october 05, 2012

Your guide to leaving a legacy & estate planningide to leavin cy & estate pl

2 Friday, October 5, 2012 www.pgfreepress.comPrince George - The Legacy Project - Free Press

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

Friday, October 5, 2012 3 www.pgfreepress.com Prince George - The Legacy Project - Free Press

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

Ph: 250-564-6408 Visit our website

www.aimhi.caCharity Number 11910 3323 RR0001

Helping people since 19577

Leave a legacy of hope for a better

future.It is a privilege to be providing over 28,000

Prince George households with information onwhat’s happening in our caring city.

The

Prince 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.com

TERESA MALLAMThe Legacy Project

The monetary gift can be small or large but it always comes from the heart.

Donalda Carson, executive director of Prince George Hospice Society, has seen gratitude for their end of life care expressed in many ways: flowers, tes-timonials, simple thank you – or a gift of money.

“It is not unusual for us to receive donations from the families of loved ones who have used our services. They feel gratitude and so it’s their way of thanking us. But also I think they want to make sure that Hospice is going to be there for the future for other people.”

The size of the gift varies with each family, she said.

“We get gifts that range from very small to large, and it is all welcome, but the one from the Dean Shaw family was an exceptional donation. It enabled us to go ahead with the capital expendi-tures involved in actually constructing this new wing.”

Two very large planters which flank the entranceway are filled with flowers which are tended to by Dean Shaw’s wife Vivian.

“Vivian comes here and looks after the flowers and keeps them looking beauti-ful,” said Carson. “So that is another way this family has helped us.”

There are many ways for people to leave a legacy, she says.

“People can make a bequest in their will for Hospice or they can arrange

to leave us RRSPs or shares which can remain as an investment making money for the future. We use donations we receive mostly for operating expenses. Like other organizations (and individu-als) in the community we have to pay bills, buy food, pay staff and so on.”

Most people know about the work of the Hospice Rotary House built in 1995 and Forest Expo House – The Car-ing Place which houses administration, volunteer resources and fund develop-ment. And they ask how they can help.

Carson is pleased that the society has

over the years been able to enhance the quality of life and death for individuals and support grieving family members.

The work they do is needed and any funds they can raise from the commu-nity to support their efforts is always welcome, she said.

A very special gift

Teresa MALLAM/Free Press

Donalda Carson, executive director of Prince George Hospice Society, stands at the entrance of the Dean Shaw Wing, named for the man whose family gave a monetary gift making construction of the new space possible.


start something

www.bbbspg.ca250.563.7410

donate to Big Brothers Big Sisters of Prince George you start something for local kids - and it

could be the start of something big such as

A healthier community

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.

Each year the British Columbia Society for the Prevention of Cruelty to Animals helps more than 32,000 abused,

sick, homeless, injured, lost and neglected animals across the province.

Your support enables the BC SPCA to be there for them, giving them a second chance at life.

Please help by making a donation or leaving a gift to the animals in your Will. Visit us at spca.bc.ca or contact:

Dave Roberts, Gift PlanningE: [email protected]: 1.800.665.1868

BCSPCA SPEAKING FOR ANIMALS

TERESA MALLAMThe Legacy Project

They responded to a simple request for a single silent auction item.

Now two local business owners have made it possible for women and children staying at a transition house – now and in the future – to enjoy an aesthetically pleasing

and safe outdoor play area. Last year, local Elizabeth Fry Society fundraisers were

looking for auction items that would lead to the purchase of much needed new playground equipment at their Elizabeth Fry transition house called Amber House.

Wonderful flower baskets in the Amber Garden at the Elizabeth Fry Society in Prince George. The garden was made possible through a couple of local donations.

Donations help E. Fry

turn to PAGE 5


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:

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 Gifts

You may include in your will a provision for the BC New Hope

Recovery Society. This could be for a specifi 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].

“I met with the owners of Norcan Consulting and Tops and Bottoms and I was just ecstatic when they told me that they were willing not only to support us in terms of rebuilding our playground but also with doing landscaping and making a place where the women would feel safe and not be visible [to passersby],” said program manger Amanda Alexander who worked on the Adopt a Shelter campaign.

The big financial boost meant work on the playground could begin and be completed sooner, she said.

“We just finished the playground work in March and we also did some resodding,” said Alexander. “Our garden, outdoor shelter and children’s playground was all made possible exclusively through the generous donation we received from Norcan Consulting and Tops and Bottoms.”

And the generosity didn’t end there, she said.

“They not only provided a safe, enjoyable outdoor play area for the women and chil-dren who access Amber House, but they also donated a fully decorated Christmas tree, with gifts. And each year, they have donated and attended our annual fundraiser Another Kind of Love.”

For more information on the work of the Elizabeth Fry Society and how you can help visit www.pgefry.bc.ca.

from PAGE 4

Playgroundbenefitsfrom

donation

Playground at the Elizabeth Fry Society facility in Prince George that benefitted from a local donation.


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 to

our Community, continually

fund raising for bus replacement

and extra service demands.

A Legacy gift will ensure our

ability to serve your community.

Carefree Society

2832 Queensway St.

Prince George, BC V2L 4M5Charitable Tax Number

11883-8358-RR0001 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

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

DELYNDA PILONThe Legacy Project

Caring for some of the most vulner-able members of society, the SPCA has been the choice of many when it comes to planned giving.

Sarah Thompson, the assistant branch manager of the Prince George SPCA said there are a few different ways people can choose when it comes to planned giving.

“One way is, when a person is having a will written, a donation can be written right into the will. Then a designated portion of the estate, or a portion from the proceeds of the estate, will go to the SPCA,” she said. “Some people do that. It’s called legacy planned giving.”

In fact, Thompson herself has planned a legacy gift for the SPCA. She is also part of the PAW program.

“With this program, funds are regu-larly removed from your cheque or Visa every two weeks,” she said.

And, at the end of the year at tax time the donor gets a receipt.

The money given can go to a general fund, or the donor can specify exactly which program the funds will support, be it the spay and neuter fund, the bis-cuit program or something else.

“It can be something you are really excited about.

“Sometimes planned giving money is used to create a grant or develop a certain program - whatever the giver specifies,” she said.

Another way planned giving works is through ‘in memorium’ donations.

Thompson said the SPCA has a bro-chures at the city’s funeral homes. Fami-lies who wish to utilize them can put

them out at services so guests can make donations in the name of the loved one who passed away.

