Through careful planning, it’s often possible to make your gift go farther than you thought possible. There are a variety of ways for you to support Booth University College, while reducing the impact of taxes.
Plan Your Gift
There are many ways to support our commitment of Education For a Better World. Here are some of the many giving options you may wish to discuss with your family and financial advisor.
Monthly Donation
Many donors choose to express their faithful support as a Monthly Donor. The benefits of being a Monthly Donor include:
- Invitations to special events
- Recognition in College publications such as the Annual Report
Your support as a monthly donor impacts Booth University College in many ways:
- Reducing administrative and operational costs, and reducing the cost of tuition for students.
- Enabling us to increase the breadth of offerings to students, and to undertake new initiatives.
- Providing steady, dependable, long-term support to the institution.
- Ensuring Booth has the resources to fulfill it’s mission: to provide Education for a Better World.
Bequest by Will
Your will is an opportunity to make an impact for good on the world. A bequest is the most common type of planned gift in Canada, and is also eligible for tax receipts. Bequests can be designated to a specific project or purpose of your choice. Leaving a gift to Booth University College means leaving a lasting legacy, and making a long-term impact on the institution.
Getting started
Getting started is the most difficult part about making your will, so make use of all the professional services available to you. First, gather information concerning what you own. Property, life insurance, business ventures, and personal items – all of these need to be taken into consideration. Second, think about where you would want these items to be distributed. Many recipients may be considered; children, family members, and friends who have ongoing support needs, and also your church or favourite charities. Therefore, a will makes good sense. Without a will, your wishes are not guaranteed to be fulfilled.
The Will
The laws relating to estates are not simple. Getting professional assistance in these matters is usually money well spent. Even though it may cost a little more, you know that your affairs are in good hands. Remember to keep your will flexible. Use percentages rather than fixed amounts so that changes in your finances will not force a complete revision. Remember to choose a residual beneficiary. You may have thought of everything, but this ensures you have done so. Finally, choose your personal representative with care; someone you trust, who is able to handle the responsibility, and who is located close enough to deal with the matters at hand.
Your Gift and Taxes
Your gift to Booth University College qualifies for income tax credits. If taxes have a great impact on your financial situation, then talk to your advisor about how you can take advantage of the tax benefits given to your estate through gifts to Booth University College.
How to Make a Gift to Booth University College
To leave a gift to Booth University College, ask your lawyer to include one of the following statements:
“I give, devise and bequeath to Booth University College, the sum of $________, (or) my property known as________, (or) ________% of the residue of my estate, (or) the residue of my estate, for its sole use and purposes.”
Should you wish to designate your gift to benefit a specific program or area of Booth University College, then add:
“lt is my preference that this gift be used for ________.”
Remember, there is far more to making a will than is outlined here. Your own legal advisor will be happy to help you, but if you would like to talk with us further about your will, or obtain more information on gift planning, please contact our Development Office.
Appreciated Securities
By directly donating gifts of appreciated securities or mutual funds to Booth University College, you can completely eliminate your capital gains tax while making a positive impact in the lives of our students. You can also include a gift of securities in your will and your estate will benefit.
Making a Gift of Securities or Mutual Funds
Simply download and complete the transfer form and ask your broker to fax it to RBC Direct Investing, Inc. at 1-888-722-2388. Please ask that your broker send this prior to or at the same time as the electronic transfer of your shares is in process.
In order to ensure timely issuance of a tax receipt for your gift, please send a copy of the transfer form to:
Booth University College
447 Webb Place
Winnipeg, MB R3B 2P2 Canada
Life Insurance
Insurance is one of the most flexible planned giving options available to donors. When you gift a new or existing life insurance policy by naming Booth University College as a beneficiary, you’re building a sizable gift for the future with small premiums in the meantime.
Depending how you wish to structure your gift, you can realize significant tax advantages during your lifetime or benefit your estate. You also can make Booth University College the beneficiary of your RRSP or RRIF with the same benefits.
Life insurance needs change as life goes on. Children become self-sufficient and investments may provide additional income and security. Over time, some life insurance coverage may no longer be needed for the reason it was originally purchased. If you gift a paid-up life insurance policy to Booth University College, you receive an immediate tax receipt for the paid-up value of the policy. When Booth UC is made owner and beneficiary of a new insurance policy, annual premium payments are tax-deductible.
Insurance policies also can be used, with annuities, to make a substantial gift and ensure that your estate is protected.
To arrange a gift of life insurance, discuss what options are best for you, or get more information about gift planning, contact our Director of Advancement.