There is no more thoughtful and impactful way for each of us to realize change than to thoughtfully leave a legacy gift to a charity that you trust.

By leaving a bequest to Prostate Cancer Canada you can make a significant difference for Canadian men who face the threat of this disease you may in fact help move us forward in the search for a cause, the improvement in treatment options and eventually a cure for prostate cancer.

What a transformational change that would be.Charitable legacy can also help you leave more of

your estate to your family be decreasing and even eliminating the estate tax that must be made.

Your lawyer or financial advisors can be a valuable resource in helping you and your family make those decisions.

We are also here for you to discuss options such as the tax eliminator clause or how a gift of capital assets might be the best option.

However you and your family decide to make a legacy gift, know that future generations of men will be forever grateful for your thoughtfulness, your gen-erosity and the change you will help make possible.

For more information Contact Debra Bond-Gorr, CFRE 1.888.255-0333

How you can trulymake a lasting difference


250-960-2233THE COMMONWEALTH BUILDING - 1448 - 6TH AVENUE

www.mycommonwealth.cawww.commonwealthcup.ca

www.commonwealthhealth.ca

COMMONWEALTH FINANCIAL

Mortgages • Investments • Insurance

Charitable LeadershipWorking for the common good

WORLD BASEBALL CHALLENGE

The WBC... it’s what the world is coming to.

3836 Grace Cres., Prince George, B.C., Canada, V2N 4V9 250-613-7492

[email protected] www.worldbaseball.ca

September 29, 2011

Dr. Dan McLaren

Commonwealth Financial

Dan,

One of the most enjoyable part of leading the team behind the World Baseball

Challenge is writing letters of gratitude for support – and this is a letter I am so happy to write to you,

and I hope you will share it with your staff.

You have been on-board and supportive of this from the very start, and have

de nitely stood out for your contributions to this major community event. Your contributions,

including your unabashed pride for Prince George, have done so much to help with raising the level of

this event. Dan, you have been a very trusted and valued advisor to me on many things, whether you

know it or not, and your leadership in the community is greatly appreciated by us all.

Again, Dan, thanks... I doubt that is suf cient, but it’s been an absolute pleasure

working with you, just as it has been getting to know your family these past few years. Thanks for

your contribution to the tournament, for understanding how important this is to baseball in Prince

George, and to the community on the whole. I hope you enjoyed the games, seeing teams like Cuba,

Japan, USA, etc. – Glad you could watch the high-calibre baseball. All the best!

Sincerely, and on behalf of our entire committee,

Jim Swanson, Chair

World Baseball Challenge

Prince George Citizen Field

A heartfelt thank you to:• Commonwealth Mortgage Together, we make a difference

Proudly Supporting:Commonwealth Financial Hockey Club• PG Community Foundation• Junior Achievement of BC• Children’s Variety Club• Alzheimer Society of BC• PG Rotary Auction• Canuck Place• Canadian Legion Poppy Fund• Mardi Gras Snow Daze• PGSS Senior Volleyball• Healthier U Awards• Festival of Trees• World Baseball Tournament• College of New Caledonia• Spirit of the North Healthcare • FoundationPG Youth Soccer Association• Ringette• JCI Prince George•

Vancouver Canucks Alumni Garry Monahan, Eddie Hatoum & Dennis Kearns enjoying the Commonwealth Cup. Th e Commonwealth Cup has raised over $250,000!

Commonwealth Financial proudly supports Prince George

Pee Wee Hockey.

“Some men see things as they are and say why - I dream things that never were and say why not.” George Bernard Shaw

We agree with Mr. Shaw.

At Commonwealth we dream of a world without poverty. A world without sickness. A world whereevery child has a chance to grow up in a wholesome, happy environment. We are proud of our contribution, but there is still much to be done.

Commonwealth Financial is an authorized representative of Th e Canada Gift Builder Program. Working witha team of experienced fi nancial professionals, we can provide timely and thoughtful strategies that can help you,help your favorite charity. If you are interested in making a diff erence to those that need it most, we would behonoured to work with you.

D. R. McLarenPresident

We Are the Experts in

Planned Giving


Join the fi ght. Leave a legacy.Did you know that a legacy gift to the Canadian Cancer Society can fi ght cancer and protect your estate from tax? The Estate Tax Eliminator Clause can reduce your fi nal taxes to zero.

You can help fund the best cancer research, prevention and support programs. For your copy of the Estate Tax Eliminator Clause and a Personal Estate and Will Planning Guide, please contact Toni Andreola at [email protected] or call 1 800 663 - 2524.

