There are a number of ways to plan your response to God’s generosity through both present and deferred gifts. Your gifts make a very real difference in the life, work and ministries of St. Anne’s and leave an enduring legacy for current and future generations.
Through a major gift or a planned gift, such as a bequest in your will, a gift of life insurance, or securities, you enable St. Anne’s to thrive and develop ministries for children and youth, families, seniors, refugees, music and others.
We invite you to consider the following gift planning options. The option(s) you choose depends on your unique circumstances and financial objectives. Please consult with your financial planner or lawyer for specific advice.
You may remember St. Anne’s in your will, along with loved ones and others who have given your life meaning. This is one of the simplest and most flexible ways to create a lasting legacy.
A bequest is a lasting gift from the heart with practical benefits to your surviving heirs. Your estate receives a tax receipt for the full amount of the donation, which may offset capital gains or other taxes due. You may designate the gift to specific ministries, or unrestricted funds to put it to work where it is most needed at the time. All undesignated bequests made to St Anne’s supports emerging and unfunded priorities.
Bequests may come in the form of a percentage of your estate, specific cash amount, property, securities, or other assets. A charitable bequest has no effect on you financially in your lifetime.
All it takes is a simple clause in your will to leave a gift demonstrating your commitment to the life and ministries of St. Anne’s. Your lawyer can include a simple clause naming the "St. Anne’s Steveston Anglican Church" as a beneficiary.
If you already have a Will, the easiest, least expensive way to include a bequest is to add a codicil, where you specify your gift and name St. Anne’s as beneficiary. The provisions of your existing will remain unchanged.
Note: A codicil is often added after the completion of a Will. The testator (the person making the will) may have a change of heart regarding a specific bequest, the division of their property, or inclusion or exclusion of someone to the Will. In this case, the testator may execute a codicil, an amendment, to the Will. (from canadalegal.com)
Sample clauses for wording your bequest
Proper wording is vital to the validity of a bequest. The following will clauses are suggested:
Specific amount bequest:
“I DIRECT my trustee(s) to pay the sum of _________ DOLLARS ($__________ ) to ST. ANNE’S STEVESTON ANGLICAN CHURCH, currently located at, 4071 Francis Road, Richmond BC V7C 1JB for its *general purposes. The receipt of an appropriate officer of the General Synod of St. Anne’s shall be a sufficient discharge of my Trustee(s).”
*general purposes – should you want to leave a gift to a specific ministry of the St. Anne’s, please note it here.
Residual bequest:
“I DIRECT my trustee(s) to pay (insert number that equates to percentage) parts of the residue of my estate to ST. ANNE’S STEVESTON ANGLICAN CHURCH, currently located at, 4071 Francis Road, Richmond BC V7C 1JB for its *general purposes. The receipt of an appropriate officer of the Parish of St Anne’s shall be a sufficient discharge of my Trustee(s).”
*general purposes – should you want to leave a gift to a specific ministry of St Anne’s
The decision to leave a gift in your will to St. Anne’s may take place at any stage in your life. Talk to your family; talk to your financial planner and talk to us.
Should you decide to leave a gift in your will, please email rector@stannessteveston.ca to share your wonderful news with the Stewardship and Fundraising Committees.
Disclaimer: There are numerous options for legacy gifts. We encourage you to consult with your legal and financial advisors to consider all the relevant issues and income tax provisions and discuss your intentions with your family.
When you donate a gift of securities to St. Anne’s, the taxable capital gain is eliminated and you receive a full tax receipt equal to the sale proceeds of your securities on the day they are received. Please consult with your financial advisor for further information on this form of giving.
You can make a larger gift than you might expect possible by naming St. Anne’s as the owner and beneficiary of a new or existing life insurance policy. By donating a life insurance policy, you can make a substantial gift to a ministry of your choice within St. Anne’s. This type of gift can provide immediate tax benefits to you, as well as tax relief for your estate.
There are many ways to make life insurance part of your lasting legacy:
Existing policy
If a policy you already own has outlived its original purpose (if, for example, your children have grown), do not cancel it – instead use it to help a ministry close to your heart by naming St. Anne’s as a beneficiary for a percentage or for the full amount of the policy. Your heirs may ultimately benefit because your estate will receive a tax receipt (and tax savings) for the value of the donation.
If this option is favoured by you and your family, you will receive a charitable income tax receipt for the year in which you transfer ownership, based on the current surrender value of the policy plus any accumulated dividends and minus any outstanding loans. You will also receive a charitable receipt for any premiums that you keep paying.
You may not have to pay premiums indefinitely, because most whole life policies have a premium offset option. After seven to ten years, the dividends usually become sufficient to cover the cost of the annual premium and you no longer need to pay to keep the policy in force.
You can also donate a paid-up policy that you no longer need. You will receive a charitable income tax receipt for the surrender value and any accumulated dividends, minus any outstanding loans.
New policy
You can also purchase a new policy to benefit causes dear to your heart. Although the new policy has no current surrender value, should you make St. Anne’s the owner and beneficiary of the policy, your tax benefits can increase dramatically. If it is structured properly, you will receive a tax receipt for premiums you pay. In addition, the amount of your gift will continue to grow as the cash surrender value of the donated policy increases.
Joint policy
Perhaps you wish to name St. Anne’s as beneficiary of a joint policy covering you and your spouse. This provides you the benefit of one premium payment instead of two; in addition, if the policy is structured properly, a tax receipt for payments made will be given. Proceeds will be paid to St. Anne’s only after both parties have passed on.
Make St. Anne’s the owner
Make St. Anne’s the owner and beneficiary of a new or existing policy and the tax benefits can increase immediately and significantly. This option entitles you to a tax receipt annually for any premiums you subsequently pay.
Gifts of Life Insurance or Registered Plans made at the time of your death
You cannot claim any tax credits during your lifetime if you name St Anne’s as the beneficiary of your life insurance in your will without transferring ownership of the policy. However, your estate will benefit from a tax credit if you name your estate as the beneficiary of the plan and make a bequest to St. Anne’s in your will. The gift is treated as a charitable donation in the year of your death and is eligible for a tax credit on your final tax return or in the previous year’s return.
Retirement funds you no longer need can have a tremendous impact when donated St. Anne’s. When you name St. Anne’s as beneficiary, your estate will receive a receipt to offset taxes due from the distribution of the RRSP or RRIF, which are among the most heavily taxed assets you own.
By naming St. Anne’s as the beneficiary to your registered plan, the plan does not form part of the estate assets that require probate. This may result in significant savings as the probate fee in BC is charged on the value of the estate. A beneficiary designation can be made directly on the RRSP or RRIF application form and can be changed only by the annuitant.
Disclaimer: There are numerous options for legacy gifts. We encourage you to consult with your legal and financial advisors to consider all the relevant issues and income tax provisions and to discuss your plans with your family.
Your generosity sustains the life and mission of our beloved Church
and ensures our ministries flourish for generations. Thank you!