Planned Giving

A charitable Will bequest is a gift written in a Will that instructs your Executor/Trustee to leave one or more of your assets to St. Joseph Parish. Simply instruct your lawyer to include a bequest to St. Joseph Parish (Prince Albert) in your Will. 

It is an easy way to support St. Joseph Parish while assisting you in achieving significant tax savings for your estate, thus reducing or eliminating your income tax liability in the year of death.

Your bequest will be used so St. Joseph Parish’s will continue to serve generations to come.

Quick facts about St. Joseph Parish Will bequests:

1—You can write a Will at any age.

2—You leave a gift for any amount.

3—Your gift can be a specific dollar amount or percentage (%) of estate residue.

4—You can also give securities, a life insurance policy, registered pension funds in your Will. 

This is an excellent way to reduce capital gains taxes on your estate.

5—You can change your mind and revise your Will at any time.

Benefits of charitable Will bequests:

1—They reduce estate taxes.

2—Your estate will use the charitable tax receipt to reduce the tax payable on your final tax return.

See example below.

3—There are no extra out-of-pocket costs. Your income will not decrease.

4—You retain your assets for the duration of your life.

5—Your Will is crafted for personal reasons and can provide a lasting memorial for you,

your family, or anyone you may wish to honour.

Many tax incentives:
Whether the bequest consists of cash or other property, any portion not usable because of the 100% of income limit can be carried back to the prior year, again subject to the 100% limit. Because a charitable bequest is creditable up to 100% of income in the year of death, the tax credit will almost always exceed tax on the gain, resulting in some tax savings. 

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

An Endowment is a capital investment that can support St. Joseph Parish work for years, or even in perpetuity, through investment income. The principal remains invested and only the income, or a portion of the income, is spent. Your funds are held in perpetuity and prudently invested. The income generated from the investment will be spent each year to support St. Joseph Parish’s programs.

Endowments provide St. Joseph Parish with a stable source of income and a capital investment that can be drawn upon in times of emergency.

You can establish an endowment as a gift in your Will, or during your lifetime.

The terms of each endowment gift will be clarified and outlined in an Endowment Fund Memorandum of Agreement between you and St. Joseph Parish.

Creating an Endowment might appeal to you if:

1—You wish for your gift to continue St. Joseph Parish’s mission for the long-term or in perpetuity.

2—You want to leave a legacy in your name, your family name, or the name of another loved one.

3—You want to direct your gift to a specific area of St. Joseph Parish’s work.

Tax benefits of Endowments are:

1—We will issue a charitable tax receipt for the full value of contributions 

made to endowment during your lifetime.

2—Your estate receives a charitable tax receipt for an endowment established in your Will.

You can set up the endowment using:

1—A lump sum payment.

2—Pledge payments over time.

3—Through a deferred gift, such as:

Donation of cash or other assets (i.e. stocks, mutual funds, property)

Life insurance

Charitable Remainder Trust, Annuity funds designated to St. Joseph Parish;

A gift in your Will

*Once it is established, you can continue to increase the value as desired.

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

The value of your policy as a gift to St. Joseph Parish will be far more than the premiums you pay. Naming us your beneficiary is a low-cost way to make a larger gift than you might be able to, without depleting your current assets or estate later.

Consult with your life insurance provider on the type of policy that would best fit your needs. They can customize your program and carry out the necessary paperwork.

Giving through life insurance might appeal to you if:

1—You would like to make a large gift but do not have the resources in your lifetime.

2—You would like to guarantee that St. Joseph Parish receives the full gift without contestation.

3—You wish your gift to stay off the public record.

Other benefits of giving life insurance are:

1—A gift of life insurance can produce tax relief annually for the premiums paid or a tax credit for your estate in the year of your death. 

2—Life insurance is not subject to probate costs or delays in settlement. 

After a quick claim process, the proceeds are paid directly to St. Joseph Parish.

3—You can choose to remain anonymous.

4—If you do not route your donation through your Will, your gift cannot be contested.

You and your financial advisor can determine how to construct your gift to save tax for you during your lifetime or for your estate. 