The envelopes have a pre-sealed por-tion so they can be dropped in the mail

box following the services, or they can be dropped off at the SPCA office.

“Then a card will be sent to your loved one acknowledging the gift,” she said.

Acknowledging the generous donations

that come their way is important at the SPCA.

“We have two fellows - that’s their whole job. They make sure everything is handled appropriately,” she said.

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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 250-960-5750or email

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

[email protected]

Charitable Number 121620 7350 RR0001

Local businessman, Matthew Calvert found time outside of his busy family life to write a book with the working title, “An Insider’s Guide to the CRA and Lowering Your Taxes in Canada.” Among per-sonal, proprietary, and corporate tax tutorials — for which Calvert underwent great lengths to make savoury — there lies a guide to planned giving.

I caught up with Calvert at Mai Thai on Wednes-day afternoon and discussed the topic.

Calvert agrees that a decision to make a future gift, evidenced by a legal contract suffices to define planned giving, though he believes there are many options available to the giver.

An excerpt from his book reads: “With chari-table giving through life insurance you can create a lasting legacy by simply making payments into a policy that names a charity of your choice as the beneficiary.”

One does not have to bundle up a lifetime of savings to donate, but can instead make small payments for insurance. The multiplicity of meth-ods to give appears endless and none are wrong, though Calvert’s book certainly highlights the bet-ter choices. Yes, monetary donations make a differ-ence, but don’t forget about the gift of time.

He goes on to say, “Some value time over money. Donating time to an organization can easily add up to the equivalent of a handsome donation. You just have to make a determine what suits you best.”

Not everyone can leave a Carnegie Hall in their wake, or the $100,000 two locals generously donated to St. Vincent de Paul’s drop-in centre back in 2000, but any contribution makes a difference. The qual-ity of life increases for both parties no matter what form a donation takes.

People have been taken to court over planned giving and legacy projects in the past, due to poorly planned giving. These situations don’t hap-pen often, but hiring the appropriate professional

avoids horrendous error.Your accountant shouldn’t all-of-a-sudden become

your insurance salesman, and you shouldn’t become an expert accountant at the drop of a hat. The Canada Revenue Agency (CRA) tends to notice the latter. It’s up to the client to seek out the correct financial advi-sor, and it’s up the advisor to pass on a client when his or her expertise loses relevance.

Calvert emphasizes: “If you don’t normally sell insurance, then don’t go and sell insurance without the qualifications or the know-how. We have a ter-tiary duty to our clients to make sure we do things the right way.”

When someone thinks they might need help mak-ing a few decisions, they should probably get some. It never hurts to open one’s eyes to other beneficial possibilities.

Since the financial world is in a constant state of flux, Calvert admits that he has held back from pub-lishing his financial advice online in the past.

Everything can change in an instant: “Three months ago I informed my clients that bonds were a safe bet since the financial world was looking pretty hairy. Over the last week every major economy in the world announced that they would provide massive liquidity in the markets. This stands to boost the world economy enough that I’m altering my financial advice. I have a lot of phone calls to make all due to a brief series of important announcements.”

Calvert hopes to update his book every two years to stay current. If balancing these updates and the book’s promotion doesn’t keep him busy enough, he says he intends to write another version for the U.S. audience.

When asked what personal outcome he hopes to achieve from this publication, he replies with mod-esty, “I hope to hold seminars across the country with this book and take my family with me so we can see Canada together. That would be truly amazing.”

Matthew Calvert’s book, “An Insider’s Guide to the CRA and Lowering Your Taxes in Canada” will be available at Amazon.ca in early 2013.

Local expertise on planned givingIAN GREGGThe Legacy Project

Ian GREGG/The Legacy Project

Matt Calvert is releasing a book on planned giving in 2013.


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?


Museum and Science Centre

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

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

Mitchell and Andrea Davy wanted a way to give back to their community year after year.

In 2007 they decided to establish a family fund with the Prince George Community Foundation. Knowing the history of the community founda-tion and the various avenues of support available to donate to, it seemed like a natural fit with the Davy’s philanthropic wishes.

The creation of this fund has allowed them to present donations to organizations close to their

heart.Now with a growing family they are able to model

to their young children the importance of giving and sharing as an important part of being an active citizen in our society.

The oldest two children are now at an age where they can participate with their parents in deciding where this year ’s donations should go.

One of the benefits of having a fund like this is that their original gift to the fund is held in per-

petuity with the annual returns being available to hand out as grants. By involving themselves and their children in the process of deciding where the grants will go, the Davy’s are creating a meaningful family legacy for their children to inherit.

As a result the Davy Family Endowment Fund will be able to contribute to worthy causes forever. The Davy’s hope their example will encourage other families to think about how they might make a long term investment for their community.

Family gives through foundation

The Davy family of Prince George found a way to give back to the community year after year. They established the Davy Family Endowment through the Prince George Community Foundation, which will be able to contribute to worthy causes forever.


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.

Giving Something Back

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

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

88916 1576 RR0001

MALCOLM BURROWSThe Legacy Project

Doing good and being practical. How philanthropists can give sizeable gifts to smaller organizations without running the risk of overwhelming them.

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 pro-crastinating 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 leav-ing a significant legacy is making the bequest match the size and capacity of the char-ity.

Two-thirds of Canada’s 85,500 registered charities have annual revenue of less than $100,000 per annum.

Smaller charities are volunteer run. They do great work, but often lack paid staff and experience with investments. The traditional method of address-ing this situation is to put the funds in a charitable trust for professional management, asset protection, and a regular income stream to charitable beneficiaries.

A contemporary solution is a donor advised fund in a public founda-tion, such as a community founda-tion. Donor advised funds are “giving accounts” that enable the donor (and potentially family members in the next generation) to make recommendations 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, simplicity and cost-effectiveness.

Our client, however, didn’t want a perpetual endowment after he was gone – just a way to provide annual donations for ten years to his two charities. He wished to pro-vide support each year that will be consistent, not lumpy. To accomplish this goal he created a “spend down” legacy fund at Aqueduct Foundation (www.aqueductfounda-tion.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 over dependence. 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, Philanthropic 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 private foundations and operates Aqueduct Foundation, a public foundation with donor advised funds. www.scotiaprivateclient.com/philanthropy

Larger legacy and smaller

charities

LegacyQuick LookA spend down

legacy fund is a way to provide annual donations for an

specific number of years that will be

consistent, not lumpy.

