Insight toImpact - LEAVE A LEGACY™ Greater...

E1ADVERTISEMENT ||WEDNESDAY, APRIL 29, 2015 | BREAKING NEWS: VANCOUVERSUN.COM

A messagefrom theLEAVE A

LEGACYTM

Chair

We make a livingby what we get,but we make

a life by what we give”-Winston ChurchillWith my years of expe-rience in the financialservices industry, I havecome to recognize theimportance and finan-cial benefits of leaving agift to charity. I have alsolearned that the motiva-tion and passion to dosomething charitableoften comes from reasonsother than tax benefits.People want to enrichtheir lives and to make adifference in their com-munity. This leads peopleto often support a causeor organization that theycare about, to leave alegacy that reflects theirvalues, and to hopefullyinspire the next genera-tion, to also leave a simpleexpression of their grati-tude. That is why I thinkit is so valuable to incor-porate philanthropy intothe conversation when asan advisor we help peoplebuild their financial andestate plans.I think the best way todescribe a Charitable Leg-acy is to say that it’s yourlife story as told through awell-planned estate.LEAVE A LEGACYTM isa public awareness ini-tiative of the Canadian

Association of Gift Plan-ners (CAGP) that takesplace in local communi-ties across Canada. Thisinitiative helps to promotethe importance and bene-fits of leaving a bequest inyour will or other plannedgiving strategy to supportthe charity or cause thatmeans the most to you.The LEAVE A LEGACYTMinitiative provides infor-mation on how easy it isfor you to support chari-ties through estate plan-ning while still ensuringyour loved ones will becared for through yourwill.From the LEAVE ALEGACYTM initiative peo-ple can also learn thattheir bequest to charitywill be felt long after theirdeath and that it will havean enormous impact onthe future vibrancy of ourcommunities.In this publication youwill find articles thatmotivate you, inspire youand help guide you increating your own LegacyPlan that will be woveninto the lives and causesof those you most careabout.

Julia Roudakova,Lead Strategist forLegacy Givingat FS FinancialStrategies

The Canadian Asso-c ia t ion of Gi f tPlanners (CAGP-

ACPDP) and the mem-bers of the local Vancou-ver Chapter are pleasedto provide this LEAVEA LEGACY fea turepublication.CAGP-ACPDP is theonly organization in Can-ada that brings togethercharitable representativeswith donor advisors in oneprofessional association!Among our fundraising,legal and financial peers,we are looked to as theexperts in charitable giftplanning. We work withdonors to achieve theirhighest philanthropicgoals through thoughtfultax-wise well-planned giv-ing. We have thousandsof members that comefrom backgrounds as var-ied and diverse as healthand financial advisoryservices, with representa-tives of multiple charitiesfrom all sectors and pro-fessional advisors.It is CAGP-ACPDP’smission to champion thegrowth and developmentof strategic charitable giftplanning in Canada by:• Developing knowledgeand providing education• Building awarenessand promoting phi-lanthropy, locally andnationally• Creating connec-tions and facilitatingpartnerships

• Engaging in nationaldialogues and influencingpublic policyThe Association bringstogether professionalsfrom various disciplinesto ensure that the giftplanning process achievesa fair and proper balancebetween the interests ofdonors and the aims andobjectives of registeredcharitable organizationsin Canada in accordancewith the our Code ofEthics.The Canadian Asso-ciation of Gift Plannersoffers this supplementas a resource to help youfind Canadian charitiesaddressing the problemsyou would like to helpsolve and the profession-alswho canhelp youmakethe right gift that fits yourfamily and tax situation.We believe that throughphilanthropy we canchange the world forgood. What legacy wouldyou like to leave to benefitfuture generations?Please take some time tocontact the caring mem-bers listed in this supple-ment who are all here tohelp you do more withyour charitable donationswhile creating some taxsavings.

