Legacy Giving and Wills

The Victoria Foundation can help you leave a legacy of impact.

 

Your legacy giving can be as individual as you are. It can reflect your values, interests, and hopes for your community.

Whether your passion is to support the arts, health­-related programs, the environment, social justice, or other areas, the Victoria Foundation can help you explore a range of giving options to causes that matter most to you.

Using your Will as a tool for change

Wills are one of the easiest and most popular ways to leave a legacy gift for registered charities in your neighbourhood or anywhere in Canada – all while ensuring your loved ones are also supported.

Even a small portion of your estate can make a big difference to the causes of your choice.

Charitable gifts made in a Will result in a donation receipt which can be used to offset the taxes payable on the death of the donor. In designating a gift or portion of your estate to the Victoria Foundation, you also become a member of the Victoria Circle.

The Victoria Foundation is able to provide sample clauses for your Will to use in consultation with your advisors. We invite you to contact the Philanthropic Services team to discuss your options for legacy giving.

Local impact through Will Power

The Victoria Foundation has partnered with Will Power, a national campaign encouraging Canadians to consider charitable giving when planning their estate. Victoria residents Kirsten and barb are using their Will Power to create a legacy for charitable causes supporting animal shelters and opportunities for women.

“At a certain point in your life, you need to really think about what you want your legacy to be,” said barb. Read Kirsten and barb’s full story here.

Will Power: The Grecos

Dan and Maryann Greco are using their Will to give to the city’s most vulnerable.

Will Power: Kristen and barb

Victoria residents Kirsten and barb are leaving a legacy to help women in their Will.

 

Likewise, Dan and Maryann Greco saw an opportunity, when updating their Wills, to support Greater Victoria’s most vulnerable community members – be it through shelter, food, or wraparound services. Read more of Dan and Maryann’s story here.

See also: James and Anna Tieman support local charities in their Will, and Mayne Island residents dedicate part of their Will to conservation.

Learn more about your personal Will Power:

More ways to leave a legacy

There are a variety of ways to ensure your legacy giving will help care for the people and causes you love:

  • Real or Personal Property

    The Victoria Foundation welcomes gifts of real property such as real estate, works of art and antiques within the parameters of its gift acceptance policy.

    To qualify for a tax receipt, the transfer of property must be irrevocable, voluntary, and without material benefit to the donor. The foundation may not accept gifts of property which result in ongoing obligations for the foundation or which are not readily convertible to cash. Making gifts of property other than cash may involve additional costs with respect to obtaining the necessary appraisals, tax and legal advice, and other expenses related to the transfer. Donors are advised to discuss proposed gifts with their professional advisors and with the staff of the Victoria Foundation before these costs are incurred.

  • Charitable Remainder Trusts

    A charitable remainder trust is a gift that allows the donor to give an asset during his or her lifetime (with immediate tax savings) and yet retain the right to the income from the asset for a certain number of years or until the end of his or her lifetime. The donor irrevocably sets aside a certain sum of money, and a trust agreement provides that the donor (or a nominee) will control the management of the fund as trustee and that the donor (or a nominee) will receive the income from the fund while he or she is alive.

    Upon the donor’s death, the capital of the fund will be payable to the Victoria Foundation for the purposes which the donor has requested. This may be to create a new fund in the donor’s name to benefit specific registered charities or to add to an existing fund, such as the Vital Victoria Fund. The donor will receive a tax receipt in the year of the gift based on the present value of the gift which is an actuarial calculation based on the age of the donor and life expectancy tables. The ultimate gift of the capital of the trust passes to the Victoria Foundation outside of the donor’s estate and is not subject to probate fees.

  • Registered Retirement Savings Plans

    You can designate the Victoria Foundation as a beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). These assets are highly taxed after the latter of your or your spouse’s death. By donating a RRSP or RRIF, you will offset the tax that would otherwise be payable on these assets by your estate.

  • Life Insurance

    Life insurance allows donors to make extraordinary gifts at a manageable cost. There are several options. The donor may purchase a new policy naming the Victoria Foundation as the owner and irrevocable beneficiary of the policy. The donor will receive a tax receipt for the annual premiums payable on behalf of the Victoria Foundation. Or, the donor may transfer an existing policy to the Victoria Foundation. The donor will receive a tax receipt for the fair market value and for any subsequent premiums paid by the donor after the transfer to the foundation.

    Another option is to name the Victoria Foundation as the beneficiary only of the policy. The policy proceeds are paid directly to the foundation at the end of the donor’s lifetime. The tax receipt may be used to offset taxes in the donor’s final tax return with a one year carry-back for any unused credits or in the estate return as appropriate. This is often the chosen method to take advantage of this significant tax benefit.

Learn more about giving as an individual or family

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