“There is no reward equal to that of doing the most good to the most people in the most need.”

- Evangeline Booth


Helping each other...the northern way.

The United Way helps one in three people in Northern BC.

Northern BC is a unique place. It’s a place where people know their neighbours. Where lifelong friendships are made. Where people smile and say hello. It’s a place where people go out of their way to help those around them.

We do a lot of things differently in Northern BC. We take pride in who we are, where we come from and what we do.

One of the most important things we do? We help each other. That’s the northern way.

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

For more information regarding Legacy Gifts, please call 250-561-1040

Making a Will is something few people like to discuss, but it could be the most important document you ever sign. You have worked hard to accumulate your assets and you should take the time to ensure those you intend to provide for do, in fact, receive your Estate when you die.

WHAT HAPPENS IF YOU DO NOT MAKE A WILL:

- your assets will be sold and after payment of debts, the proceeds will be distributed according to the current provincial laws;

- settlement of the Estate may be slower and more costly than if you have left a will;

- taxes may be greater than if you had done tax plan-ning in a Will;

- your spouse may have to share the estate with your children and deal with the Public Guardian and Trustee to obtain funds for the maintenance and education of the minor children;

- the share for all minor beneficiaries will be paid to the Public Guardian and Trustee and paid out upon the beneficiary attaining the age of 19 years of age;

- heirlooms may be sold rather than going to survi-vors;

- the Court will appoint a person to administer your Estate and it may not be the person you would have appointed as Executor;

- all your Estate may go to your spouse’s family if you and your spouse die in a common disaster.

WHAT IS A WILL?A Will is a legal document in which you appoint an

Executor and specify who is to receive your assets upon your death. It is especially important to have a Will if you have young children in order to appoint a guardian and to make arrangements for their maintenance and educa-tion. The named Executor can commence dealing with Estate matters from the date of your death although Let-

ters Probate issued by the Court may be required in order to deal with most assets of the estate.

SEEK LEGAL ADVICEIf you are going to take the time to make a Will, you

want to be sure it carries out your intentions and is valid. To be a valid Will, legal formalities must be met and care-ful attention must be made to the wording so the Execu-tor has sufficient powers to carry out the administration of the estate and so there is no need for your Executor to seek the Court’s assistance to interpret the Will.

WHAT TO CONSIDER- who must you consider legally as beneficiaries;

- what are your assets and how are they held (joint, solely);

- what are your debts;- are your loans and mortgages life insured;- do you have a buy-sell agreement that deals with your

business interest on death;- have you named beneficiaries of your life insurance,

retirement and pension plans;- who should be your Executor - get their consent, con-

sider an alternate;- what should happen to your home;- do you want to make specific bequests;- do you want to leave funds to a charity;- who should be guardian of your minor children;- who will be beneficiaries of your Estate and who will

receive the share of a beneficiary who predeceases you;- what if you and your spouse die in a common disas-

ter;- do you have special requests for your funeral;- do you own assets outside British Columbia or

Canada.

ONCE YOU HAVE A WILL- review your Will often and at least whenever there

is a birth, death, separation or financial changes in the family;

- tell your Executor where your original Will is located;

- make a list of your assets and liabilities, keep it updated and tell your Executor where it is;

- if you want to amend your Will, get legal advice.

For legal advice on preparing a Will or administering an Estate, please contact:

DONNA M. STELMOCKTRAXLER HAINESBarristers and SolicitorsSte. 614-1488 Fourth AvenuePrince George, B.C. V2L 4Y2Phone: (250) 563-7741Fax: (250) 563-2953

Why you should have a will

Legacy ProjectQuick Look

A will is a legal document in which you appoint an executor and specify who is to receive your assets upon

your death.It is especially important to have

a will if you have young children in order to appoint a guardian and

to make arrangements for their maintenance and education.

The named executor can commence dealing with estate matters from the date of your death although Letters Probate issued by the court may be required in order to deal with most

assets of the estate.


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.

The shelter in the Amber Garden at the Elizabeth Fry Society’s facility in Prince George was a direct result of a local donation.

GIVING AT E. FRY


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

www.mycommonwealth.cawww.commonwealthcup.ca

www.commonwealthhealth.ca

COMMONWEALTH FINANCIAL

Mortgages • Investments • Insurance

Charitable LeadershipCharitable LeadershipWorking for the common goodWorking 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 We Are the Experts inthe Experts in

Planned GivingPlanned Giving


DELYNDA PILONThe Legacy Project

The doors opened at the Child Development Centre in 1967, providing the city’s children with everything from therapy to day care services.

A not-for-profit organization, the CDC operates through government grants which pay the wages of the staff, but does not cover the costs of other resources.

“We do a significant amount of fund raising for our pro-grams. We have to do the fund raising for our resources,” Les Smith, director of programming at the CDC, said.

He added their Kris Kringle luncheon and annual golf tournament help raise a significant amount of funds. Donations, including legacy gifts, are also important.

Donations can be provided to the CDC in a number of ways.

Online donations can be made through canadahelps.org. One-time donations can be made by mail or in per-son. Monthly donations can be made through the Spirit of the North Healthcare Foundation’s sustainable support

program. Legacy Gifts offer another venue for supporters to help

out.Legacy gifts are generally considered while people are

doing their estate planning.“We’ve only ever had one incident where a person left

anything to us in an estate. That allowed us to use if for different programming that we have. But it can also be used to help pay for equipment or anything the donor is interested in.

The CDC’s website offer several reasons people decide to give a legacy gift.

There are a number of reasons people make planned gifts.

It often provides the ability for a donor to make a larger gift than they would otherwise be able to make.

Most options provide tax befits, either now and in the future.

Some options provide the donor to receive additional discretionary funds in exchange for a future gift.

Charitable Bequests, because of their relative simplic-ity, are most often used, forming part of the donor’s last will and testament.

Gifting Securities or Capital Assets to a registered char-ity such as the CDC ensures that the full value of the gift is realized.

RRSPs and RRIFs can be subject to substantial taxa-tion upon the death of their holder. Gifting these plans to a registered charity such as the CDC ensures that the full value of the gift is realized. For this reason, funds in retirement plans are often utilized first for planned giving

Smith said both their early childhood eduction pro-gram and their program, early intervention program benefited from a legacy gift.

