We recommend that you consult a taxation or financial counsellor to carry out the most appropriate donation for your situation. For more information on which options are available at your local island library, contact us.
What is Planned Giving?
Planned giving is the donating of a major gift, made in a lifetime or at death, as part of a donor’s overall financial and/or estate planning.
How Do Planned Gifts Help?
Planned gifts bequeathed to libraries on Pender, Mayne, Galiano, Saturna, and Piers Island help to sustain and develop library resources and services. Planned gifts create life-changing programs, exceptional services, and enriched collections that otherwise would not be possible with government funding alone. Your donation could fund programs that introduce authors to the community, or provide a free workshop for a valuable new skill. It could fund programs that introduce children to the joy of reading and help students succeed with their learning. It could help keep the elderly engaged in the community and provide new opportunities for the entire community. The possibilities are endless! Consider partnering with us to better serve our island community now and in the future.
How Do You Benefit?
- A bequest to your island library may serve to reduce the income tax payable by your estate. A planned gift may eliminate or reduce tax in the year of the gift.
- The Income Tax Act sets the upper limit on the credit that an individual can claim annually on donations at 75% of net income from all sources and 100% in the year prior to, and including the year of death.
Ways to Give
Gifts of Cash
This is an attractive form of gift if you have cash readily available and want to make an immediate donation. The library is able to use the funds to support its operations and you enjoy immediate tax savings.
Make a donation by adding a distinct clause or codicil to your will or by including your island library as a beneficiary in your will. This bequest may specify a certain sum of money, a particular asset, or a portion of an estate. This donation will reduce the taxes payable by your estate.
Gifts of Insurance policies
Donate, bequeath, or subscribe to an insurance policy with your island library listed as the beneficiary. This provides both immediate and long-term tax benefits, as well as the satisfaction of leaving a significant sum of money to perpetuate the vital work we do in our community.
Gifts of Appreciated Securities
Make a donation by transferring stocks, bonds or mutual funds to your island library and receive a donation receipt based on the value of the security on the day it is transferred to the library, resulting in savings in capital gains tax.
Annuities and Charitable Trusts
Subscribe to an annuity or create a charitable trust with your island library as the beneficiary. The annuity, like the charitable trust, guarantees you income tax credits and a regular income throughout your life. On your death, the capital is turned over to the library.
Gifts of Retirement Funds
Name your island library as the beneficiary of your registered retirement savings plan, retirement income fund, or any surplus funds in your bank account upon your demise. As a result, your estate will receive a charitable donation tax receipt for the full amount of the gift.
Property or Material Assets
Donate a building, cottage, artwork, jewelry, or other assets and benefit from an income tax receipt to reduce your capital gains. The library will consider this kind of gift on an individual basis because there are a number of factors to consider. (An independent evaluation will be required to establish the fair market value of the gift.)
Ethics and Confidentiality
Your island library follows strict ethical standards and treats its donors with respect, integrity and discretion.
We recommend that you consult a taxation or financial counsellor to carry out the most appropriate donation for your situation.
If you would like to include the Library in your Planned Giving, please contact us.