The personal satisfaction of knowing that you are ‘making a difference’ is usually the only motivation needed for giving to your church or favourite charity; however, planned giving allows you to make the most of your gift, and may permit you to increase your overall giving while saving taxes.
A legacy gift to the diocese through a parish or the synod is a meaningful way for you to acknowledge your faith. These future gifts can be an opportunity for you to make a significant contribution to the church. A gift in your will allows the diocese or your parish to fulfill its mandate to proclaim the gospel of Christ. For many, naming the synod or your parish as a beneficiary is an opportunity for you to make a significant future gift.
We have included four of the most common options for legacy giving to the diocese, however if you choose to explore other giving vehicles, please feel welcome to contact the diocesan finance officer.
While we can provide the wording and options for legacy giving, it is important that when you are considering making a significant donation to the church, you seek independent legal and financial counsel to ensure your wishes are carried out as you intended and eliminate any future conflicts, such as disputes by other estate beneficiaries. We can help eliminate any future conflicts, such as disputes by other estate beneficiaries.
Charitable bequests are the most common form of legacy giving as it is simple wording in your will. If you already have a current (less than five years) will in place and there have been no significant changes in your life, then it may not be necessary to rewrite your will. It may be as simple as having your lawyer add an additional clause (known as a codicil) to your will.
Sample Bequest Clause—undesignated gift
“I give and bequeath to the (Anglican Synod of the Diocese of British Columbia, Charitable Registration Number 11878 7142 RR0001, or full name of the parish and full street address) the sum of $__________ dollars to support the areas of greatest need”.
Sample Bequest Clause—designated gift
A gift in a will to a specific designation should include an additional “power to vary” clause. While the diocese will do its utmost to honour the wishes of the donor, circumstances may be that the parish or program may no longer exist. This clause will provide the diocese, in consultation with the executor(s) with the flexibility to execute the bequest in a way that respects and honours the original wishes of the donor.
- “I give and bequeath to the (Anglican Synod of the Diocese of British Columbia, Charitable Registration Number 11878 7142 RR0001,or full name of the parish and full street address) the sum of $__________________ dollars to be directed to support _____________________ (i.e. parish or specific program).
- Power to vary clause: “Should the bishop or synod deem the bequest impossible, inadvisable or impractical to execute, the bishop may direct the gift to support an area of need that will honour the original wishes of the donor.”
Gifts of Life Insurance
Depending on your stage in life, you may consider making a gift of life insurance to the church. Working with your financial advisor or life insurance broker, you may be able to transfer ownership and name the diocese or your parish as a beneficiary of your existing or new policy. For gifts of insurance, where the diocese or parish is both owner and beneficiary, the diocese will issue a charitable tax receipt for the current cash surrender value of the policy. Please contact the diocesan finance officer at the synod office to determine whether your policy falls within our donation guidelines.
Gifts of Securities
An electronic transfer of publicly-traded securities (shares/stocks) is an effective way to donate to the synod or a parish. Gifting of securities provides you with a tax advantage to eliminate capital gains tax on the gift of appreciated securities. As per CRA ruling, to activate tax free appreciation of securities, your donation of shares must be transferred through your broker to the synod’s broker using our
Gifts of Securities Transfer Form
It is important to note that tax savings on your gains cannot be activated if you sell your shares and then use the funds to make a donation by cheque or other form of payment to the diocese or parish.
Gifts of Tangible Property
All gifts of tangible property will be carefully considered by the diocese on an individual basis. These gifts may include (but not limited to) artwork, jewellery and real estate, and must be transferred free and clear of all liens and obligations. Prior to acceptance, you will be responsible for obtaining an independent valuation of the property and in the case of real estate, obtaining a third-party professional environmental site assessment. Gifts of artwork and jewellery with an estimated value of over $1,000 Cdn require a current professional independent appraisal.
If you are considering donating real property while retaining a life interest, please email the diocesan finance officer to discuss this option further. These gifts may require documentation that supports and demonstrates the donor’s financial ability to provide for all future maintenance, taxes and insurance costs during their lifetime. A charitable tax receipt will be issued to the donor for the fair market value of the property at time of transfer. Please contact the synod’s finance officer to facilitate a gift of property.
We are grateful for all gifts to support the church to proclaim the gospel.
For more information, please contact the diocesan finance officer to have a confidential conversation 250.386.7781 x245.
The diocese acknowledges that every individual’s circumstance is unique and strongly recommends independent counsel to ensure your wishes are carried out as you intended.