Gifts to the Canadian Cancer Society fund research and prevention initiatives and help families like the Kents

create life-changing memories at Camp Goodtimes.

cancer.ca

Ray Noonan, STI, PFP, MBANorthern BC Region390 Victoria St, Prince George [email protected]

Looking for a professionalexecutor or assistance withyour own executorresponsibilities? We can help.Today's complex estate and tax legislation means increasing demandson the executor.

The specialists at Scotiatrust are experienced, impartial and may beyour best choice as executor. In addition, this same expertise isavailable to support you should you be named as executor, providingpeace of mind at a difficult time.

To find out more about our executor services, Call today.

TMTrademark of The Bank of Nova Scotia, used by its affiliates under license.



Ph: (250) 561-1011Toll Free: 1-800-561-1024



1. CrEDit, not A DEDuCtion

Contributions can be made to many worthwhile non-profit organizations, but only donations to registered chari-ties qualify for an income tax credit. Although they are often called “tax deductible,” they qualify for a non-refundable tax credit, not a deduction. For more information, check the Canada Revenue Agency (CRA) Donations and Gifts, which is Line 349 of the General Income Tax and Benefit Guide.

In general, you can get a credit for all donations to registered charities, up to 75 per cent of your net income. In the year of death (and going back one year), the limit is 100 per cent of net income.

Payments for raffles, dinners, and other events are not usually eligible for an income tax receipt. In the case of a payment for a dinner or similar event,

only the amount over and above the cost of the dinner itself qualifies for the receipt. Participants at such events should get a receipt for this amount.

Donations are calculated on Schedule 9, and then on Schedule 1 (Federal Tax) and Form 428 (Provincial Tax).

2. kEEP rECEiPtsThe receipt should have the charity’s

name and registration number, date, serial number, amount donated, donor’s name, and be signed on behalf of the organization.

The receipts also should have the address of the Canada Revenue Agency’s website address www.cra-arc.gc.ca/char-ities/. Anyone can look up information on this website about charities in gen-eral, or any specific registered charity.

If paper filing your income tax return, you need to include your receipts.

If electronically filing with some sort of income tax software, save your receipts in case CRA asks for them later.

3. thE $200 rulE

To encourage dona-tions, the federal and provincial governments provide a two-tiered credit system. Add up all your donations.

The amount up to $200

qualifies for a tax credit at the lowest tax rate.

The amount over $200 qualifies for a credit at the highest tax rate.

When the federal and provincial pro-grams are combined, taxpayers reduce their taxes by about 25 per cent of the total donated up to $200. (The exact amount varies by province.)

For the amount over $200, the saving is about 45 per cent, which again, varies by province. Alberta provides an extra incentive; although its highest tax rate is only 39 per cent, the charitable credit is a generous 50 per cent.

Because the credit is higher for the amount over $200, there is a benefit to combining spouses (Tip # 4), and to car-rying forward (Tip #5).

4. CoMbinE sPousEsDonations made by one spouse /

common-law partner can be claimed by either one. To maximize the credit, all donations should be lumped together. It doesn’t matter by which person, they can use the credit as long as they pay taxes.

5. CArry ForWArDSome or all of your donations may be

carried forward for up to five years. This should be done to take advantage of the higher credit over $200. Also, donations made in years of low income or when other credits are used (so no taxes would be paid anyway) should be carried for-

ward.Finally, any donations over the 75 per

cent net income limit should be carried forward.

Many computer tax programs auto-matically suggest a carry forward when no federal taxes are payable. Check if provincial taxes are still payable; if so, override to include donations to reduce provincial taxes also to zero.

6. DonAtions At Work

Remember to claim donations made through your workplace; these are recorded in Box 46 of the T4 slip from your employer.

As well, include donations made through pension or other income (Box 46 of T4A slips).

Also, less commonly, through invest-ment income on Box 48 of T3 slips, Box 103 of T5013 slips, and Box 13 of T5003 slips.

7. DonAtions oF stoCks

New rules encourage the donation of publicly listed securities (stocks) that have appreciated in value. There is now no capital gains tax on such gifts. This could be quite a benefit, as you get the tax credit on the higher amount, but do not have to pay any tax on your gain.

Charitable donations -Top 10 Canadian tax tips

turn to PAGE 12


Prince George

Your gift lives on…

A planned gift makes a diff erence for low-income working families and our community.

By supporting Habitat for Humanity, you’re helping us to build aff ordable homes for families to purchase. � is builds pride and creates more opportunities for their young children through the stability and security of home ownership. Your gift lives on with 100 percent of your donation

going to the Habitat build programs helping to break the cycle of poverty housing.

Families thrive. Communities prosper. Everyone wins.

