Diocese of Saskatoon

Planned (Legacy) Giving FAQ

What is a general bequest?

A general bequest is the simplest form of a bequest and leaves a specific amount of money to your favorite charity.  The estate receives a donation receipt for the full value of the bequest producing a significant credit that will offset other taxes on the final tax return.

What is a specific bequest?

A specific bequest leaves an asset such as land or property to a favorite charity.  When the asset passes to the charity, any capital gain will have to recognize on the final tax return, but the executor has the option of electing to have a donation receipt for any amount between the asset’s cost and its fair market value at that time.  The flexibility allows the executor to balance taxable gain and the charitable tax credit to the best advantage of the estate.  The charity retains or sells the asset.

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