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

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

Life is a puzzleLife is a puzzle

We can help you We can help you put together your put together your

Planned Gift!Planned Gift!

Darrell Roze is the executive director of the Child Development Centre in Prince George.

Donations to CDChelp in many ways

Honour your loved ones memoryforever through aCNC scholarship

or bursary 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


KATHY MANNASThe Legacy Project

As a child, Leon Bosse didn’t spend much time trying to figure out how his parents could afford to send him to The Sal-vation Army’s Camp Sunrise in Gibsons. A week at camp each summer was just part of being a kid. And what a wonderful part it was! Every year Leon eagerly awaited summer and what many children only dream about – canoe-ing, sharing a cabin with boisterous friends and zip lining over the trees.

As a youngster, Leon’s family faced some challenging times. His father became disabled for awhile due to a freak accident at work and the family strug-gled to make ends meet. Leon’s parents attended services at The Salvation Army’s church in Metrotown while their children joined Sunday school. It was during these early years that the summers at Camp Sunrise began.

As a 17-year-old, Leon extended his joy of camp by becoming a counselor at Camp Sunrise. He continued as a counselor for five consecutive summers. He began sponsoring a child for camp and contin-ues to do so today. Leon was thrilled to be able to give others the same formative experience that had so positively shaped his life.

Eddy Orr was a “soldier” at the Metro-town church for decades. He wasn’t wealthy but made a decent salary and retired with a comfortable pension. For more than thirty years Eddy quietly pro-vided camp sponsorships for children he knew. He always asked the church to keep his gift anonymous.

In 2007, when Leon was 21 years old and Eddy was 88 years, Eddy passed away.

Leon’s family attended Eddy’s memorial service. It was at the service that Leon discovered the identity of his mysterious childhood benefactor, who had sponsored him for summer camp from the age of six to 15.

After his passing, the Metrotown church learned Eddy had left a $25,000 bequest for the church and designated the gift to sponsor underprivileged children to attend Camp Sunrise.

Eddy’s legacy continues to this day through The Eddy Fund. This fund has given, and will continue to give, young children the same powerful experience Leon enjoyed.

Kathy Mannas, CFRE, is the Planned Giv-ing Officer at the The Salvation Army.

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

Leave a Legacy to support those in need.

Leon’s mysteriouschildhood friend

Leon as a young camper at Camp Sunrise.

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].


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.

10729 4407 RR0001

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.

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

Contact: Wendy A. Young CRA #: 118870104 RT0001



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



A gift of Life Insurance can really make a difference for the charities you care about

Chances are, if you are reading this publication, you likely have a strong com-mitment to your community and specific causes.

Like many from our area, you have donated time and energy to make the world a better place and you have every intention of continuing to do so for as long as you are able.

You are generous … but not so generous that you wish to donate to your federal or

provincial governments in the form of taxes payble at death!

What if you could make a donation, or several, to your favourite causes even long after you were physi-cally able and minimize taxes payable at the same time?

With charitable giving through life insurance you can create a lasting legacy by simply making pay-ments into a policy that names a charity of your choice as the beneficiary. You can choose to retain ownership of the policy or name the charity itself as owner.

You also have the choice of making the charity the beneficiary of the life insurance policy or nam-ing your estate as benefi-ciary and having the pro-ceeds paid out to the char-ity through the execution

of your will.Depending on the ownership

structure, you may be eligible for a tax credit for the premium paid or your estate would receive a tax credit for the death benefit payable when you pass away.

In the latter case, the tax credit can be used on your final Tax Return to offset any income taxes payable by your estate. This would minimize the taxes your beneficiaries would have to pay and maximize their inheritance of your residual assets.

CASE STUDY Mrs. Jones makes frequent

donations to her local hospital. Even though she gives regu-larly, she would also like to give the hospital a “special gift” of $100,000 upon her death. Life insurance is an effective way to plan for this gift.

Insurance SolutionMrs. Jones’ personal information• Female aged 64, non-smoker,• Insurance product - InnoVision, Yearly

Renewable Term to age 100• Personal tax rate 45 per cent• Assumed life expectancy - Age 87The cost of the life insurance is $208 per

month. By paying this amount, Mrs. Jones has

guaranteed the hospital will receive the

$100,000 gift.Using an alternative taxable investment

and assuming that investment earned five per cent each year, when Mrs. Jones died the investment would be worth approxi-mately $81,000. By using life insurance, Mrs. Jones has been able to increase the size of the gift by over $19,000.

Case Study Source: Manulife Financial - For your future, “Charitable Giving – Protect our environment feed the children fight cancer or heart disease”, November 2011.

Change the world -one premium at a time

The Legacy ProjectQuick Look

With charitable giving through life insurance you can create a

lasting legacy by simply making payments into a policy that

names a charity of your choice as the beneficiary.

You can choose to retain ownership of the policy or name

the charity itself as owner.You also have the choice

of making the charity the beneficiary of the life insurance policy or naming your estate as

beneficiary.


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. Th 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

DEBRA MOFFATT B.A.

Consultant

[email protected]

(250) 564-2310

“We make a living by what we get; we make a life by what we give.”

You can plan a philanthropic gift no matter what your assets or income may be. A charitable giving plan makes the best use of your donations. By taking the right steps now you’ll preserve your legacy and transfer it as you wish – to the charity of your choice and your heirs – with minimum taxation, fees or other delays.

Call Debra now for your complimentary copy of the Investors Group life planning report “Giving Back – Because you care and because you can”, which shares information on charitable giving strategies that will:

• Avoid unnecessary probate fees

• Provide all the benefi ts of a private foundation without the administrative responsibilities or costs

• Turn a small monthly or annual donation into a substantial gift upon death

• Minimize your taxes today, upon death, or both

• Allow you to make a charitable gift now and continue to receive tax-preferred lifetime income from the assets you’ve donated

In addition, the fi rst 5 requests received for this report will also receive a complimentary copy of the book “Estate Planning through Family Meetings” by Lynn Butler, including a checklists/worksheets CD. Get in touch with Debra today to receive these valuable resources.

