The method you use in making charitable donations can be as important as the amounts you give for both the charity and for you as the donor.
Have you ever considered donating publicly traded stocks, bonds, mutual funds or other securities that have increased in value to Pioneers?
There are a number of advantages.
1. Capital gains taxes are eliminated on donations of securities making it the most tax efficient way to give and allowing you to make a greater impact.
2. You receive a tax-deductible receipt from Pioneers for the closing fair market value of the securities on the date of transfer.
3. You can claim eligible receipts up to 75% of your annual net income.
4. Any unused amounts can be carried forward for 5 additional years.
If you are interested in making a donation of securities or desire to know more about it, please contact your financial advisor along with Todd Coyle (Finance Services Director) or Bruce Cornfield (CMA) at Pioneers.
Note: Securities must be publicly-traded to qualify, and would include shares, mutual funds, segregated funds, bonds and a few other specific securities. The donation must in the form of securities and be given directly to Pioneers. Securities that are cashed and then gifted will not be eligible for the preferred capital gains treatment.
Have you planned or reviewed the distribution of your estate?
This is important for the sake of your family and dependents, and practices good stewardship. Creating a legal will is crucial to properly protect and care for your loved ones and dependents. In addition, it enables you to maintain control over the distribution of your assets (without a will they become subject to provincial laws for distribution). You should consult a lawyer or legal expert when preparing or revising a will.
Making a donation through your will by naming Pioneers as a beneficiary has a number of benefits:
1. It provides you a final opportunity to leave a lasting impact for the Kingdom on souls around the world who have never heard the gospel of Jesus Christ and to share His love.
2. Your estate will receive a tax-deductible receipt that can be used to reduce your estate taxes.
3. You can potentially make a larger contribution than would normally be possible.
4. As there are a number of ways to structure your bequest, you can choose the most fitting method based on your desires & responsibilities.
Please note: Bequests should include the full legal name, city and province of Pioneers as well as its charitable registration number.
Did you know that you can make a substantial donation to Pioneers by donating Life Insurance which is no longer required for your personal needs?
This can be done by transferring or naming Pioneers as the owner and beneficiary on an existing policy or when applying for a new policy. Then simply pay the premiums directly to Pioneers Canada, and we will issue a charitable donation receipt for the full value of the policy plus any premiums.
Or you may wish to maintain ownership of an existing policy and simply change the name of the beneficiary to Pioneers. Your estate will then receive a charitable donation receipt for the full death benefit.
Advantages of donating life insurance:
1. You receive satisfaction in knowing that a large gift to God’s work is guaranteed and will make an eternal impact in the lives of the unreached.
2. It’s an affordable way to make a larger contribution than would normally be possible.
3. The insurance policy is not subject to probate fees.
4. The donation receipt may be used by your estate to offset taxes.
Naming Pioneers as a direct beneficiaryof your RRSP’s or RRIF’s can be an ideal way to offset any personal or estate taxes at death.
The advantages of making a RRSP or RRIF donation are:
1. It will not affect your present financial situation.
2. It will reduce or eliminate the tax payable at withdrawal or upon death as the funds are not subject to tax or probate fees.
3. Your estate will receive a tax receipt that can be used with your terminal return.
To make arrangements contact your investment advisor and designate Pioneers as the beneficiary of your RRSP/RRIF. If you have a spouse, name Pioneers as the secondary beneficiary, since all registered funds can be transferred to a spouse without triggering taxation. Additionally we recommend leaving instructions in your will to arrange for the bequest only if your spouse predeceases you and you have no dependent children. You can choose to donate all or a portion of the proceeds.