For more information on Planned Giving with Habitat for Humanity, please contact:

Jo-Ann PickeringHabitat for Humanity - Prince George

220 Queensway, Prince George, BCV2L 1L2

1475 Edmonton Street, Prince George, BC • V2M 1S2Telephone: 250.565.2515 • Fax: 250.565.2595Toll-Free: 1.877.565.2515E-mail: spiritofthenorth northernhealth.ca

www.spiritofthenorth.ca

“While it is well enough to leave footprints on the sands of time, it is even more important to make sure they point in a commendable direction.”

– James Cabell

· Cancer· Diabetes· Arthritis· Ostomy

· Heart· Stroke· Mental Health & Addictions· Alzheimers

· Palliative patients· Seniors Care· Paediatrics and many others….

Choose to make a Planned Gift to the Spirit of the North Healthcare Foundation. Contact us to discuss the options that are available, and what might be best for you.

When making the choice to leave a Planned Gift, the impact your decision will have on the lives of those who come after you is priceless. Through a life insurance policy, bequest, stocks or annuities – you can choose how your legacy gift is administered, and to what program it benefi ts.

100% of any gift you leave through the Spirit of the North will stay in your community and can be allocated for any of the following treatment needs:

Check with your charity about how to make such a gift. For more information, see the CRA’s Gifts and Income Tax, and Gifts of Capital Properties to a Charity and Oth-ers, as well as Capital Gains.

8. in-kinD DonAtions A recent survey by Statistics Canada found that almost everyone (94 per cent of

those aged 15 and older) makes financial or in-kind charitable donations. In-kind donations are commonly items such as clothing, toys, household goods, or food. Other examples include valuable art or antiques.

CRA does allow a tax credit for gifts of property (but not for gifts of services). In order to get a tax credit for in-kind donations, you must have a receipt from the char-ity showing the “fair market value” of the gift.

In general, don’t expect a receipt for donations of old clothes, furniture, etc. You may be able to get a receipt for donating more valuable items.

For anything worth more than $1,000, CRA usually expects an independent appraisal.

For more information, see the CRA’s Gifts and Income Tax, and Gifts of Capital Properties to a Charity and Others, as well as Capital Gains.

9. AvoiD sCAMsSome people donate to charities with the temptation of receiving credit for more

than they actually donated. Do not run the risk of having all your donations disal-lowed. If it seems “too good to be true,” it probably is. Give to give, not just for an inflated tax break.

10. sPECiAl situAtionsThere are special rules for donations of cultural and ecological gifts, and for art-

ists who donate from their inventories. If you have partnership income and receive a T5003, T5013, or T5013A slip, then see Charitable Donations and Gifts- Schedule 2.

For these situations and for more information on the above tips, see the CRA book-let Gifts and Income Tax, and a list of other publications.

MorE tiPs: Plan Ahead – Statistics Canada found that donors who plan ahead give more than

others. Think about a set amount of your income, regular monthly contributions, and bequests in your will (your estate will get the tax credit in the year of death).

Donate Online – You can donate easily to any of thousands of charities through CanadaHelps.org, itself a registered charity.

They issue you a receipt and forward your donation to the charity you specify, less a three per cent transaction fee.

Political Donations – Keep receipts from donations made to political parties sepa-rately. They qualify for a different income tax credit. Check out Political Contributions: Top Ten Canadian Tax Tips.

from PAGE 13


Honour yourloved ones

memory foreverthrough a CNC

or bursaryscholarship in

their name.Your donation will help the

student of your choice

continue their studies, while

letting everyone know about

the qualities of your special

friend or family member.

For more information, call Annette Stevens,

CNC Fundraising & Alumni Co-ordinator,

250-562-2131, ext. 5313

College of New CaledoniaB R I T I S H C O L U M B I A • C A N A D A • W W W . C N C . B C . C A

3089 Clapperton Street, Prince George 250.563.2551 www.hospiceprincegeorge.ca

Join ourSustaining Supporter Program

Your Monthly Gift will support our future.

A Gift that Gives More!

Providing programs and services since 1979:

Children Who Witness Abuse, Counselling Services Courtwork, Justice Advocacy, Transition Houses

Victim Services, Women’s Outreach, Young Parent Program and Young Babies Services

1575 - 5th Avenue, Prince George, BC V2L 3L9

Prince George & DistrictELIZABETH FRY SOCIETY

Your legacy gift will provide hope and support to

women and children.

by MAlCoM burroWs

Recently a client was agonizing about supporting two of his favourite charities in his will.

They were smaller organizations at which he had served as a director. He was procrastinating about his estate plan because he knew the size of the contemplated gifts –about $150,000 per charity – may overwhelm the small entities. He was torn between doing good and being practical.

One of the challenges of leaving a significant legacy is making the bequest match the size and capacity of the charity. Two-thirds of Canada’s 85,500 registered charities have annual revenue of less than $100,000.