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

– Sir Winston Churchill

Consultant

[email protected]

(250) 564-2310 ext 249

#900 – 299 Victoria StreetPrince George BC

SARA NEELY, LL.B., CFREThe Legacy Project

Philanthropy is the “love of human-kind.” It allows donors to align the value of their assets with the values that are important to them. People give because charities have affected their lives – those charities may have helped along the way, educated, or inspired. Many give for per-sonal reasons – what matters to them, and what impact they want to have today – and in the future.

Family always comes first. After consid-ering what an individual has and needs during his or her lifetime, and what to leave behind in an estate for family, there are many ways to support causes and concerns in the community. This type of giving is often called planned giving.

WHAT IS A PLANNED GIFT?

A planned gift is usually a charitable gift from assets, rather than income, and it is part of a long-term financial and estate plan. It is easy to do: simply call a legal, accounting or financial advisor and/or a favourite charity and talk about the pos-sibilities.

GETTING STARTEDPeople often say “I don’t want to

think about doing a will” or “I don’t have an estate” or “I’m not wealthy – this doesn’t apply to me.” If a person has a bank account, a house, or any other financial assets, he or she has an estate. It is important to make plans, so the people

and the causes the donor cares about are looked after. A philanthropist doesn’t need to be wealthy. Everyone can make a meaningful contribution.

Planning can start any time and the Will can be updated as circumstances change. It is important to review a Will every few years – especially at the time of important changes such as marriage or divorce, birth of a child or grandchild, death of a family member, the sale of a business or retirement.

Advisors will know about giving options and can help integrate charitable giving into financial and estate plans. They can work with the selected charity or charities to make sure wishes are met and the gift is made in the most effective way. Charities have information about their programs and services, how to make a gift and how that gift will impact them.

WAYS OF GIVINGAnyone who can make a Will can make

a gift to charity. Start fresh or add a provi-sion to an existing Will by signing a docu-ment known as a Codicil. A certain dollar amount can be set aside, or one may leave a percentage of the estate or any assets left over after the family is provided for.

A gift is revocable – the terms can be altered as circumstances change dur-ing the donor’s lifetime. This gives some flexibility in planning financial matters because the gift is not received until the estate is settled.

Make sure the name of the charity is cor-rect in a Will – ask the charity for the legal name and have a lawyer or notary public prepare the Will. The Canada Revenue Agency website (www. cra-arc.gc.ca) has

a list of all registered charities in Canada and helpful information about donating to charities.

There are other ways to give through estate planning using assets such as an existing or new life insurance policy, or proceeds from a registered retirement sav-ings plan, registered retirement income plan or a tax-free savings account. These gifts involve designating the charity as a beneficiary of the policy or plan, and can result in significant personal tax benefits.

Anyone with an investment portfolio can benefit from making a gift of publicly-traded securities. Where the securities are transferred directly to public charities and foundations, there is no tax payable on the capital gain. The tax receipt equals the fair market value of the securities on the date of the gift, and the resulting tax credit off-sets other taxes that may be payable.

For those interested in ensuring long-term funding for a charity, think about creating or contributing to an endowment fund. An endowment fund is one where the capital is held by the charity in perma-nence, and invested to provide a steady return. A portion of the return is distrib-uted on a regular basis and used by the charity to carry out its work. The balance of the return is kept in the fund to hedge against inflation.

A donor advised fund is a type of endowment fund. The donor receives an income tax receipt for any gifts of capital and continues to be involved as an advisor in determining where the annual returns will be granted each year. These annual grants are paid out to federally-registered Canadian charities. A donor advised fund

provides the donor with flexible, per-sonal involvement in his or her philan-thropy. Donor advised funds started with community foundations. In recent years, financial institutions have also offered this opportunity to their clients.

TALKING TO THE CHARITY

When planning a gift, talk to the char-ity. Let them know how their good work will be supported in the Will or estate plan – the size of the gift doesn’t need to be disclosed. More donors are choosing to designate their gifts to specific programs, equipment or other capital projects. The charity can check the specific wording in a Will and make sure they can carry out the donor’s intentions.

Charities would like to thank support-ers now and let them know about the impact of their gift on future generations. Many charities have created recognition societies to honour planned giving donors during their lifetimes. Donors are invited to events, receive publications and learn more about the organizations they sup-port. There is always the option to remain anonymous, knowing the charity is grate-ful for the support.

Leaving a charitable legacy for future generations is a precious gift and a reflec-tion of a person’s values.

What do you want your legacy to be?For more information about planned giving,

contact Sara Neely, Director of Philanthropic Services at Victoria Foundation

Phone 250-381-5532 Email: [email protected]

Planning your charitable legacy


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:

MARK BLUMBERGThe Legacy Project

Leaving a bequest/legacy to a charity in your will can be an excellent way of supporting a cause that you care for or leaving a lasting legacy. Unfortunately, many bequests are not handled correctly or professionally and this may create problems and expenses for the char-ity and your estate, and in some cases, it can result in the gift being declined. Although it is generally important when dealing with an estate to use a lawyer, when one wants to make a bequest to charity it is even more important to obtain legal advice.

What does a lawyer add to the equa-tion?

1. Clarity. The lawyer ensures that the will is clearly drafted to avoid sub-sequent confusion or conflict including using proper bequest clauses that will be of benefit to the executors of the estate and the charity.

2. Validity. The lawyer ensures that the will is properly executed in accordance with the provincial requirements which are quite complicated. If these provincial requirements are not strictly followed the will could be held to be invalid along with the bequest.

3. Capacity. The lawyer can be a wit-ness as to the testamentary capacity of the deceased at the time of making the will. If the will is set aside either because it was not executed properly (see point two above), or the testator did not have the mental capacity to make a will, then either a previous will would be effective, or if there is no previous valid will, then there would be an intestate succession ie. no will.

The previous will may not provide any bequest. In the case of an intestacy (no valid will) the charity would not receive any of the bequests as none of the prov-inces intestate succession legislation, such the Ontario Succession Law Reform Act, provide for charities to receive funds on intestate succession.

4. Correct name of charity. A lawyer would conduct corporate searches on the proper legal name of the charity to ensure the correct name is used and that it is clear which charity is receiving the amount. This can avoid a conflict later between similarly named charities.

For example, there are hundreds of registered charities that have the term cancer in their name. Furthermore, the lawyer would ensure that the charity is currently an active corporation and has not been dissolved. It is unfortunate but many charities do not have their correct legal name on their website or in their promotional material!

