Planned Giving
Using the Gifts
of God to Build Up the People of God
Planned Giving means giving vital support to a cause you believe in and
achieving personal financial goals while structuring your gift to maximize tax
benefits.
A planned gift to
the Diocese of Edmonton may be outright (for immediate use) or deferred
(arranged now for completion at a future time). Some planned gifts are designed
to combine support for the Church with life income to the donor. Each type of
planned gift offers particular benefits to the donor, and each supports the
mission of the Church, whether a parish, diocese, General Synod or another
Anglican institution or ministry.
Planned
giving is not separate from Christian stewardship; rather it is an important
part of it. A planned gift offers ways, over and above regular support of the
church’s on–going work, to share God’s gifts with others, and to grow
spiritually as we live out our vocations and ministries within the mission of
the Church.
There are many varieties of planned gifts. A
gift plan that works for one individual or family may not work for another,
because the make–up of estates or accumulated assets is as different as the
households themselves. The good news is that federal tax law provides the means
for donors to direct the taxable portion of their estates to benefit the community
and the Church.
GIFTS FOR THE PRESENT
An outright gift of cash
is the simplest way to give and is often the best way. Your gift goes to work
immediately, meeting current needs or as an endowment. You receive a donation
receipt for the full amount you give, resulting in immediate tax savings. For
example, with a combined federal and provincial tax credit equal to 50 percent,
a $5,000 cash gift to the Church will result in tax savings of $2,500, so the
actual cost of the gift to you is only $2,500! (The amount you may claim in
charitable donations in any one year is limited to 75 percent of your net
income for that year. Any excess may be carried forward for up to five years.)
When you make an outright gift of publicly
traded securities, you receive a special tax benefit: you will be taxed on none
of the capital gain. For gifts of other types of appreciated property, 50
percent of the gain will be taxed. In either case, your tax credit will always
exceed the tax on the gain, resulting in net tax savings.
GIFTS FOR THE FUTURE
The
most common type of deferred planned gift is the charitable
bequest. It can be as simple as a sentence or two in your will, or a
codicil appended to your present will. Your bequest may specify a certain sum
of money: “I give to The Synod of the
Diocese of
If you prefer,
you may give a particular asset (“my
shares of XYZ stock”) or a portion of the residue of your estate after
other bequests have been paid (“50% of
the rest, residue and remainder of my estate”). In consultation with the
Diocesan Planned Giving Officer, you
may designate a particular purpose for which your bequest is to be used, and
you may indicate whether your bequest is to be available for immediate use or
held as endowment. Your estate will be entitled to a donation receipt for the
full value of the bequest, which may significantly reduce the tax payable with
your final income tax return.
A gift
of life insurance can provide a significant future gift to the Church at a
very modest present cost to you. You may make such a gift with either an
existing policy or a new one.
You may give the death benefit of an existing policy
simply by naming the Diocese of Edmonton as the beneficiary. However, to
receive an immediate tax benefit, you must also transfer ownership of the policy to the Church which entitles you to a
donation receipt for the cash value of the policy. When you make the Church the
owner and beneficiary of a new policy, you receive a donation receipt for every
premium you subsequently pay. At your death, the Church will receive the
proceeds.
GIFTS THAT GIVE BACK
Some planned gifts “pay you back” by paying you income
or allowing you to enjoy the use of your property even after you have given it
to the Church.
A gift
annuity provides both a gift to your parish or the Diocese of Edmonton and
guaranteed payments for life for you or you and your spouse. The annuity rates
depend on your age, but they will normally be higher than current GIC interest.
Moreover, a portion of your annuity payments (100 percent in some cases) will
be paid out tax-free. All donors will also receive a donation receipt for a
portion of their original contributions.
A charitable
remainder trust is a deferred giving arrangement under which you
irrevocably transfer property (cash, securities or real estate) to a trustee.
You retain the right to the income from the trust, either for life or a
specified term of years, and at the end of that time, the trust principal
becomes your gift to the Diocese of Edmonton. You receive a donation receipt
for the present value of this remainder interest. In consultation with the
Planned Giving Officer, you may designate your gift for a particular program or
as an endowment.
A gift
of residual interest gives back in a different way; for example, you may
donate your residence but retain the right to occupy it for life, or give a
valued work of art and continue to enjoy it during your lifetime. In each case
you will receive a donation receipt for the present value of the “residual
interest” you have given to the Diocese of Edmonton.
WHY
CHOOSE THE CHURCH?
We know from the Bible that everything we have is a gift from God. We
are stewards—managers of the many gifts God has given to us. As Christian
stewards, we recognize that all that we are and all that we have belongs to
God, and we are accountable to Him for the use of all things. Therefore, we
must live and give as Christians, generously sharing our God–given gifts of
time, talent and treasure.
Anglicans give generously of their time, energy, abilities and financial
resources to do the work of God in many ways, helping to make a difference in
people’s lives.
More and more Anglicans are giving thoughtful attention to their
stewardship of accumulated assets,
ensuring that they have valid wills and have planned responsibly for the
security and well–being of their families and the support of those institutions
and causes that have been important to them.
There are a number of ways to plan your response to God’s generosity
through both present and deferred gifts. Your thoughtfulness and generosity
will provide for you and your family and friends a sense of satisfaction and
delight in being able to make a very real difference in the life and work of
your church and other charitable organizations you may wish to support.
The Diocese of Edmonton
and its parishes offer many opportunities for expressions of generosity and
committed support. The list of outreach projects, programs and ministries is
almost unlimited. When you add to that the importance of caring for our
buildings and properties, church growth and the establishing of new congregations
and ministries, you can become very creative in providing for the future of our
church, helping to ensure its vitality and effectiveness.
Intrigued? Please complete and return the Request for Planned Giving Information form.