Diocese of Saskatoon

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Personal And Estate Planning Considerations In Charitable Giving

Donation Option Minimum amount required Can you revoke the giftDo you  get income or use during lifetime? Subject to probate Charitable tax credit available?When can charity use gift?
Outright gift now of cash or property None  No No No  Now Immediately
Bequest under Will None  Yes, by changing your Will prior to death Yes Yes  After death in your final tax return or return for the preceding year After Death
RRSP/RRIF None  Yes, by changing your beneficary election prior to your death Yes No  After death in your final tax return or return for the preceding year After Death
Charity is owner and benficiary of inusrance policy None  No, if you don't pay your premium, charity can pay them, reduce death benefits or cash in policy No No  Now and as you pay future premiums Generally after death
Charity is the only beneficiary of insurance policy None  No Yes, if you can cash in the policy, but then there is nothing left for the charity No  After death in your final tax return or return for the preceding year After Death
Charitable gift annuity Depends on life insurance issuer  No Periodic payout during lifetime No  Now, based on the present value cost of the annuity Immediately
Charitable remainder trust $20,000 - enough to justify required legal/trust fees  No You can use property and receive all income generated Only if gift made under your Will  Now, based on gift value adjusted for life expectancy of life tenant After death of the tenant (income beneficary)
Endowment fund Depends on purpose - check with Charity NoNo Only if gift made under your Will Now, or on death for avialable gift under WillIncome immediately, or after death if gift made under your Will.