The Victoria Foundation can help you have a lasting impact by leaving a legacy.

 

Your legacy giving can be as individual as you are. It can reflect your values and interests, and your hopes for your community. We can help you explore a range of giving options to help you give with confidence.

Whether your passion is to support the arts, health­-related programs, the environment, social justice or one of many other cause areas, the Victoria Foundation we will ensure your gift supports the causes that matter most to you.

Leave a Gift in Your Will

One of the easiest and most popular ways to leave a legacy gift is through a Will. Wills aren’t just a legal way to distribute your personal assets, they can be a powerful tool for change in the world. Whether you want to support an organization in your neighbourhood or a registered charity anywhere in Canada, we can help you plan your gift for the greatest and most lasting impact.

A gift in your Will can support your personal or family fund through the Victoria Foundation, or it can support some of the most urgent needs and innovative opportunities for change through our granting programs. You have complete flexibility to leave a legacy that best meets your goals.

Donors can designate a specific gift or a portion of their estate to the Victoria Foundation and, in doing so, become members of the Victoria Circle.

Charitable gifts made via a will result in a donation receipt which can be used to offset the taxes payable on the death of the donor. For this, we recommend seeking planning advice from your professional advisors. The Victoria Foundation is also able to provide sample clauses for your will to use in consultation with your advisors.

Additional 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

250-381-5532