Singular Donations
Donations can be made online, by mail, over the phone, via fax or in person at the Foundation office. We can accommodate donations made with cash, cheque, VISA, MasterCard, Interac and money orders.
Monthly Donations – Become a Sustaining Supporter
Becoming a Sustaining Supporter is a convenient and affordable way to invest in the health of your community. Donating monthly allows you to budget your contribution and make a significant donation over the course of the year. Monthly donations reduce overhead costs for the Foundation which means more of your donated dollar goes directly to the cause.
You can become a Sustaining Supporter of the Spirit of the North Healthcare Foundation for as little as $10 per month. As a Sustaining Supporter you receive a recognition pin and framed certificate acknowledging your commitment.
You can make a monthly donation through direct withdrawal from your chequing account (electronic fund transfer) or with your VISA or Master Card.
Gifts in Kind
Gifts-in-kind are items and services that the Foundation may use to operate or to develop funds. These items may include real property, goods (including equipment for PGRH or other healthcare providers) or services. Tax receipts are issued for the fair market value of the goods or real property. Services are not receiptable, under Canada Revenue Agency law. If you are interested in making a donation please contact the Foundation to discuss different options.
Planned Giving
Planned giving is very simply the process of designing charitable donations so the donor realizes their objectives, maximizes tax benefits, and produces the largest possible gift to a chosen charity. However, each individual should have a program designed for his/her personal needs.
We have many professionals in estate planning in our communities and they can provide advice about the wide range of programs available. Possible donations include:
- Wills and Bequests
- Life Insurance
- Securities and Property
Life Insurance
The Foundation is pleased to accept the donation of Life Insurance policies and welcomes the donation of new or existing policies. Both donations qualify for tax receipts and may allow the donors to make a more substantial donation than they thought possible.
The gift of a life insurance policy generates a very generous contribution that is often larger than would be possible out of an individual’s income, and also provides tax relief, often in the years of maximum earnings when it is most welcome.
Gifting of an Existing Policy
Although most gifts of life insurance are new policies, many donors find themselves with an existing one that is no longer needed. By assigning ownership to the Foundation, they receive an immediate tax receipt for the cash surrender value of the policy (less any interest earned). Any premiums which are still owed are also entitled to a tax receipt for each premium paid.
Gifting of a New Policy
A donor may decide that the best way to donate to the Foundation is by purchasing a new life insurance policy. An independent life insurance agent should be contacted to help the donor make the right decision. If the Foundation is designated as the owner and beneficiary of the policy, the donor is entitled to a tax receipt for the premiums paid. The gift of a new life insurance policy enables the donor to leverage a relatively small contribution into a substantially larger one.
Benefits to the Donor
- The donor’s particular circumstances are addressed and the appropriate policy is chosen.
- Tax receipts are issued for the premiums paid OR cash value.
- Life insurance benefits do NOT have an impact on the insured’s estate value. They are confidential, private, non-contestable and not subject to probate.
Benefits to the Foundation
- Allows the Foundation to thank the donors while they are able to participate in the recognition.
- The gifts can ensure long term support for the services provided by the Foundation.
Trusts
Donations through the use of “Trusts” have been increasing. In these situations specific plans are developed to have assets placed in trusts to benefit the donor and spouses, while they are alive and the residual (or remainder) is donated to the Foundation. There are specific tax and income advantages for the donor. Please seek professional financial advice if you are interested in establishing a trust for the Foundation.
Securities/Property
Most securities can be donated and in fact publically traded securities (stocks) receive special Capital Gain tax treatment if donated directly to the Foundation.
Any real property may also be donated. This could include real estate, commercial property, cultural goods, private collections (art, artifacts etc.) or personal goods.
Property
The definition of “property” includes anything that can be invested or converted into cash. This may include real estate, cultural goods, personal goods or business assets. The Foundation is interested in assisting all donors make the best choice through effective planning and we would like to meet with the donor and their advisors to discuss any property transfers.
Securities
Any securities, such as stocks, bonds and GICs may be donated. They are as good as cash and have the same, or better, tax benefits to the donor. The gifting of publically listed and traded securities after February 17, 1997, receive a special advantage for the donor. When assets are given as a gift, only 25% of the gain has to be included in taxable income, versus 66% for any other asset. Yet, the Foundation can still receipt the full 100% of market value.
Although the process of donating securities is rather straightforward, please contact the Foundation and your financial advisor before proceeding. To take advantage of the tax situation “the securities must be donated DIRECTLY to the Foundation”. If the securities are cashed in they are taxed at the normal rate.
The transfer may include electronic transfer as well as the physical transfer of the securities or certificates.
Wills and Bequests
Donors may choose to leave a bequest in their Will for the Foundation. This may include real property, residual value of RSP’s, RIF’s, or a specific portion of the estate’s value. This donation may be directed to a specific area of the Foundation’s work.
Bequests
Bequests remain the number one method for charities to receive major gifts.
Have you thought about including the Spirit of the North Healthcare Foundation in your Will? You may designate a specific amount, a percentage of your estate or in fact, specific items in your Will that are donated to the Foundation. All of these items are eligible for a tax receipt that may reduce the final settlement of your estate with Canada Customs and Revenue.
Getting started is perhaps the most difficult part about making a Will. The laws relating to an estate are not simple; therefore, the use of professional estate planning, tax and legal advisors in these matters is vital. When you have collected the pertinent information on of your assets (property, cash, investments, insurance and personal goods) visit your professional advisor.
With your advisor you develop a plan to meet your legal responsibilities and family obligations. Other family members and friends could also be included. You can then plan the disbursement of the residual of your estate to your areas of interest including favorite charities. Flexibility in a Will can be maintained by using percentages rather than fixed amounts so that changes in finances will not force a complete revision.
If a person dies without a current Will the government can dictate the disbursement of the assets and the costs to the estate may be substantial.
How to make a bequest or will a gift
To make a gift to the Spirit of the North Healthcare Foundation, ask a lawyer to include in the will, one of the following statements:
I give, devise and bequeath to the Spirit of the North Healthcare Foundation: the sum of $___________, (or) my property known as ____________, (or) ________ percentage of my residue of my estate, (or) the residue of my estate, for its sole use and purpose.
You may direct your donation to a specific area or program. Please remember, things change over time and it is important to allow the Foundation the necessary flexibility to meet your expressed intentions. We ask you to include a statement similar to this:
If in the opinion of the Board of Directors of the Spirit of the North Healthcare Foundation, the needs of funds for the purpose described no longer exists, the funds can be used as determined by the Board for the best interests of the health care in Prince George and the surrounding area.
Trusts (spousal and/or family) are other methods of making a donation through a Will. Again, although quite simple in appeal it is best to seek professional planning assistance to ensure your wishes for family protection and donations to charity are fulfilled.
