“In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive.” Acts 20:35
Pope John Paul II explains that the Church’s charitable activity is her practice of love. Because God first loved us and poured out that love on the Cross, we too seek to show that love to others. This is true charity. Charity, practiced by a community of love, demonstrates the love of the Trinity in a needy and suffering world.
“Those who are in a position to help others will realize that in doing so they themselves receive help; being able to help others is no merit or achievement of their own.”
Donors can use the following vehicles to make a legacy gift to the Companions of the Cross
- Stocks and Securities
- Endowment Funds
- RRSPs & RRIFs
- Life Insurance
Of course, every donor’s financial situation is different. We therefore urge you to consult with your own tax and legal advisors for a full discussion of the tax implications of your charitable gifts.
For more information about how you can create a legacy for the Companions of the Cross, please contact email@example.com or call toll free at 1-866- 885-8824.
Each year, thousands of individuals designate a portion of their assets by bequest to benefit charitable organizations. Gifts by will are becoming an increasingly important part of the Canadian philanthropic tradition because they enable individuals to make significant gifts that they may not have been able to make while living. Bequests can take various forms.
A specific bequest directs that a charitable organization is to receive a specific piece of property.
Example: “I give to the Companions of the Cross all of my shares in XYZ Mutual Fund to be used for the general purposes of said charity.”
A general bequest directs that the charity receive a specific amount of a certain kind of property, usually a sum of cash.
Example: “I give to the Companions of the Cross the sum of $100,000 to be used for the general purposes.”
A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses, and all other bequests has been paid.
Example: “I give to the Companions of the Cross fifty percent (50%) of the rest, residue and remainder of my estate, to be used for the general purposes.”
A contingent bequest takes effect only if the primary intention cannot be met (e.g., if the primary beneficiary does not survive the donor). This ensures that property will pass to the charity rather than unintended beneficiaries (including the government).
For more information about how you can create a bequest for the Companions of the Cross, please contact firstname.lastname@example.org or call toll free at 1-866- 885-8824.
Stocks and Securities
In the 2006 budget, the Government of Canada eliminated the capital gain on stocks and securities if they were donated to a registered charity.
The Companions of the Cross recommend that you consult with your financial advisors prior to making this type of charitable donation.
Donating stock to the Companions of the Cross is very simple and advantageous for donors.
- Complete the attached form (PDF)
- Contact your financial advisor or broker to advise them that you would like to make a donation of stock to the Companions of the Cross.
- Your broker will contact and deliver the signed form to the Companions of the Cross’ brokerage account.
- After the transfer is complete the Companions of the Cross will be advised of the closing bid value on the business day that the securities were received into our account.
- The Companions of the Cross will issue an official receipt to you for tax purposes.
The Companions of the Cross recommend that you consult your legal and financial advisor in any matter concerning estate and legacy giving.
An Endowment Fund is a permanent fund that you can create which provides a reliable source of funding for the Companions of the Cross and will keep on giving for generations to come.
You can establish an endowment fund with a minimum contribution of $10,000. Collectively these funds create a pool of capital which earns interest annually and is directed to general or specific purposes within the mission of the Companions of the Cross.
You can continue to make contributions to your endowment fund at any time.
For more information about how you can create an endowment for the Companions of the Cross, please contact email@example.com or call toll free at 1-866- 885-8824.
RRSPs & RRIFs
When you make the Companions of the Cross the beneficiary of your RRSPs or RRIFs you not only preserve the capital of your estate by avoiding estate taxes, but you leave a legacy helping provide strong reassurances for us, concrete signs of the Lord’s blessing on all that we strive to accomplish on behalf of his Church and the work of the Gospel
By donating an RRSP or a RRIF, you will offset the tax that your estate would owe upon your death.
Charitable Remainder Trusts
This is another form of residual interest arrangement, funded with cash, securities or real estate which is transferred irrevocably to a trustee- the charity or another entity capable of managing the trust. You retain the right to the income from the trust according to the terms set out at the time the trust is established. The charity receives whatever remains in the trust after your death or after a specified period of years, whichever has been agreed.
You receive a charitable donation receipt for the value of the residual interest that belongs to the charity. Again this is actuarially calculated, taking into account the value of the property transferred to the trust, current interest rates, and your age, or the duration of the trust if for a term of years. When you fund a trust with appreciated property, you must recognize the capital gain unless the trust is funded with a principal residence. Expert counsel is needed to complete this type of transaction.
This type of deferred gift has several advantages: reliable income without management responsibility, removing the trust property from a possibly contested will, current income tax savings, and a future gift to be used as you direct.
For more information about how you can create a Charitable Remainder Trust for the Companions of the Cross, please contact firstname.lastname@example.org or call toll free at 1-866- 885-8824.
There are two Ways to Give:
1) Give the policy to the Companions of the Cross
As your circumstances change, the family grows up, children leave home and marry, life insurance policies that were once important safety nets may no longer be needed.
If you make the Companions of the Cross the owner and beneficiary of such a policy, you are entitled to a charitable donation receipt for the value of the policy—normally the cash surrender value.
If premiums are still owing and you pay them, you are eligible for a charitable donation receipt for each premium paid. You probably won’t have to pay the premiums indefinitely because most whole life policies have a premium offset option. After a period of about seven to ten years, the dividends earned by the premiums are sufficient to cover the annual premium, and you no longer have to pay to keep the policy in force.
Such a gift enables you to be a major donor for the Companions of the Cross future at a modest current cost—a cost further reduced by the tax savings. Moreover, this substantial gift can be made without impairing other assets intended for family members.
2) Name the Companions of the Cross as beneficiary
You can name the Companions of the Cross as beneficiary of a policy but retain ownership. This is advisable if you wish to have access to the cash value and be able to substitute a beneficiary should your circumstances change. Of course, when you retain ownership you are not entitled to a donation receipt for the current value of the policy, nor for future premiums paid. Also, proceeds paid directly to the charity will not result in tax benefits at your death.
An alternative, preferable from a tax-planning standpoint, is to have the death proceeds paid to your estate and include in your will a specific bequest of those proceeds to a charity. Then a tax credit will be allowed on your final income tax return, and also for the immediately preceding year if the entire bequest is not reportable on the final return.
For more information about how you can use a life insurance policy as a donation for the Companions of the Cross, please contact email@example.com or call toll free at 1-866- 885-8824.