In most cases no, but check with your investment advisor or brokerage company to be sure.
No, if you sell the securities, the proceeds will be subject to capital gains tax. However, if you transfer the securities to the Foundation, rather than selling them, you will not be required to pay any capital gains tax.
You will receive a charitable tax receipt for the full market value of your securities on the date the transfer is received into the Foundation’s brokerage account. The tax receipt can then be used to create a tax credit for you and reduce taxes payable from other income.
Yes. For donations of $10,000 or more, there are designation opportunities that you may wish to explore with the Foundation. Depending on the level of your cumulative donations, you can designate that the annual income from your donation(s) be directed to a specific field of interest or to specific charities.
Please complete the securities transfer agreement form may be found HERE. Send one copy to your broker to initiate the transfer, return one copy to the Foundation so that we can notify our broker of the pending transaction, and keep one copy for your own files. Please contact the Foundation if you require further information.
You have three options: (1) you could transfer the ownership of a fully or partly paid-up life insurance policy to the Salt Spring Island Foundation; (2) you could purchase a new life insurance policy naming the Foundation as the beneficiary; or (3) you could name the Foundation as the beneficiary of an existing life insurance policy. You may wish to discuss one of these options with your financial advisors.
Yes. For bequests of $15,000 or more, there are designation opportunities that you may wish to explore with the Foundation. Depending on the amount of your bequest, you can designate that the annual income from your bequest be directed to a specific field of interest or to specific charities.
As you know, a will is a legally binding document that tells your chosen executor(s) exactly how to distribute your assets. Wills are a necessity for everyone, and must be properly prepared according to provincial law, signed, and witnessed. If you already have a will and now wish to include a bequest to the Foundation, it can be revised either by having your lawyer draft a new will or by preparing a codicil (a separate document that becomes part of your will). In either case, your lawyer will need to know that the Foundation’s legal name is the Salt Spring Island Foundation and the address is Box 244, Ganges PO, Salt Spring Island, BC V8K 2V9