The five main ways to give a gift of life insurance:

1—Existing Policies. You can take an existing permanent policy that has finished serving its original 

purpose and transfer the ownership and beneficiary designation to St. Joseph Parish. Caution: If the cash value of the policy exceeds the donor’s adjusted cost basis in the policy, the donor will be required to report the difference as taxable income.

2—A new life insurance policy. When you buy a new policy, you can name St. Joseph Parish as the 

owner and beneficiary after you’ve paid one premium payment.

3—Name St. Joseph Parish as the beneficiary of your individual or group life insurance. If you 

are a salaried employee and have a benefit plan that has a death benefit component, consider naming St. Joseph Parish as the beneficiary; it is an easy way to make a planned gift.

4—Via your estate. You name your estate as beneficiary of a life insurance policy, and then make 

provisions in your will to leave a bequest to St. Joseph Parish. 

Caution: Proceeds will be subject to probate costs and can be challenged by creditors.

5—You donate your dividends. At the time of death the benefits will be split, with the primary 

beneficiary receiving the face value, and St. Joseph Parish receiving the accumulated dividends. 

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

Donating Publicly Traded Securities and Mutual Funds directly to St. Joseph Parish eliminates your tax bill and makes a significant gift at the same time. You can also give them through your Will; this reduces capital gains taxes upon death, thereby significantly reducing taxes which may increase inheritances to your loved ones.

Giving securities and mutual funds might appeal to you if:

1—You own stocks or mutual funds that have grown in value,

and don’t want a tax bill from selling them.

2—You wish to donate from savings rather than cash flow.

Benefits of donating your securities/mutual funds:

1—Eliminate the capital gains tax bill from the Canadian government that you would have to pay 

if you sold them.

2—Receive a charitable tax receipt at the same time

 (the date the shares are received to our brokerage account).

3—Shares are easily transferred from your broker to St. Joseph Parish’s account. 

(Many brokers waive fees for charitable transactions. Ask your broker.)

How to give securities and/or mutual funds (Two Steps)

1—Transfer your securities directly into St. Joseph Parish’s brokerage account 

using the Transfer Intent Form.

2—We will issue a charitable tax receipt in the calendar year following the year of donation 

(unless otherwise requested.)

* Your gift will not qualify for the capital gains tax elimination if your shares are sold and the cash then gifted to a charity. The donation must be made “in kind” to qualify for the capital gains tax exemption.

** Your tax receipt is based on the closing price of the securities on the day that they are received into our account, as per CRA regulations.

Share Certificates

You may donate an endorsed share certificate with your signature, guaranteed by the bank or your broker. Or, you can donate an unendorsed certificate and a signed stock or bond power of attorney with the signature guaranteed. Certificates may be delivered by courier to St. Joseph Parish if due precaution is observed, that is, the unendorsed certificates and the stock or bond power of attorney are delivered separately.

We do not recommend re-registering the share certificates in the name of St. Joseph Parish because re-registration can take more than two weeks and the value of the shares might change.

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

RRSPs and RRIFs often create large tax liabilities in the year the account holder dies. This is because the entire amount of the plan is included in the deceased’s income in one year.

Donating all or a percentage of your RRSP or RRIF to St. Joseph Parish is an effective way to reduce the taxes payable by your estate. Your estate may claim gifts in the year of death equal to 100% of your income in that year and the preceding year.

By naming St. Joseph Parish as the direct beneficiary of an RRSP or RRIF, we will send your estate a donation receipt for the entire value of the plan, and the credit arising from the gift will offset the tax liability. As a result, the entire value inside an RRSP or RRIF can be given to St. Joseph Parish in the year of death with no tax implication.

Leaving your RRSP, RRIF, or TFSA to St. Joseph Parish might appeal to you if:

1—You need full use of your assets during your lifetime.

2—You are unable to roll over your registered assets to a spouse or child.

3—You wish your gift to stay off the public record.

4—You want flexibility and the capacity to change or revoke the gift.

Other benefits of donating RRSP, RRIF, and TFSAs:

1—Your gift will not be subject to probate costs or delays in settlement. 

The full proceeds are payable to St. Joseph Parish upon your death.

2—There are no extra out-of-pocket costs.

3—You can choose to remain anonymous.

4—Unlike a Will, the gift cannot be contested.

How to give RRSP, RRIF, and TFSAs:

1—You ask for a change of beneficiary form from your financial institution.