Smaller charities are volunteer run. They do great work, but often lack paid staff and experience with invest-ments. The traditional method of addressing this situation is to put the funds in a charitable trust for profes-sional management, asset protection, and a regular income stream to chari-table beneficiaries.

A contemporary solution is a donor-advised fund in a public foun-dation, such as a community founda-tion. Donor-advised funds are “giv-ing accounts” that enable the donor (and potentially family members in the next generation) to make recom-mendations about the use of the funds.

Most donor-advised funds are

endowments and only pay out income from invested capital.

Donor-advised funds have become recognized for their flexibility, sim-plicity and cost-effectiveness. Our cli-ent, however, didn’t want a perpetual endowment after he was gone – just a way to provide annual donations for 10 years to his two charities.

He wished to provide support each year that will be consistent, not lumpy. To accomplish this goal he created a “spend down” legacy fund at Aqueduct Foundation (www.aque-ductfoundation.ca) in his family’s name.

As a former board member, he was compelled by the idea of providing consistent funding that would not create overdependence.

He also knew the annual grant was valuable enough to improve the charities’ flexibility and extra help in delivering their missions.

The result: a personal legacy that is practical and enabling.

Malcolm Burrows is Head, Philan-thropic Advisory Services at Scotia Private Client Group. He is a nationally known philanthropic planner with over 20 years of experience with charities and Scotia Private Client Group.

Scotia Private Client Group is the largest national service provider to pri-vate foundations and operates Aqueduct Foundation, a public foundation with donor advised funds. www.scotiaprivate-client.com/philanthropy.

Big legacy andsmaller charities


Educational Display Garden on theUniversity of Northern British Columbia

Campus

Project of International Status to Develop a World Class Botanical Garden in

Prince George

Providing horticultural and arboriculturaleducation for the public

DAVID DOUGLAS BOTANICAL GARDEN SOCIETYwww.ddbotgarden.bc.ca

‘one seed at a time’a growing legacy

Your gift will help ensure that British Columbians

with spinal cord injury (and related disorders) &

their families will continue to receive the essential

support and services needed to help them adjust,

adapt and thrive - whether they are dealing with a

new injury or struggling with the ongoing

challenges of living and aging with a physical

disability.

For more information, visit www.sci-bc.ca or call

1-800-689-2477

Please note: gifts should be made to our legal name, which

remains Canadian Paraplegic Association (BC)

Sometimes, what changes remains the same.

The BC Paraplegic Paraplegic Association is now:

Ph: 250-562-8288 Fx: 250-562-8287rob@macneilfi nancial.com

Suite 100A - 575 Quebec St., Prince George, BC V2L 1W6

INVESTMENTS*Specializing in corporate and personal portfolio’s, risk management planning for both growth and retirement income. *(Mutual Funds offered through the dealership of Sterling Mutuals Inc.)

INSURANCEOffering life, critical illness and disability insurance.

BENEFITSOffering medical, dental and pension plans.

MacNeil Financial offers Insurance, Investments* and Financial Planning Services

for corporations and individuals.

MacNeil Financial and Insurance Brokerage Corp.

Recently, one of my col-leagues was working with a retired public servant on her estate plan. She is

exacting, intelligent, and has a won-derful way with words. She plans to give the residue of her estate to support eight charities. Most of these organizations are small and volun-teer-run.

One of her primary concerns is that her charities would be receiving gifts that were large relative to their over-all annual budgets.

She worries about giving them too much all at once.

She is concerned that they will need ongoing funding. She had explored the idea of establishing an endowment to support her charities, but thought perpetuity was too long and the annual payout too little.

“I want to grow fruit,” she pas-sionately explained, “not just be the morning dew that keeps the grass green.” For her, the endowment pay-out was the morning dew.

Is there any way, she asked, to have a legacy fund at Aqueduct Foundation that would pay out all the funds to her chosen charities over 10 years?

Yes, indeed there is. Without prompting from us, our donor described what we call a “spend-down” legacy fund.

A spend-down fund functions like an annuity.

After setting up the fund by deed during life, the account is funded after the donor’s death with a bequest.

The fund distributes all capital and income over a set term – for example, 10 years – and then ceases to exist. In Canada, few charities offer spend-down funds as an option.

Spend-down funds sit right in the middle between the two most com-mon ways of structuring a bequest.

At one end of this spectrum there is the outright gift that pays out immediately after death; at the other end there is the endowment that is invested for perpetuity to distrib-ute a minimum of 3.5 per cent per annum.

The spend-down fund provides the donor’s charities with significant, steady support for a defined period with the goal of starting something new, addressing a capital need, or just to operate well.

Spend-down funds also provide checks and balances.

Our donor wants to ensure her gift will provide the greatest benefit to the charities, so she did not restrict the use.

