People who wish to honour other people or commemorate life’s milestones often make donations in lieu of gifts or flowers. These milestones include weddings, birthdays, anniversaries and the passing of a loved one (in memoriam gift). These simple gifts, when added together, can result in significant support.
You can make a donation to the organization and/or you can invite others to help commemorate a special person in your life or a special event.
Another option is to set up a named endowment fund to commemorate your loved ones or in your name. Many foundations can establish named funds, with the proceeds going to designated organizations. There is usually a minimum amount required to set up a fund.
Benefits to you
- You receive an immediate donation receipt for the full amount given if the organization is a registered charity. In which case you may claim the charitable donation tax credit. Corporate donors may claim a tax deduction.
- You and your celebrants or family receive the satisfaction of seeing the gift put to work immediately.
- You know that your celebrants or family will receive acknowledgment of the gift. When commemorative wishes are included in your will, you have peace of mind for the future.
- You can establish a perpetual legacy bearing your name or the names of your loved ones by creating a named fund at a community foundation or Tides Canada Foundation.
Who can give?
Everyone (any age) who wishes to make this simple gift and can afford to give up some principal and the interest it earns.
How can I give?
The gift is complete when the cheque is delivered or mailed to the organization. The organization will advise the celebrants or family of the your gift, and will advise you that the gift has been acknowledged to the celebrants or family.
Important note
| Debbie Kelsall |
Planned gifts can provide beneficial results for a donor but, in order to ensure that all relevant issues have been considered and addressed and that all Income Tax Act, Canada provisions and regulations are met, prospective donors should seek qualified legal and accounting advice.
Give Green Canada acknowledges and thanks Lorna Somers and Frank Minton for pre-approving the use of their book Planned Giving for Canadians as the basis for the information provided about different types of gifts.
