Legacy Giving and Wills

Donors can designate a specific gift or a portion of their estate to the Victoria Foundation. Doing so makes you eligible to join the Victoria Circle.

Where you wish to restrict your gift to a particular purpose, a clause in your Will should indicate that the gift is to be designated to your named fund at the Victoria Foundation or to any other specific organization, purpose, or area of interest. We will be pleased to work with you to create the fund that best meets your philanthropic intentions.

Charitable gifts in a Will result in a donation receipt which can be used to offset the taxes payable on up to 100% of the income in the year of the donor’s death, with any unused credits carried back one year, plus other taxation benefits to the estate. We recommend you seek planning advice from your professional advisors. Sample clauses for your Will are available for you to use in consultation with your advisors.

Life insurance allows donors to make extraordinary gifts at a manageable cost. You may choose the following options for making this type of gift:

1. The donor may purchase a new policy naming the Victoria Foundation as the owner and irrevocable beneficiary of the policy. The donor will receive a tax receipt for the annual premiums payable on behalf of the Victoria Foundation.
2. The donor may transfer an existing policy to the Victoria Foundation. The donor will receive a tax receipt for the fair market value and for any subsequent premiums paid by the donor after the transfer to the foundation.
3. The donor may name the Victoria Foundation as the beneficiary only of the policy. The policy proceeds are paid directly to the foundation at the end of the donor’s lifetime. The tax receipt may be used to offset taxes in the donor’s final tax return with a one-year carry-back for any unused credits or in the estate return as appropriate. This is often the chosen method to take advantage of this significant tax benefit.

You can designate the Victoria Foundation as the beneficiary of your Tax-Free Savings Account (TFSA) after death. Since the income generated in the TFSA is tax-free when withdrawn, the tax credit offsets other taxes payable on death.

You can designate the Victoria Foundation as a beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). These assets are highly taxed after the latter of your or your spouse’s death. By donating a RRSP or RRIF, you will offset the tax that would otherwise be payable on these assets by your estate.

The Victoria Foundation welcomes gifts of property such as real estate, works of art and antiques within the parameters of its gift acceptance policy.

To qualify for a tax receipt, the transfer of property must be irrevocable, voluntary and without material benefit to the donor. The foundation may not accept gifts of property which result in ongoing obligations for the foundation or which are not readily convertible to cash. Making gifts of property other than cash may involve additional costs with respect to obtaining the necessary appraisals, tax and legal advice and other expenses related to the transfer. Donors are advised to discuss proposed gifts with their professional advisors and with Victoria Foundation staff before these costs are incurred.

A charitable remainder trust is a gift that allows the donor to give an asset during their lifetime (with immediate tax savings) and yet retain the right to the income from the asset for a certain number of years or until the end of their lifetime. The donor irrevocably sets aside a certain sum of money, and a trust agreement provides that the donor (or a nominee) will control the management of the fund as trustee and that the donor (or a nominee) will receive the income from the fund while they are alive.

Upon the donor’s death, the capital of the fund will be payable to the Victoria Foundation for the purposes of which the donor has requested. This may be to create a new fund in the donor’s name to benefit specific registered charities or to add to an existing fund, such as the Vital Victoria Fund. The donor will receive a tax receipt in the year of the gift based on the present value of the gift which is an actuarial calculation based on the age of the donor and life expectancy tables. The ultimate gift of the capital of the trust passes to the Victoria Foundation outside of the donor’s estate and is not subject to probate fees.