Michelle A. BernardManager ofPhilanthropyUnitedWayof the LowerMainland

A messagefrom theCAGPRoundtableChair

Insight to Impact

CALVIN FONG,DIRECTOR, DONOR SERVICES,

VANCOUVER FOUNDATION

F amily enterprisesare constantly con-fronted by the chal-

lenge in balancing issuesof commercial activitieswith complex relationshipsamongst family members.Successful family enter-prises generally achievethat balance with a set ofprinciples and values thatguide and bind family

across generations andfamily branches.When the family enter-prise is either sold or own-ership is transitioned tothe next generation, theyears of focused effort bythe founders on buildingthe value of the businesscan now be realized andthat focused effort nowshifts.The set of family princi-ples and values often servesto guide the shifted focus ofthe founders towards giv-ing back to their commu-nities with the wealth thathas been realized. A mys-tery often experienced byfamilies is not what to bedone but what to considerin getting started and how

to give back in a thought-ful and strategic fashion.The choice of which char-itable vehicle to use is animportant clue to solvingthe mystery.For private philanthropy,or family philanthropy,there are two charitablevehicles to choose from.One is a private foundationand the other is a donoradvised fund.A private foundation isa registered charity underthe Income Tax Act. A pri-vate foundation is useful inproviding a long-term leg-acy for the philanthropy ofthe family while maintain-ing control. It typicallyperforms its charitableactivities through funding

other charities and theirprograms.The potential downsidesfor families looking at aprivate foundation can bethe lead time needed toobtain charitable regis-tration from the CanadaRevenue Agency (a realheadache if one wishes toset up a private founda-tion with a short deadlinein mind) and the cost andeffort needed to keep theprivate foundation com-pliant with the regulatoryrequirements for regis-tered charities.A donor advised fund isa charitable fund spon-sored and administeredby a public charity, such asa community foundation

like Vancouver Founda-tion. It is an alternative tocreating your own privatefoundation but with thesame utility of tax advan-tages and funding of othercharities while being lesscostly to create and main-tain without the headacheof regulatory compliance.Typically, a donor advisedfund can be established ina few days.Each one has their meritsand disadvantages. Goodplanning and due diligenceon the part of donors andtheir advisors are neededto decide which charita-ble vehicle is best forthe family andtheir long-termphilanthropy.

Family enterprise to family philanthropy –private foundation or donor-advised fund?GOOD PLANNINGAND DUE DILIGENCEREQUIREDWHENWEIGHING OPTIONS

Calvin Fong,VancouverFoundation.

These stories were provided by Advertisers for commercial purposes. Postmedia had no involvement in the creation of this content.

E2 BREAKING NEWS: VANCOUVERSUN.COM | WEdNESdAy, ApRIl 29, 2015|| advertisement

By James CarruthersDirector of Development, Bc Women’s

Hospital + HealtH centre founDation

Your legacy is a reflec-tion of your values – theright charity helps yourlegacy reflect those val-ues in a meaningful way.Beyond that it’s just tech-nical. Many financialtools can be used. Youshould feel confident thatthe charity you choosecan treat your estate giftwith the best possibleadvantage. For 90% ofbequests it’s very simple.The most important thingis an alignment of heart.

Michelle’s storyMichelle’s story beganwith the loss of two babiesduring pregnancy. Herfamily doctor referred herto the Recurrent Preg-nancy Loss Clinic at BCWomen’s Hospital.Fortunately for Michelle,the treatmentworked.Nowshe has not just one child –but two! A boy and a girl.“Our kids are every-thing. We can’t imagine

life without them. Ourworld totally changed.It feels like somehowour hearts got bigger,”explains Michelle.Without the expertisethat identified her issue;without the research thatfound the right treat-ment; Michelle wouldn’tbe the proud parent sheis today.Michelle’s experiencemoved her and her hus-band, Gilles, to hon-our BC Women’s witha bequest in their Will.They felt they had togive back to the hospitalthat gave them so much.“How could we not?”she asks, “It just seemedright to make a personal,significant gift to BC

Women’s.”Michelle’s legacy willhelp save and change livespermanently, for genera-tions to come.

Preparing for thefutureJust a short time spenttalking to your solici-tor and sorting out youraffairs now could preventuncertainty for those leftbehind. It will also meanthat you, not the govern-ment, will decide whathappens to your property.If you should die with-out making a Will (inlegal terms this is calleddying intestate), thelaw will determine howyour property (estate) isdivided. This can causeuncertainty and distress.If, however, you makea Will, you’ll know yourloved ones will see yourwishes carried out, bring-ing some comfort duringa difficult time.And by leaving a dona-tion in yourWill, you, likeMichelle, will be helpingfor generations to come.