She stipulated that each charity make a short annual proposal to make everyone take the process seri-ously and to ensure the funds are well used.

The spend-down fund will be named after her and grants will be

made in her name each year. With the option of appointing

a successor advisor at Aqueduct Foundation, children or other family members could be involved in this process.

Reviewing proposals from the char-ities and contributing to the conver-sation would allow the next genera-tion to have a relationship with the charity and participate in the legacy.

To our donor, the spend-down fund

struck the perfect balance of “grow-ing fruit” in the community (having an impact!) and creating a personal legacy that represents her values and wishes.

Malcolm BurrowsHead, Philanthropic Advisory Services

Scotia Private Client Groupmalcolm.burrows@scotiaprivateclient.

comwww.aqueductfoundation.ca

Spend-down funds provide ongoing support to organizations of choice


PO Box 1204, Station A 2880 15th Avenue

Prince George, BC V2L 4V3250-562-7772www.pgcf.ca

[email protected]

The Prince George Community Foundation can serve as your one-stop gift-giving centre. Whether your interest is in arts & culture, education, environment, health, social services and sports & recreation, or a specific charity of your choice, we can direct your donation to a fund that satisfies you as a donor.

Donations of all kinds are graciously accepted: cash, cheque, credit card, life insurance, securities or through estate planning.

We are here to see that your gift-giving wishes of today become a reality in the community forever. Sponsored by Ray Noonan

Scotia Private Client Group

Giving Something Back

We provide the opportunity to make a lasting charitable donation to enhance our community forever

C CD The Child Development CentreOf Prince George and District

Your Legacy will mean the world to children of all abilities.Developing potential takes the kindness of many.

When you remember the Child Development Centre in your will, you’ll be shaping the future of the children with developmental challenges in your community.

Leave a Legacy to:

The Child Development Centre of Prince George and District

While it is not possible to “rule from the grave”, many people wishing to ensure that the legacy they

have built up during their lifetime lasts, try all manner of things to ensure that the next generation does not foolishly spend it away.

While you cannot restrict completely what or how much a beneficiary will spend, there are a few basic tips to ensure that your inheritance is protected for future generations.

One of the first things to consider in ensuring that your estate is wound up properly is to give careful consideration to the choice of your executor.

The executor of your estate is respon-sible for ensuring that numerous tasks are completed before a distribution can be made to your beneficiaries.

Some of the things they are responsible for range from submitting your will to probate, gathering in and liquidating assets, ensuring that all taxes are properly remitted to the tax department, preparing

an accounting to the beneficiaries of all monies received and disbursed, etc.

Ideally, your executor should be some-one sophisticated enough to understand the legal proceedings, the tax implica-tions on your estate, the management of the ongoing investments.

A knowledgeable and experienced executor can actually protect and/or increase the value of your estate through proper tax planning. Perhaps, in scenarios where the estate is complex and family members remote, thought should be given to whether appointing Scotiatrust as corporate executor is warranted for your own estate planning.

One of the most com-mon mistakes made which could have an adverse effect on your intentions is the failure to provide for a gift over, both with respect to legacies and to the residue of your estate.

A legacy is a specific gift left to some-one under your will, most commonly in the form of a cash gift.

Your will should always provide for a gift to an alternate beneficiary in the event that the original beneficiary has predeceased you.

The failure to do so will result in that gift failing and the proceeds becoming part of your estate when your intent could have been to benefit someone else.

Even more catastrophic to your estate plan is the failure to name alternative beneficiaries to inherit the residue of your estate.

In basic terms, the residue of your estate is the pool of funds gathered after all debts, taxes and legacies have been paid.

For most people this is the bulk of their estate.

The failure to name an alternative will result in an intestacy, so that the rules of intestacy under legislation will determine who inherits, giving absolutely no effect to your true intentions.

Another frequently mentioned con-cern is that of protecting a beneficiary’s inheritance from that person’s spouse in the event of separation and/or divorce. In Ontario, the gift you leave to your child or any beneficiary is protected by legislation from property division should that beneficiary later separate or divorce. However, what is not protected is the

income generated from that gift or the appreciation or growth in value of that gift.

A simple way to avoid this, is to include in your will what lawyers will often call a “Family Law Act clause.”

The insertion of this clause will ensure that not only will the actual gift be pro-tected from division, but the income and

growth of that asset will also be protected from division should your beneficiary separate or divorce.

In attempting to ensure that your inheritance lasts, one should also give thought to providing for ongoing trusts in the will. Whether your intended beneficiaries are spend-thrifts, financially imma-ture or whether they suf-fer from a disability and

are receiving Ontario Disability Support payments, you want to ensure that the gift you leave not only lasts but does not have adverse affects for those disabled beneficiaries who would otherwise be disentitled if the trust is set up improp-erly.Here again, special consideration should be given to choosing a trustee.

