Planned gifts give you the freedom to support causes you believe in, often in ways you may not be able to accomplish during your lifetime. It is a way to make clear your intentions and to maximize potential tax benefits.
Upon receiving the planned gift, the Yukon College Foundation will issue a donation receipt, which may result in significant tax savings for your estate in the year of death and possibly the following year as well.
If you are considering a legacy donation to the Yukon College Foundation, we encourage you to consult your own financial and legal advisors to ensure your gift is tailored to your personal circumstances.
Planned gifts can be made in the following ways:
Bequests – A bequest – the most common type of future gift – is a commitment made through your will to be distributed from your estate upon your death. A bequest may be a specific sum of money, asset or piece of property, or a portion or percentage of your estate. Gifts can be given outright, or dependent on certain conditions. Sample language for including Yukon College is available for download (here). These are samples only, and we strongly encourage you to consult your own legal advisors to ensure the clauses are tailored to your needs.
Insurance policy – New and existing life insurance policies can be gifted to Yukon College, reducing the taxes owed on your final return. By naming Yukon College as the owner and beneficiary in your lifetime, the annual premiums you pay are also tax deductible.
RRSPs & RRIFs – You can donate unused portions of your RRSPs or RRIFs and receive a charitable donation receipt for the full amount of the RRSP or RRIF, offsetting taxes owed.
Annuities – You can create a charitable gift annuity and you will receive guaranteed annuity payments throughout your lifetime. The portion of the gift not required for purchase of the annuity is retained by the College and gives you an immediate tax benefit.
Trusts – You can establish a charitable remainder trust than retains income interest for your life and/or your beneficiaries, giving you an immediate tax benefit. When the trust is terminated, the remaining assets become your gift to Yukon College.
Residual interest – You can transfer the residual interest in your residence and retain the right to use the property for life, giving you an immediate tax benefit.
Should you have any questions about Yukon College and the gift avenues outlined above please contact us. Tax law and estate planning are complex, please talk to your financial or legal advisor about the tax benefits, thresholds and appropriateness of these choices for you.
We recognize that bequests are a personal matter, but please let us know if you have named the Yukon College Foundation in your will and we will work with you to ensure your bequest will achieve your intentions. Thank you for your generosity!