For more about how you cansupport the health needs ofwomen and babies, contactJames Carruthers, Director ofDevelopment, at 604-875-2798.www.bcwomensfoundation.org

An alignment of heartChoiCe of Charitya refleCtion ofvalues and helpfor others

Joseph milBourne

Recently the company Iworked for, Sulliden GoldCorporation, was takenover by Rio Alto Mining.As part of the takeover,the change of controlclause in my employmentcontract went into forceand I realized a wind-fall along with a large taxobligation. I contactedan accountant to deter-mine how best to meetmy tax obligation andwas surprised to find outthat there a number ofalternatives aside fromsending a cheque to theappropriate tax author-ity. I was very pleasedto learn for example thatcharitable donations canbe used to offset capitalgains tax and dependingon the type of donationadditional credit(s) canbe realized.The concept of mak-

ing a charitable donationto a local organizationresonated with me andI decided to contact theVancouver branch of Cov-enant House, a charitythat I have been involved

with for many years, tosee how I could make thedonation. After consulta-tion with Covenant Houseand my accountant, Iopted to donate shares byexercising stock options.The transaction involvedme paying for the options(rather than a cashlesstransaction) and thendonating the stock certif-icate directly to CovenantHouse. The consequenceof buying the options anddonating the certificate tothe charity directly ratherthan taking ownership ofthe share certificates andthen donating the sharesbypasses any capital gainstax associated with thetransaction.I know that there are

others in our organiza-tion who may find them-selves in a similar situa-tion given all of the recent

mergers and acquisitionsand would like to suggestthat they consider a simi-lar strategy. Contribu-tions to charities or orga-nizations that help/serveour communities aredesperately needed andif done properly, capitalgains tax can be offset.Personally I felt very hon-ored to be able to make adonation to a local groupthat is helping the manyvulnerable youth whofind themselves living onthe street.Most registered chari-ties have knowledgeablestaff who are familiarwith these types of dona-tions. The key is to workwith a competent accoun-tant who can advise youof the benefits and liabili-ties whenmaking charita-ble donations.

Opportunity to giveback to the communityCoporatewindfall used tohelp vanCouverorganization

Joseph Milbourne is a supporter of Covenant House.


Make a Difference in the Lives that Follow

generation succeed.and help the next

To support literacy in BritishColumbia, please contact:

Gail Hanney604.681.4199 x [email protected]

Leaving a gift in your Will helps thousands of

women and newborns each year. With a legacy to

BC Women’s Hospital Foundation you transform

the lives of others for generations to come.

To make a donation or learn more:

bcwomensfoundation.orgJames Carruthers 604.875.2798

The differenceyou make couldbe life itself

Our Superhero Big Sisters enhance confidence,

self-esteem andwell-being in girls aged 7-17, helping

them to make good choices and lead fulfilling lives.

Your superhero legacy gift will help us provide a

life-changingmentoring relationship for every girl

in the BC Lower Mainland who needs one.

at 604.873.4525, x316.bigsisters.bc.ca

CONTACT US TODAY

Leaving a legacy toCovenant House is likebeing a grandparent toover 1,500 kids a year.

Your legacy gift to CovenantHouse ensures our young people awelcoming smile, a safe place,support and a chance for a new life.

575 Drake StreetVancouver, BC V6B 4K8Phone: 604-638-GIFT (4438)www.covenanthousebc.org

BN 89767 5625 RR 0001

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E3advertisement ||Wednesday, april 29, 2015 | BreaKinG neWs: VanCOUVersUn.COM

jocelyn andersonphilanthropy coordinator

EcojusticE

Nature stewards BillHeidrick and KathieWoodley are proud to betwo of Ecojustice’s origi-nal supporters. Theirlove for the environmentstems from a strong con-nection to water. Formany years, they lived ina small town on the coastof Vancouver Island, sur-rounded by forest with agorgeous river runningthrough it. They feel veryfortunate to have lived ina place where they couldgo on long kayak adven-tures and witness bearsfishing, salmon spawningand even a few cougarsprowling.One of the ways Bill andKathie have chosen tosafeguard this preciouswilderness for the longterm is through provid-ing a gift in their will toEcojustice.“Working with our law-yer, we were happy toarrange for a plan, whichtakes care of our lovedones, and supports ourfavourite causes too. Forus, it is a win-win situa-tion. We want to providefor our family and makesure there is an environ-ment to enjoy for futuregenerations.”Kathie and Bill took

their time when planningtheir estates to establishclear goals and to fullyunderstand what was

needed to ensure theirwishes would be carriedout. This included choos-ing the right profession-als to work with, such asa financial advisor whoprovided initial insightinto planning and a law-yer to draft their will.Their chosen executoris someone whom theyknow well and trust toensure their estates runsmoothly when realizedand to bring on other pro-fessionals as needed.