5. Charitable status. A lawyer can ensure that the charity is currently a registered charity with the Canada Rev-enue Agency. There are many worthy nonprofit organizations that are not reg-istered charities and a gift to them by an individual will not result in an official donation receipt for income tax pur-poses.

6. Acceptability of bequest or restric-tions. Many conditions or restrictions are placed in bequests by well meaning donors without fully understanding the effect of such conditions or restrictions.

A lawyer can make inquiries to a char-ity with respect to whether the proposed bequest is within the objects of the char-ity to ensure that the legacy is not ultra vires (outside) the objects of the charity. A lawyer can discuss with the charity

whether any restrictions contemplated in the legacy are appropriate and whether the gift would be accepted by the charity. Many charities have gift acceptance poli-cies – some of which limit who can give to the charity and the types of gifts the charity is prepared to accept.

Some individuals place requirements in the legacy that leave the charity with little choice but to refuse the gift, which is a very unfortunate result. For example, some charities will not accept real prop-erty, such as a building or your house (because of the concern, however small, of potential environmental problems). Some charities are not equipped to deal with certain complicated or long term gifts and they may decline the gift if they consider it to be burdensome.

Some of the conditions or restrictions may be vague and difficult for the char-ity to implement thereby creating an unintended headache for the charity. It is important to specify whether a restric-tion is to be a legally enforceable trust or a precatory (unenforceable) wish. If thought is given to this issue ahead of time a testator’s intentions can be respected and alternatives can be found.

7. Avoiding the Disappearing Will. Having a lawyer retain a will in a will’s safe, or at least a copy in the lawyer’s file, will reduce the likelihood that the will just disappears when other benefi-ciaries would receive a greater benefit if there were no will and one dies intestate. Another way to ensure that your wishes are respected is to inform the charity of the gift and perhaps even provide the charity with a copy of your will.

However, some people for reasons of modesty or flexibility or otherwise, do not wish to advise the charity of the bequest or provide a copy of the will to the charity.

8. Other planned giving ideas. There are times when a legacy may not be appropriate and a major gift during the lifetime of the testator or another type of planned gift (such as gift of life insurance or marketable securities, or a designation of an RRSP) is more suited to the donor’s individual situation.

9. Estate Planning. A lawyer can assist with many aspects of estate planning including wills, powers of attorney for property, powers of attorney for personal care, trusts and other matters. Lawyers typically work with other professionals such as accountants, insurance agents, and financial planners to ensure a coher-ent estate plan.

A legacy left in a will should be prop-erly integrated with a donor’s estate plan.

For a more detailed discussion of these issues you may wish to review an article written by Lize-Mari Swanepoel and myself entitled Bequests - Avoiding problems with the ultimate planned gift written for the Ontario Bar Association program Righting Wills IV: Essential Tips for Practitioners.

Mark Blumberg is a lawyer at Blumberg Segal LLP in Toronto, Ontario. He works in the area of nonprofit and charity law. He can be contacted at [email protected] or at 416-361-1982 x. 237. To find out more about legal services that Blumbergs provides to Canadian charities and nonprofits please visit www.canadiancharitylaw.ca or www.globalphilanthropy.ca.

This article is for information purposes only. It is not intended to be legal advice. You should not act or abstain from acting based upon such information without first consult-ing a legal professional.

Leaving a bequestto a charity


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.

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

DEBRA PROBERTThe Legacy Project

Did you know that only four per cent of us here in British Columbia have planned bequests in the event of our death?

And that less than two per cent of all charitable donations in Canada are directed to ani-mal protection organizations? These are sobering statistics for the charitable sector and down-right depressing ones for animal charities.

Animals and their suffering matter to me.

They’re not able to speak for themselves – and in every instance, they’re at the mercy of humans and their activities. That’s why I have provided a bequest to the Vancouver Humane Society in my will. And I hope that some of you will consider doing the same – bequeathing a part of your earthly estate to a cause that matters to you. Here’s why.

At the Vancouver Humane Society, we depend on bequests for about one-third of our rev-enue each year.

In fact, it was a bequest that provided the means to hire pro-gram directors rather than rely-ing on one underpaid employee and overworked volunteers to manage the many issues that animals face in B.C. This has meant a huge boost in produc-

tivity – the successes we’ve had are many.

But our future is still depen-dent upon the generosity of those who think ahead, beyond their lifetimes, when the animals will still need their help.

Some people hesitate to give to animal charities (or any chari-ties). How do you know if an animal charity does what it says it does? You have to do your research.

The name of an organization is not enough to make a deci-sion – it doesn’t provide any information as to how effective the organization is at carrying out its mission. For that kind of information, you need to dig a little deeper –by looking at the organization’s website, annual reports (including yearly finan-cials), newsletters and other resources that can and should be readily available.

Another good source of infor-mation, particularly about how much money charities have and what they spend it on, is the Canada Revenue Agency (CRA) - http://www.cra-arc.gc.ca/chrts-gvng/menu-eng.html.

Charities’ information returns are posted annually and reveal, among other things, how much money was spent on fundrais-ers and the range of salaries for employees.

Although there seems to be quite a bit of information in the

information return, some of it can be misleading. For instance, management and administra-tive expenditures are somewhat loosely defined by CRA and many expenses, such as salaries, can be considered administra-tive or program expenses.

Even if a charity spends a major portion of its expenses on salaries, it’s wise to remem-ber that charities need people to develop and carry out programs. Of course there are thousands of volunteers who generously give their time to help others.

However, volunteerism is becoming increasingly difficult to fit into busy lifestyles, espe-cially as families often need two wage earners to make ends meet. The right paid staff is invaluable and provides stability, consis-tency and effectiveness.

The bottom line is that donors, including those who provide for charities in their wills, need to do their homework. Phone the charity; speak to the executive director; ask what achievements have been accomplished, not only recently, but in the past.

Read, listen and ask. Then call your lawyer, and extend your compassion – not only beyond your lifetime, but also, I hope, to the other species that share this wonderful world with humans.

Debra Probert is the Executive Director of the Vancouver Humane Society.

Giving outside your species


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

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What We Can Do For You Is Just Smart Business

When we sit down with a trusted advi-sor, whether it’s a lawyer, accountant or financial planner, we often wrongly assume that the dispensation of advice is a one-side affair.

They talk. We listen. They advise. We do.