2—You name St. Joseph Parish (Prince Albert) as beneficiary of all or a percentage of the account, and;

3—You return the form to your financial institution so they can update their records. 

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

A charitable gift annuity is a contractual arrangement with a commercial annuity provider. It will provide you with a tax-preferred annual income guaranteed for life or a specific number of years. Charitable gift annuities are structured in the same way as regular commercial annuities; however, they offer distinct advantages due to a charity’s tax-free status.

Charitable Gift Annuities gifts might appeal to you if:

1—You have accumulated wealth and do not need this portion of your capital to leave for your surviving spouse or heirs.

2—You are concerned about the amount of tax you pay on your interest-bearing investments.

3—You wish to increase your after-tax disposable income.

4—You like the security of fixed, guaranteed income; or

5—You like worry-free management of your investments.

The benefits of giving Charitable Gift Annuities are:

1—You pay less tax. Each annuity payment is a blend of capital and interest 

the capital portion of your payment is non-taxable.

2—The rate of return is fixed. Depending upon your age, a charitable gift annuity can provide you with 

a higher rate of return than those available on similar investments such as GICs.

3—It’s customizable. Your payments can be direct deposit, and you can choose the frequency. 

You can purchase an annuity now and defer the payments to a later date.

4—The Canadian Life and Health Compensation Corporation insures your payments, which guarantees 

annuity payments up to $2,000/month in the event of an insurance company failure.

5—You receive a donation receipt in the year you purchase the annuity 

this further offsets taxes owed for that year.

How to Give St. Joseph Parish a Charitable Gift Annuity (Two Steps)

Step one:

1—Contact us and let us know that you want to give this way. For us to proceed, we will need your name, birth date, the amount you would like to give, and whether you would like the annuity to be a single life annuity or joint with your spouse. Note: Your age(s) and the amount of your contribution will determine the size of your income payment. Usually, the older you are, the higher your payment.

2—We will contact one of our partner annuity brokers who will explore the variety of options available in the marketplace, identifying the best rate across a wide variety of financial institutions.

3—We will send you the top annuity quotes once we have received them.

Step Two:

1—You donate a lump sum to St. Joseph Parish.

2—We then purchase an annuity from a reputable life insurance institution on your behalf.

3—After we pay for your annuity, the balance of your contribution 

(a minimum of 20% of the total amount donated) becomes your gift to us.

4—We issue a charitable donation receipt for this amount.

5—The annuity payments are made directly to you, or deposited into your bank account, 

by the annuity provider.

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038

A Charitable Remainder Trust is a way of giving assets to St. Joseph Parish through a trust agreement. A charitable remainder trust can be established by contributing bonds, stock securities, mutual funds or real estate to a trustee who holds and manages it. Please note: the transfer of assets to the trust is irrevocable.

A Charitable Remainder Trust might appeal to you if:

1—You have an asset that you would like to eventually donate to charity,

but do not want to part with it yet.

2—You want your investments managed professionally.

3—You prefer to remain in control in your lifetime. The trust retains the asset until death, 

at which point the charity receives the “remainder” of the property.

The benefits of establishing a charitable remainder trust are:

1—Tax advantages. We issue you a charitable tax receipt when you transfer assets to a trust that names 

St. Joseph Parish as the capital beneficiary. The five-year carry-forward provision allows effective tax planning while you are alive rather than the one-year carry back upon death. The government has allowed a beneficial tax treatment of capital gains on these gifts.

2—Your trust can give you a lifetime income.

3—Your decision is private.

4—Trust assets are not considered part of your estate.

5—Your gift is not subject to probate fees and other estate costs.

How to establish a Charitable Remainder Trust with St. Joseph Parish:

1—You transfer the assets to the trust, a legal document set up as a separate entity which holds them.

2—Both you and St. Joseph Parish sign the trust agreement.

3—Once transferred, we will issue a charitable tax receipt for the fair market value of the remainder 

trust. (Calculated by a Canada Revenue Agency formula, that considers life expectancy and the present value of the property being transferred into the trust.)

As you consider a gift to St. Joseph Parish, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

St. Joseph Parish (Prince Albert) Charity Registration Number 10758 5085 RR0038