There are a variety of ways to ensure your legacy giving will help the Talitha Koum Society:

REAL OR PERSONAL PROPERTY

The Talitha Koum Society welcomes gifts of real property such as real estate, works of art, antiques, and stocks and securities within the parameters of our gift-acceptance practices.

To qualify for a tax receipt, the transfer of property must be irrevocable, voluntary, and without material benefit to the donor. Talitha Koum cannot accept gifts of property which result in ongoing obligations for the society, 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 the staff of the Talitha Koum Society before these costs are incurred.

CHARITABLE REMAINDER TRUSTS

A charitable remainder trust is a gift that allows the donor to give an asset during his or her 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 his or her 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 he or she is alive.

Upon the donor’s death, the capital of the fund will be payable to the Talitha Koum Society for the purposes which the donor has requested. 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 Talitha Koum Society outside of the donor’s estate and is not subject to probate fees.

REGISTERED RETIREMENT SAVINGS PLANS

You can designate the Talitha Koum Society as a beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). By donating a RRSP or RRIF, you will offset the tax that would otherwise be payable on these assets by your estate.

LIFE INSURANCE

Life insurance allows donors to make extraordinary gifts at a manageable cost. The donor may purchase a new policy naming the Talitha Koum Society 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 Talitha Koum Society. Or, the donor may transfer an existing policy to the Talitha Koum Society. 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 society.

Another option is to name the Talitha Koum Society as the beneficiary of the policy. The policy proceeds are paid directly to the society 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.