This paradigm, however, assumes that the trusted professional is fully aware of the context in which advice is given AND knows precisely what questions to ask. It presupposes that the client’s role is to provide information, passively listen and reflexively follow. When it comes to charitable giving, however, we must move away from this paradigm if we want to truly advance philanthropy.

In 2010, Mackenzie Investments con-ducted a national survey to understand how charitable giving fits into the finan-cial advisor’s practice. Not surprisingly, we learned that most advisors simply aren’t raising the issue of charitable giving with their clients. We also learned why:

1. Advisors don’t have a strong level of comfort with the technical issues (e.g. tax considerations) associated with charitable giving

2. Advisors feel their clients aren’t look-ing for guidance on the subject

3. Advisors feel giving is a private mat-ter and should not be discussed with the client

Given these obstacles, how do we over-come the fact that charitable giving isn’t part of most mainstream financial plan-ning discussions?

The most obvious one is to stop waiting for our advisors to bring up the subject. Ask your advisor what options are avail-able to you when it comes to structuring your charitable giving?

Ask them how much it will save you on your taxes? Tell them about your personal giving and deep-rooted values. Force them to learn. By doing so, you’ll increase their knowledge and level of comfort, even to the point where they start bring-ing it up with all of their clients.

Even if the discussion is initiated by the client, advisors have an important role to play in advancing our knowledge of charitable giving. Since many Cana-dians rely heavily on professionals for trusted advice, we need to ensure that advisors are identifying opportunities to encourage philanthropic discussions with their clients. Fur-thermore, as chari-table giving becomes increasingly complex (as a result of more options), donors will rely even more heav-ily on advisors.

Over the past sev-eral years, I have learned from talking to thousands of advi-sors that there is a general discomfort around charitable giving. This discom-fort stems mainly from a lack of techni-cal knowledge.

The good news is that financial institu-tions (which employ or service tefns of thousands of finan-cial advisors) and professional asso-ciations (for groups

like lawyers, accountants and estate plan-ners) are starting to recognize the hole in their existing educational offerings. These groups are beginning to develop training programs for their constituents. These organizations must continue to recognize that charitable giving is an important pil-lar of an effective financial plan.

Advisors have a very strong sense of community. These are active donors and volunteers. They need to recognize that their clients share these values and are looking for effective strategies to make a difference. Furthermore, while advisors cite tax as the reason they are most likely

to discuss charitable giving with their cli-ents, most donors do not identify tax sav-ings as a major driver behind their giving. Advisors need to recognize that conversa-tions about giving are more about values than money.

Even with a basic knowledge of chari-table giving, advisors can easily initiate a discussion on the topic. If your advisor doesn’t bring it up, don’t hesitate to raise the subject. Next time you’re in your advisor’s office, tell him a little bit about how like to support your community. You may be surprised where the conversation might lead.

While a charitable bequest in your Will is an easy and very effective way to make a legacy gift to your favourite charity, there are other options when comes to making a deferred donation. This article will explore two of them: life insurance and retirement plans.

LIFE INSURANCELife insurance provides a donor with the oppor-

tunity to achieve significant upfront or deferred tax benefits while creating a powerful future gift for the charity.

DECISIONS, DECISIONSLife insurance provides an enduring way to leave

a lasting legacy to your favourite charity. While the charity typically receives the Death Benefit from the policy upon the death of the donor, there are two fundamental choices when it comes to receiving a tax benefit when donating life insurance.

The first choice creates an immediate opportunity

for tax relief during the donor’s lifetime; the second option defers the tax relief, benefiting his or her estate at death.

Upfront Tax Relief:By assigning permanent ownership of a life policy

to the charity, the donor can receive an immediate tax receipt for the fair market value of the policy, along with tax receipts for any subsequent premium payments. At the death of the donor, the full death benefit is paid to the charity (with no additional tax benefit to the estate of the donor).

SAMPLE CASE STUDY – ROBERT (BOB) ANDREWS

Bob Andrews, 50-year-old father of two teenage boys and successful veterinarian, decides to make a large deferred contribution to his favourite charity.

Have a two-way talk with your advisor

Using your life insurance

turn to PAGE 21


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

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.

Charity Number 11910 3323 RR0001

After careful consultation with his wife and their Financial Advisor, he makes the decision to donate his existing whole life policy to the DogsRBest Foundation.

The policy has a current fair market value of $250,000 (as determined by an independent actuarial calculation) and a death benefit of $500,000. Bob assigns full owner-ship of the policy to the charity and receives an immedi-ate tax receipt for the fair market value ($250,000). He also receives ongoing tax receipts for any future premi-ums paid on the policy.

The tax credit from the donation generates immediate tax savings for Bob.

At his death at the age of 85, the policy pays the death benefit of $500,000 and increases capital for the ongoing preservation of the endowment fund that he created at the Foundation.

Deferred Tax Benefit:In the second option, the donor names the Charity as

beneficiary of the policy but doesn’t assign ownership (and thus leaves the door open for donors to change their mind, if their circumstances changed for example).

No tax receipts are issued during the donor’s lifetime for the fair market value of the policy or any future pre-mium payments, but on the death of the donor, he or she will receive a tax receipt for the full death benefit of the policy.

This strategy can provide significant tax savings on the terminal tax return.

SAMPLE CASE STUDY – GLORIA HUBBLE

Gloria Hubble, renowned heiress of the Portobello Bakeries empire, decides to name The Kids Can Bake Foundation as beneficiary of her life insurance policy. Gloria decides to not assign ownership of the policy to the Foundation so doesn’t receive any tax benefit at the

time of her decision or during her lifetime. However, on her death at age 83, the policy pays the

death benefit of $500,000 to the Foundation which can then begin creating scholarships for future bakers. Her estate receives a tax receipt for the full death benefit of the policy.

Summary of Benefits – Example PolicyWhole Life Insurance PolicyDeath Benefit - $500,000Current Fair Market Value (FMV) - $250,000Annual Premiums - $5,000Treatment #1:Immediate Tax Benefit: Assigning Ownership Donation

tax receipt for FMV of $250,000Lifetime Tax Benefit: Annual donation tax receipts of

$5,000 when premium paidEstate Tax Benefits: NoneFunding Charity: Foundation receives $500,000 upon

death of donor*Treatment #2: Immediate Tax Benefit: No Assignment of OwnershipLifetime Tax Benefit: NoneEstate Tax Benefits: Estate receives donation tax receipt

for $500,000Funding Charity: Foundation receives $500,000 upon

death of donor*Foundation, as owner, reserves right to cash policy.