Ideally it should be someone who is able to invest the capital of the gift pru-dently and who will live and be capable for as long as their obligation lasts.

For these types of trust, the services of a Scotiatrust as corporate executor and trustee might also be sought.

By leaving funds in trust, you can ensure that the inheritance will be stag-gered over time and even protected entirely by the proper structuring of trusts.

You can set out whether only the income generated from the invested inheritance or whether capital will be paid out and if so, for what purposes.

The last piece of advice I would offer is to seek professional help in structuring your estate plan and will.

Be wary of drafting your own will or of using ready-made kits so that mistakes are not made which obviate your true intentions.

Seek the advice of your lawyer, accountant and other financial advisors to ensure that your plan will be carried out according to your wishes upon your passing.

This article has been prepared by the Sco-tiabank Group.

Some great tips forprotecting your inheritance

yourinheritance

• Give careful consideration to your

choice of executor• Your will should provide a gift to an alternative

beneficiary• Consider an ongoing

trust to ensure that your inheritance lasts


Charitable Registration #11883 0744 RR0001

Diabetes is a growing epidemic. With more than 20 Canadians diagnosed every hour,

chances are diabetes will affect you or someone you love. But you can make a difference…

Let a cure for diabetes be your legacy

diabetes.ca

Boyanne YoungNorthern Region Branch CoordinatorCanadian Diabetes Association103 - 490 Quebec St, Prince George, BC V2L 5N5Tel: 250 561 9284 Fax: 250 561 0009

DEBRA MOFFATT B.A.

[email protected]

(250) 564-2310

Time…to think about a charitable legacy

You’ve always been known for your generosity to your family, friends and especially to your favourite charities. As you consider the legacy you wish to leave, the desire to continue your tradition of charitable giving becomes an even more important consideration.

The Investors Group Charitable Giving Program allows you to shape and defi ne your legacy. Whatever your interest, whatever your passion, you can make a difference.

Call us to fi nd out how your generosity can live on.

Details of the Investors Group Charitable Giving Program, including eligible funds, current fees and expenses,and other requirements, are available upon request in the Program Guide. Donations under the Programare irrevocable and vest with the Strategic Charitable Giving Foundation – a registered charitable foundationwhich is responsible for making all investments and operates independently from Investors Group.

™Trademarks owned by IGM Financial Inc. and licensed to its subsidiary corporations.

MP1345 (10/2007)Investors Group Financial Services Inc.

A safer community

start

som

ethin

g

www.bbbspg.ca250.563.7410

Giving is good. Good for your community, good for your charities, good for those who benefit from your charitable

acts and donations. And to make the shar-ing of your bounty even more appealing, giving can be good for you, too.

Your philanthropic gift is always important, no matter the amount of your assets or the size of your income – but to make the best use of your contributions, to preserve your legacy, and to minimize taxes and/or estate fees, a sound chari-table giving plan is the way to go. Let’s look at your options.

Name a charity as a beneficiary – The simplest option. In your will, leave a bequest of money or gift in kind (securi-ties or artwork, for example) to a recog-nized charity and your estate will receive a charitable donation tax receipt that could reduce or eliminate the income tax on your final return and possibly on the immediately preceding return, as well.

Establish a donor-advised fund – As the donor, you receive an immediate tax receipt for all contributions made to the fund and you also retain the rights to select the charities that are to receive your fund’s annual income.

Establish a charitable remainder trust– This is an irrevocable trust that can hold assets such as cash or mutual funds. All the interest and dividends are paid to you as taxable income. Upon your death, the trust assets (known as the remainder) go immediately to the charity you have designated. When the trust is established, you receive a donation receipt for the

‘remainder interest’ of the trust. Donate a life insurance policy while

you live – With this option, you ensure your charity will receive the total death benefit under the policy while you enjoy certain tax credits.

Donate publicly funded stocks or secu-rities – You will pay no capital gains tax on the donated securities and will receive a tax receipt for their full value.

Establish a charitable life annuity – You will continue to receive a lifetime income from the donated assets for yourself, or for you and your spouse. Much of the annuity cash flow is tax-free and you’ll receive a charitable receipt for a portion of the donations based on the amount of annuity income you receive and your life expectancy.

Establish a private foundation – If your donation is very substantial, this option allows your name or family’s name to be permanently associated with the causes you’ve chosen.

Ask your professional advisor for help in establishing a planned giving strategy that makes the most of your bounty for your charities and for you.

This column, written and published by Investors Group Financial Services Inc. (in Québec – a Financial Services Firm), and Investors Group Securities Inc. (in Québec, a firm in Financial Planning). presents general information only and is not a solicitation to buy or sell any investments. Contact your own advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.

