A Charitable Guide to Planned Giving
A "Get-To-It" Guide by DeWayne Osborn C.G.A., CFP
- 1 - Getting Started
- 2 - A Full-time Versus a Part-time Program
- 2.1 - The Investment of Money and Time
- 2.2 - Operational Revenues and Staffing
- 2.3 - Major Components of a Planned Gifts Program
- 2.4 - Tracking the Program's Activities
- 2.5 - Measuring Success of the Program
- 2.6 - Managing the Marketing of the Program
- 2.7 - Endowments Held by Other Institutions
- 2.8 - Running An In-house Program
- 2.9 - Presenting the Idea to the Board of Directors
- 3 - The Road to Planned Giving
- 3.1 - The Members of the Committee
- 3.2 - Functions of the Committee
- 3.3 - Recruitment of Knowledge
- 3.4 - Volunteer Time Commitments
- 3.5 - Conflict of Interest
- 3.6 - Gift Acceptance Committee
- 3.7 - Committee's Review Gift Strategies
- 3.8 - Issues with Policies and Procedures
- 3.9 - Deed of Gift
- 3.10 - Legislation and Registered Charities
- 3.10.1 - ITA Sections 248(30) - (41)
- 3.10.2 - ITA 248(31) Eligible Amount of Gift
- 3.10.3 - ITA 248(32) Amount of Advantage
- 3.10.4 - ITA 248(33) Cost of Property Acquired
- 3.10.5 - ITA 248(34) Repayment of Limited Recourse Debt
- 3.10.6 - ITA 248(35) Deemed Fair Market Value
- 3.10.7 - ITA 248(36) Non-arm's Length Transactions
- 3.10.8 - ITA 248(37) Non-application of Subsection 35
- 3.10.9 - ITA 248(38) Artificial Transactions
- 3.10.10 - ITA 248(39) Artificial Transactions
- 3.10.11 - ITA 248(40) Reasonable Inquiry
- 3.10.12 - ITA 248(41) Information not Provided
- 3.11 - Policies and Procedures
- 4 - Bequests
- 5 - Life Insurance, RRSP, RRIF, and TFSA
- 5.1 - General Information
- 5.2 - Tax Implications
- 5.2.1 - Gift of an Existing Policy
- 5.2.2 - Gift of a New Policy
- 5.2.3 - Gift of a Life Insurance through the Will
- 5.2.4 - Gift of Life Insurance by Changing Beneficiary
- 5.2.5 - Disbursement Quota Issues
- 5.2.6 - Gift of RRSP, RRIF - General Information
- 5.2.7 - Gift of RRSP, RRIF - Tax Implications
- 5.2.8 - Gift of RRSP, RRIF - Benefits and Pitfalls
- 5.2.9 - Gift of a Tax Free Savings Account
- 5.3 - Life Insurance - Gift Opportunities and Ideas
- 5.3.1 - Multiple Charities as Owners
- 5.3.2 - Replacement of Taxable Assets
- 5.3.3 - Leveraged Life Insurance
- 5.3.4 - Potential Problems (risks) - Interest and Premium Payments
- 5.3.5 - Potential Problems (risks) - Charity Involvement with Referrals
- 5.3.6 - Options for the Charity
- 5.3.7 - Harvesting Cash from Existing Policies:
- 5.4 - Common Questions and Answers
- 5.4.1 - Can I use insurance to help more than one charity?
- 5.4.2 - What if the donor changes his or her mind OR, for some other reason, stops paying the premiums?
- 5.4.3 - What if I (charity) forget to pay the premium by the due date?
- 5.4.4 - What is guaranteed insurance?
- 5.4.5 - What steps can be taken to assist a donor with making term payments for life?
- 5.4.6 - What is my (charity's) role in the gift of life insurance?
- 5.4.7 - Can I pay my insurance premiums with publicly traded securities?
- 5.5 - Summary of Key Factors
- 6 - Annuities
- 6.1 - General Information
- 6.2 - Annuities - Tax Implications
- 6.2.1 - Advantage and Annuities
- 6.2.2 - Annuity Calculations: Tax Receipt
- 6.2.3 - Residual Payments from Guaranteed Annuities
- 6.2.4 - Determining the Actual Gift to the Charity
- 6.2.5 - Re-insured Gift Annuities - Determining the Payment to the Donor
- 6.2.6 - Non-Prescribed Annuities
- 6.2.7 - Bundled Annuity: How to Make the Payment to the Donor
- 6.2.8 - Reporting Taxable Portions to Donors
- 6.2.9 - When Quotations are not Available
- 6.2.10 - Taxable Issues with the Payment
- 6.3 - Gift Opportunities and Ideas
- 6.4 - Common Questions and Answers
- 6.4.1 - Can a donor change his or her mind
- 6.4.2 - If the charity re-insures, is an insurance agent required, or just advisable?
- 6.4.3 - What is the process where a donor has a taxable portion in his annuity payment?
- 6.4.4 - When do you send out the T4A?
- 6.4.5 - What is the maximum age for a gift annuity?