Cash value may be less than FMV

RETIREMENT PLANSIt is extremely easy to name a charity as a beneficiary of

your retirement plan. Simply contact your plan administrator and ask them

how to name (or change) a beneficiary of your regis-tered plan (such as an RRSP or RRIF). In most cases, it is also possible to name a charity as a beneficiary of a portion of your plan or as a contingent beneficiary (who would receive the proceeds in the event that the named beneficiary(ies) predecease you).

Note that the rules differ in Quebec so it is important to

contact your plan administrator for details.When an RRIF and RRSP is cashed in (either at death or

during one’s lifetime), the fair market value of the with-drawal is immediately taken into income at full marginal rates. Of course, whatever portion of your plan that you choose to donate is also eligible for a donation receipt and the significant tax benefits that result from charitable donations.

SAMPLE CASE STUDY – CARL MACDOUGALL

Carl MacDougall is a 78-year-old retired investment specialist. He is interested in making a sizeable donation to support the local hospital foundation.

He has accumulated a significant registered plan (now a RRIF) with a value of approximately $560,000. Carl has decided to donate one-half of his RRIF to the Foundation. Let’s take a look at the tax implications of such a gift assuming the RRIF is worth $500,000 at the time of Carl’s death with a tax rate of 45%.

In the end, Carl’s total tax bill after accounting for the RRIF income and the charitable donation is $112,500 ($225,000 - $112,500).

This dramatic tax reduction is coupled with the fact that Carl has left a substantial legacy gift of $250,000 to his favourite charity.

TAX INCENTIVES FOR TESTAMENTARY DONATIONS:

As a result of changes to the Income Tax Act over the years, testamentary donations (typically through wills, insurance policies or retirement plans) have the power to assist in dramatically reducing taxes payable during one’s lifetime or upon death. Consulting legal and tax advisors is absolutely essential when considering making this type of donation.

Easy to name a charity as beneficiaryfrom PAGE 20


As a landowner, you may want to see certain features of your property protected and you may be interested in gifting or selling your land to a land trust such as The Land Conser-vancy (TLC). There are a number of different ways that you may go about gifting or selling your land to TLC.

The Land Conservancy is interested in lands and properties that have sig-nificant ecological, cultural or agricul-tural value. In addition, TLC protects land that has important scientific, recreational, or scenic values.

Some of the different types of prop-erty that TLC has protected include ranchland, wetlands, grasslands, old-growth forests, heritage buildings and gardens, recreational trails, eco-for-estry sites, and bat houses.

There are a couple of ways that you, as a landowner, can go about donating your property to TLC.

OUTRIGHT DONATION

With an outright donation, you agree to gift your property to The Land Conservancy. In return for your dona-tion, you will receive a tax receipt for the appraised value of the donation. If your property has ecological value, you may be able to increase this tax benefit under the Ecological Gifts Pro-gram.

For landowners who wish to donate their land or an interest in their land to a land trust, the Ecological Gifts program helps increase the tax ben-efits that can result from such a dona-tion.

The Ecological Gifts Program encourages landowners to conserve ecologically sensitive land by donat-ing it to a qualified recipient, such as The Land Conservancy. Landowners can either donate the land outright (by transferring title to all or part of their land) or donate a legal interest in their land (by registering a conserva-tion covenant against their land).

To be considered ecologically sensi-tive, a property must either currently

contribute or have the potential to contribute to Canada’s biodiversity or environmental heri-tage. In other words, any property that provides habitat or has ecological values will be consid-ered. In addition, prop-erties with proper resto-ration plans may also be considered.

Donors benefit from this program in two ways. The first is know-

ing that their land will be protected forever. Properties donated to a con-servation organization under the Eco-logical Gifts Program cannot be mort-gaged or re-sold.

The second way donors benefit is through the significant income tax benefits they receive. Donors (private or corporate) receive a tax receipt for the full value of their ecological gift. This tax receipt can be applied against 100% of their net annual income. Cor-porate donors may deduct the amount directly, while individual donors can use it to calculate a non-refundable tax credit. Any unused portion of the tax receipt may be carried forward for up to five years. None of the capital gain from the transfer of the property is taxable instead of the usual 50%.

LIFE ESTATE

By donating a life estate to The Land Conservancy, you (and perhaps your children) retain the right to remain on your property for the remainder of your lives. Once you are no longer living on the property, it will transfer to TLC. Usually, a life estate involves certain restrictions on your use of the property. A life estate may contain some tax benefits depending on the value of the property and the length of time you will remain on the prop-erty.

SELLING YOUR PROPERTY

Selling your property to TLC can be more complicated than donating because TLC will need to determine if the financial resources are avail-able to purchase your property. We will also need to undertake an assess-ment to determine whether or not the property has appropriate values that should be protected – as a charity, we must always be diligent in ensur-ing that we are working to meet our mandate.

OUTRIGHT SALE

If you wish to sell your land directly to The Land Conservancy, you will need to determine how much money you wish to receive from the sale of your land. The best way to do this is through a certified appraiser who can determine the fair market value of your land. Once you have determined your sale price, TLC staff will need to determine if the resources are avail-able to purchase your land. Because resources are limited, properties with key values are usually chosen by TLC for outright purchase.

BARGAIN SALE

You may wish to sell your land to TLC, but you may not want or need to receive full market value for your land. With a bargain sale (also called

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

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



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



Preserving your land by donating

turn to PAGE 23


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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

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a Split Receipt), you can arrange to sell your land to TLC at a price that is lower than the full market value. If your sale price is less than 80% of the appraised value, you can receive a tax receipt for the difference.

Once you have considered some of the different options available for trans-ferring your land, it is a good idea to consult the Regional Manager for your area. The Regional Manager can visit your property and help you to consider

how your property fits with The Land Conservancy. You should also seek inde-pendent tax and legal advice to help you with this process.

Once you have decided to transfer your land, staff from The Land Conser-vancy will sit down with you and develop a Memorandum of Understanding. This document will outline the sale or gifting process and the next steps that need to be taken.

An appraisal will also need to be done to establish the value of the prop-erty.

The Land Conservancyfrom PAGE 22

october 05, 2012

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