Sharing your bounty,give to receive


Dean W. SimpsonFinancial Advisor

5111 Domano Blvd.Prince George, BC V2N 5E1250-964-2353 Cel: [email protected]

Martin HookeFinancial Advisor

225b 100 Tabor Blvd.Prince George, BC V2M [email protected]

Your family and community are important to you. Call us to help develop an estate plan that creates your legacy.

Share Your Dreams,Build a Legacy

You can create a lasting legacy of love for all of BC’s children.

www.bcchf.ca

It is a magical thing to know that a decision you make

today could save the life of a child 20 years or more

from now. But that’s what happens when

you include BC Children’s Hospital

Foundation in your estate plans.

Small Patients Great NeedsFor more information or to

let us know you have made a

gift through your estate, please

contact the Gift & Estate Planning

team at 1-888-663-3033 or

[email protected].

RAILWAY & FORESTRY MUSEUMPRINCE GEORGE & REGION

Central British Columbia Railway and Forest Industry Museum Society

Address: 850 River Road, Prince George BC V2L 5S8Charitable Tax No: 126179167 RR0001

The RFM’s mandate is to preserve and interpret the history of the railway, forestry and other industries and culture that grew around them:• preserving, restoring and interpreting artifacts of historical significance related to the

railways, forestry and industrial development in Central BC;• provide educational, hands-on experience to public through static and operating displays

and display lifestyles of people involved in railways, forestry and industries developed in Central BC.

Help preserve our heritage by making a donation to your Railway and Forestry Museum.

If you don’t have a cause that comes to mind for you, think of what inspires you to give back.

There are many reasons that people give to charity, and you might want to think of an issue you’re concerned about, someone who inspired you or who you want to remember, or a meaningful event in your life. You may also want to con-sider the following questions:

• Do you want to have an impact in your local community, on a provincial or national level, or internationally?

• Is there a type of non-profit you’re interested in – the environment, health-care, education, arts, social services, or religion?

• What sort of impact or work are

you interested in? For instance, if you are interested in healthcare, you may be interested in health and medical research, or direct service provision and support, or perhaps in lobbying efforts to change healthcare policy.

What are you particularly grateful for, and is there a way to provide that same effort for others?

is thE ChArity Doing gooD?

Charities come in all shapes and sizes, and they do many kinds of work. You want to know that you’re investing in an organization that does meaningful work for you. Consider the following before

making your donation: • Is the organization actually a char-

ity? All charities must be registered with the Canada Revenue Agency (CRA). Only CRA-registered charities are listed on CanadaHelps, so searching our site is a good place to start. When donating, always look for a charitable registration number, or BN – which is issued to all registered charities by the CRA.

• Is the charity accountable? Are they willing to provide you with their annual audited financial statements and a report on their work?

Some donors like to look at the costs of administration and fundraising: while that is one way to measure a charity, consider the measurements that actually demonstrate the success of their pro-grams. Are they accomplishing the goals they set out to achieve?

• Does it sound too good to be true? There are a small number of shady charities out there, so be careful. Some promise a tax receipt for more than your donation, or won’t provide you with the details of how your donation will be used. Be wary of these charities and ask more questions before you give.

hoW MuCh to givEHow much you should donate is a per-

sonal question that depends on your abil-ity to give. CanadaHelps recommends setting up an annual giving budget based on your income and expenses.

If you’re having trouble determining how much to give, consider starting with a monthly donation.

You can easily set up an automatic monthly deduction through Canada-Helps to give an amount of $10 or $20

each month to your favourite cause. Evaluate your giving after one year. Can you afford more each month, or was it difficult to sustain that level of giving? Do you want to add other charities that might benefit each month too?

If you have appreciated securities (stocks, bonds, and mutual funds), con-sider donating from your portfolio. You’ll get an extra benefit on your taxes as a result: you will receive your normal tax receipt, and you won’t pay any capital gains tax on donated securities. Make your gift of securities through Canada-Helps to any Canadian charity.

Don’t forget that your employer might match your donation. Look into the employee-giving incentives at your com-pany to maximize your charitable giving.

Remember, the deadline for giving in the tax year is December 31. Donations after December 31 cannot be claimed on your taxes.

•••Charities depend on financial contribu-

tions, but you may also want to consider volunteering, or donating in-kind (non-cash) items.

voluntEEringVisit www.volunteerpg.com to find

our volunteer centre.

in-kinD givingCharities are often looking for dona-

tions of goods to help them fulfill their missions.

To find out which charities are looking for which items, visit DeliverGood – an organization with a mission to connect charities and non-profits who need stuff with people who have stuff.

Choosing a charity - What moves you?