- 6.4.6 - What is the minimum amount that can be used for a gift annuity?
- 6.5 - Summary of Key Factors
- 7 - Outright Gifts by Individuals
- 7.1 - General Information
- 7.2 - Tax Implications
- 7.2.1 - Tax Basics: Capital Gains and Losses
- 7.2.2 - Personal-Use Property Gains and Losses
- 7.2.3 - Capital Gains and Losses in the Year of Death
- 7.2.4 - Outright Gift: Cash
- 7.2.5 - Personal-Use Property
- 7.2.6 - Capital Gains and Losses for Listed Personal-Use Property
- 7.2.7 - Gifts of Art
- 7.2.8 - Gifts not Subject to the Minimum $1,000 Threshold
- 7.2.9 - Gifts of Property with Debt
- 7.2.10 - Principal Residence - definition
- 7.2.11 - Gifts of Principal Residences
- 7.2.12 - Gifts of Publicly Traded Securities
- 7.2.13 - Gifts of Exchangeable Shares
- 7.2.14 - Private Foundations and Excess Holdings
- 7.2.15 - How to Make a Gift of Publicly Traded Securities
- 7.2.16 - Gift of Securities
- 7.2.17 - Examples: Gift of Securities with Advantage
- 7.2.18 - Gifts of Stock Options
- 7.2.19 - Gifts of Publicly Traded Securities Acquired under an Employee Stock Option Plan:
- 7.2.20 - Gifts of Publicly Traded Securities that do not Qualify for the Special Capital Gains
- 7.2.21 - Gifts of Flow-Through Shares after Budget 2011!
- 7.2.22 - Flow-Through Shares: a simple example
- 7.2.23 - Gifts of Privately Held Securities
- 7.2.24 - Arm's-Length Issues
- 7.2.25 - Capital Gains and Non-qualifying Securities
- 7.2.26 - Property Eligible for the Capital Gains Deduction
- 7.3 - Gifts of Real Estate
- 7.4 - Issues when Property is Received via a Bequest
- 7.5 - Outright Gifts - Opportunities and Ideas
- 7.6 - Outright Gifts- Common Questions and Answers
- 7.7 - Outright Gifts - Summary of Key Factors
- 8 - Outright Gifts by Companies
- 8.1 - General Information
- 8.2 - Corporate Gifts - Tax Implications
- 8.2.1 - Tax Credit versus Tax Deduction
- 8.2.2 - Types of Companies
- 8.2.3 - Ownership of Corporations
- 8.2.4 - Types of Taxes Paid by Private Companies
- 8.2.5 - Refundable Dividend Tax on Hand (RDTOH)
- 8.2.6 - Capital Dividend Account
- 8.2.7 - Adjustments to the Corporate Contribution Room
- 8.2.8 - Gifts of Publicly Traded Securities
- 8.2.9 - Gifts of Depreciable Property
- 8.3 - Outright Gifts - Gift Opportunities and Ideas
- 8.4 - Outright Gifts By Companies - Common Questions And Answers
- 8.5 - Outright Gifts - Summary Of Key Factors
- 9 - Special Gifts
- 9.1 - Trusts - General Information
- 9.2 - CRT TAX IMPLICATIONS
- 9.2.1 - Disposition of the Asset
- 9.2.2 - Gift of Residual Interests
- 9.2.3 - Application of Loan Back Provisions to Gifts of Residual Interests
- 9.2.4 - Loan Forgivness
- 9.2.5 - Special Gifts: Canadian Cultural Property
- 9.2.6 - Tax Incentives Gifts of Cultural Property
- 9.2.7 - Tax Shelters
- 9.2.8 - Tax Shelters After December 5, 2003
- 9.3 - CRT - Opportunities and Ideas
- 9.4 - Common Questions and Answers
- 9.4.1 - What interest rate do you use when valuing a charitable remainder trust?
- 9.4.2 - Can the charity serve as trustee of a CRT?
- 9.4.3 - Can the donor change something after the trust is settled?
- 9.4.4 - Does the 0% income inclusion rule apply to CRT?
- 9.4.5 - Why is the Amount of the Tax Receipt Discounted?
- 9.4.6 - Who pays for the costs of setting up a CRT?
- 9.5 - Special Gifts - USA Cross Border Gifts
- 9.5.1 - The USA Gifting Experience
- 9.5.2 - USA Donors - Implications with FMV
- 9.5.3 - USA Donors - Limits on Deductions
- 9.5.4 - USA Donors - The Estate Tax
- 9.5.5 - USA Donors - The Gift Tax
- 9.5.6 - USA Donors - The Generation Skipping Tax (GST)
- 9.5.7 - USA Donors - The Convention Between the United States of America and Canada (Treaty)
- 9.5.8 - Bequests and the 2007 USA - Canada Treaty
- 9.5.9 - USA Situs Property
- 9.5.10 - Donors - Recording the USA Donor's Gift
- 9.5.11 - USA Donors - How to Make Cross Border Gifts
- 9.5.12 - USA Donors - Special Considerations
- 9.6 - CRA Advanced Rulings/Court Cases/ Technical Interpretations