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Answers to Frequently Asked Questions
about planned gifts to charity
 

Why should I consider planning a gift to charity?
A gift to charity – in your Will or through other financial instruments – lets you make the gift of a lifetime for a cause you believe in. People often think that leaving money to a charity will diminish what they can leave to their loved ones. Because of Canada’s tax laws, you can give money to a charity that you, or your estate, might otherwise end up giving to Canada Revenue Agency in taxes.

If I choose to make a gift to the Schools Foundation, do I have to reveal the amount?
Absolutely not. We would appreciate knowing, of course. But the choice to tell us the amount of your gift is entirely up to you. 

How do I let you know I have planned a gift to the Schools Foundation?
It is easy. There are no forms to fill out. Once you have added Nanaimo-Ladysmith Schools Foundation to your estate plans, simply call us at 250-753-4074, or email us at Crystal.Dennison@sd68.bc.ca. We will ensure we have accurate contact information for you.

Is it easy to add a charitable gift to my Will?
Yes.  Nothing could be simpler.  A short phone call to your lawyer will do the job. We have prepared suggested wordings that will assist you in discussions with your lawyer.

What if I don’t have a Will yet?
You should definitely get one. A surprising number of people – even those with substantial assets – never get around to completing this essential task. When a person passes away without a Will, the law determines how to divide up the assets in the estate. With a Will, your written wishes dictate exactly how and to whom your assets will be distributed. If you don’t have a Will and would like a referral to a qualified estate lawyer in your community, Nanaimo-Ladysmith Schools Foundation can help refer you to one. Just give us a call at 250-753-4074.

What is an endowment?
It is a ‘restricted’ gift where the amount is invested and the annual investment income supports a specific purpose determined by you. Endowed gifts are usually $20,000 or more.

What should I tell my family?
Talking it through with family is a crucial step. Explain that your charitable donation will offset taxes. They will be happy to see it go somewhere other than the tax collector! Consult with a financial advisor or lawyer to learn how giving to a charity may actually benefit you or your estate.

How much should I leave?
You can leave any amount to go towards an existing program at the Schools Foundation. If your gift will be for $20,000 or more, you can choose to start a named fund (an endowment) and determine its purpose – e.g., for scholarships, to help support specific schools, to provide food programs or school supplies, or to be used for grants to support enhanced learning initiatives.

Do I have to leave a specific dollar amount as a bequest?
While you can name a specific dollar amount in your Will, you can also arrange to leave a percentage of your estate’s value after other gifts are made. We welcome gifts of any size.

Does my gift have to be cash?
No. You have several options in addition to cash:
- Physical assets such as a home or land.
- Financial investments such as stocks, bonds, etc.
- Life insurance policy or retirement plan (RRSP/RRIF).
You can arrange for this type of gift by making Nanaimo-Ladysmith Schools Foundation your beneficiary.

Whatever you decide to do, please make sure you have a Will and first provide for your loved ones.

We work with: Cash donations, Memorial gifts, Endowment/Wills, Life Insurance policies, Securities
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