Ph: (250) 561-1011Toll Free: 1-800-561-1024



34000 Blackwater RdPrince George, BCV2N 6H1

Phone: 250-964-3136Fax: [email protected]

BALDY HUGHES THERAPEUTIC COMMUNITY

Addiction Recovery & Therapeutic Community

Baldy Hughes Therapeutic Community is the premier recovery community in British Columbia catering to men suffering from addiction. Our model is an innovative and novel approach to treating substance abuse and is inspired by the highly respected and world-renowned therapeutic community in Italy. The success of our abstinence-based program can be attributed to long-term treatment in a remote recovery community setting.

Bequeathments & Legacy GiftsYou may include in your will a provision for the BC New Hope Recovery Society. This could be for a speci� c sum of money, a particular property, or a percentage of your estate. If you are interested in making a legacy contribution of this type to Baldy Hughes please contact us by email at [email protected].

950 Kerry St., Prince George, BC V2M 5A3

Ph: 250-564-6408 Visit our website

www.aimhi.ca

Helping people since 1957AiMHi supports over 1,000 people who have special need each year. We provide vocational, residential and advocacy services for children, adults and their families.

3

You want to give back to your favourite charities and create a lasting legacy of char-

itable giving. Your philanthropic intentions are commendable – and one of the easiest ways to realize them is through a donor-advised fund.

Donor-advised funds are a very efficient means of donating to your charities, offering many of the benefits of a private foun-dation but without the admin-istrative costs, restrictions and responsibilities of a foundation.

To establish a donor-advised fund, you create a donor-advised investment account through the financial services

organization of your choice. Your contributions are invested in an eligible mutual fund and grants are made from your account to your favourite chari-ties or other permitted entities.

When you establish the investment account, you select the charitable organizations or causes your fund will support, you retain the right to advise the fund on how your account’s income is to be allocated, and you will receive an immediate tax receipt for your contribu-tions. Once you choose to estab-lish your fund, this is the basic process:

1. You make an initial con-tribution of a significant lump

sum, or allocate an insurance policy with a net death benefit in the amount you have deter-mined is appropriate. Your con-tribution is made to a charitable giving foundation, which is registered under the Income Tax Act as a public foundation.

2. You receive an immediate tax receipt equal to the fair mar-ket value of your initial dona-tion.

3. You can name your fund account after yourself, your fam-ily, a loved one, a company, or a special interest. (For example, The John Smith Charitable Account or The Smith Family Fund.)

4. Your contribution is

invested in an eligible mutual fund managed by investment professionals.

5. Each year, you are advised about the amount that is avail-able in your fund account as a grant to your charities. This is normally between 3 per cent and 5 per cent of the value of your account -- so, if you had $100,000 in your account, you might be advised that there is $3,500 available as a grant.

6. You then recommend which charities should receive the available grant amount. Your grants must go to registered Canadian charities.

A donor-advised fund offers incredible flexibility when it

comes to philan-thropic planning – and it may be the ideal choice for you.

But to be sure it is and that your charitable giving intentions fit in with your overall financial and estate plans, talk to your profes-sional advisor first.

This column, written and pub-lished by Investors Group Finan-cial Services Inc. (in Québec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments.

Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change fre-quently and past performance may not be repeated. Contact a financial advisor for specific advice about your circumstances.

For more information on this topic please contact your Investors Group Consultant.

An easier way to give - donor advised funds have many benefits

Planned giving using life insurance is an effective strat-egy that can work for you if:

• You have a desire to support a charitable organiza-tion.

• You’re interested in multiplying your current annual bequest.

• You have an interest in managing current or future tax obligations.

• You want to preserve your estate.A carefully arranged gift can be tax effective, while

simultaneously balancing your needs and your family’s. It can allow you to leave a lasting legacy or provide your favourite charity with level, ongoing contributions over

a specific time period without significantly reducing the estate available to your heirs or jeopardizing your future financial independence.

A permanent live insurance plan can allow you to accumulate cash, within certain legislative limits, without paying income tax on the growth. Cash withdrawals are subject to taxation based on the rates and rules in effect at the time you withdraw the funds.

The death benefit is paid to the beneficiary of your choice, tax-free, upon death.

It’s right for you if you want to maximize the gift that your charity can receive, if you need the tax credit today, and if you want the flexibility of naming your charity.

Planned giving using life insurance


FINANCIAL PLANNINGDesigned to suit your needs:

Planned giving using life insurance Charitable giving funds (family foundations) Gift annuity plans

Integris Financial Planning Services Ltd. is a subsidiary of Integris Credit Union

Book an appointment today!

250-612-3457

Our Mission…we are committed to enhancing the well-being of our members, staff, and communities.

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The Legacy Project