They also understoodthat the value of theirassets may shift over timeand that dividing and dis-tributing their estate bypercentage would allowfor family and charities tobe taken care of. To max-imize the value of theirestates by taking advan-tage of tax benefits theirlawyer also included lan-guage in their wills whichwill allow for their exec-utor to distribute assets(such as appreciated secu-rities) in their intact formto charity.Kathie and Bill’s gen-erosity and foresight arewonderful examples ofhow thoughtful planningcan ensure the criticalissues we and our familiescare about will be sup-ported into the future.

Clean water is our legacyVancouVer islandcouple buildssupport forecology into plan

“The choices we makeabout our lives will deter-mine the kind of legacy weleave.” – Travis Smiley

What can we leavebehind for the nextgenerations?

Leaving a legacy is onthe minds of many Cana-dians, especially thebaby boomers – the larg-est demographic in ourcountry.As we age we ask our-selves why are we hereand what difference canwe make in the world. Ihear this from clients andfriends all the time andwe have strategies thatanswer these questions.

Everyday people canleave a legacyMany people think theyhave to be wealthy orhave made a lot of moneyin order to leave a sub-stantial legacy gift.Not so.Today one of the mosteffective financial vehiclesto create assets that youcan pass along to futuregenerations is through apermanent or whole lifeinsurance policy.Recently there havebeen many new featuresadded to these policiesthat can be used to cre-ate your own legacy fund.This legacy fund can ben-efit your family, fund apost-secondary educa-tion for your children orgrandchildren and makea bigger impact with yourcharitable donation.One strategy for puttingmoney aside for this fundis to defer your prop-erty taxes. Many Brit-ish Columbia residentscan defer their propertytax on a yearly basis. Ondeferred taxes the BC

Government chargessimple annual interest of3% for those homeown-ers under the age of 55and only 1% per year forthose over 55.For example, if you are45 years old, own yourhome and pay an annualproperty tax of $4,000per year, here’s how thiswould work (based on$100,000 face amountwhole life insurance pol-icy paid for on a 20 yearschedule):

Monthly InsurancePremium: $217Death Benefit at age 85:$327,058Deferred PropertyTaxowing: $122,360Legacy Fund Balance:$204,698This represents a signifi-cant gift or donation thatwill have really cost younothing yet will make anenormous difference tothe causes and people youmost care about.

A legacy strategy for everyday people

you don’t need tobewealthy tomake and impacton the future

Scott Low is co-founder of FS Financial Strategies and Mission of Care.


Jocelyn Anderson,philanthropy coordinatorwith Ecojustice.

Kathie Woodley and BillHeidrick enjoy spendingtheir time in naturetogether.

Legacy Gifts Help Keepthe Gardens GrowingYour planned gift to the Gardens ensures that Vancouver’sgreen heart continues to beat for future generations.

For more information please contact:Dawn Russell, Development DirectorVanDusen Botanical Garden Association604-257-8190 | [email protected]

After having a procedure at the Vancouver General Hospital,Martin Glynn has first-hand experience of the excellent careVGH provides. And as a VGH & UBC Foundation board member,Martin understands the impact legacy gifts have on the hospitals’most urgent needs.

Legacy gifts can be made in several ways: leaving a bequest in yourwill, giving a gift of life insurance, or designating the Foundation asthe beneficiary of your RRSP, RRIF or TFSA.

Whichever type of legacy you leave, know your gift will helpour health care teams save lives now, and well into the future.

Contact Charlene Taylor today to learn moreor visit vghfoundation.ca/legacy

“I found it easy to get a life insurance policy andname VGH & UBC Hospital Foundation in my will.”

Charlene Taylor, Associate Director,Gift and Estate [email protected] 875 4917 1 877 875 4676

Whatwillyourlegacybe?

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By Christiane simDevelopment officer, legacy giving

Union gospel mission

Justice Gerald Coultaswas known bymany in thelegal profession in BritishColumbia as leader of theProvincial Court, and ajustice of the BC SupremeCourt from 1988 to 2003.Gerry’s intelligence, wit,and charm, as well as hisgreat capacity for empa-thy, made him a highlyrespected leader and anoutstanding judge.But he will perhaps bebest remembered by theindividuals whose liveshe touched personally.The Honourable Justice,who never had children ofhis own, delighted in sup-porting and encouragingyoung people. He becamegodfather to eight chil-dren and considered it aprivilege to participate intheir lives.“Uncle Gerry,” whowas a beloved figure tohis godchildren, alsorecognized the need toreach out to many more.Through Union GospelMission, Gerry becamean anonymous benefactorto hundreds of children- children whose livesGerry impacted throughhis support of the sum-mer camp program.During his lifetime,

Gerry sponsored 55 chil-dren from low incomefamilies to attend sum-mer camp. Because he felthe’d enjoyed a privileged

childhood, he wanted tosupport children who didnot grow upwith the sameopportunities he did.Gerry knew that campis a place where kids cantake on new challenges,receive encouragement,develop self-confidence,and recognize their poten-tial. By providing thisopportunity to children inneed, Gerry helped createlife-long memories andtransformed many younglives.

Two years ago, Gerrypassed away, but hiscompassion will live onin the lives of many morechildren. That’s becauseGerry left a substantialgift in his will to UGM’ssummer camp program.Gerry made his mark

in many ways during hislife, but the smiles on thefaces of kids he’s helpedsend to camp may be thelegacy that’s closest to hisheart.

A legacy of smilesHow oneman’s legacytransforms tHelives of many kids

Diane haarstaDphilanthropy officer,

gift & estate planning,

Bc chilDren’s hospital foUnDation

Frank and Phy l l i sAbbott have spent theirlives caring for people.Phyllis is a retired nursewho looked after youngpatients at BC Children’sHospital for more thantwo decades. Her senseof compassion comesthrough in the way shespeaks about those yearsand in the hours she nowspends volunteering forthe hospital’s Auxiliary,with people she calls her“second family.”Frank’s career took himon a similar path. As aresearcher and formerdean of the University ofBritish Columbia’s Fac-ulty of PharmaceuticalSciences, and an asso-ciate in the university’sDepartment of Pediatrics,Frank dedicated himselfto finding better drugsfor treating children withepilepsy.When the community-minded Vancouver cou-ple met with their law-yer and financial plannerlast year, they knew thatthey wanted to updatetheir estate plan to sup-port their family and sev-eral charities. “We wereboth in professions thataim to contribute to thegreater good,” says Frank.“So we thought, ‘why not

continue?’”In deciding which char-ities to put in their wills,the Abbotts gave priorityto the causes that werenearest and dearest tothem. Phyllis, who spentyears looking after chil-dren with cystic fibrosisat BC Children’s Hospi-tal, designated one of thegifts in her will to sup-port research and carefor children with CF.Frank’s expertise in pedi-atric epilepsy inspiredhim to make a gift to fundresearch into better treat-ments for the disease. Hehopes to leave the nextgeneration of researcherswith the resources theyneed to share ideas andmake discoveries that

will transform care. “It’simportant to give back,”Frank says. “We feel goodabout it. We wanted thesecharitable gifts in place,and when we were revis-ing our will, it was theperfect time to do it.”Professional advisorsrecommend that Cana-dians review their willsevery five years, and whentheir family experiences abirth or death, or whenthere is a change in finan-cial or marital status. AsFrank and Phyllis foundwhen they reviewed theirestate plans, giving tocauses dear to one’s heartis ultimately a compas-sionate – and fulfilling– gesture of hope for thefuture.

Lifetimes of caring willhelp for generationscouple’sprofessions,legacy givingbenefit otHers


Christiane Sim, development officer for legacy givingwith theUnion Gospel Mission, left; and The HonourableJustice Gerald Coultas, BC Supreme Court judge andhumanitarian, 1931–2013.

Children enjoy a week away at camp thanks to JusticeCoultas’ legacy gift to Union Gospel Mission’s summercamp program.

Jeff Weddell PhotograPhy

Frank and Phyllis Abbott have spent their lives caringfor people. Through their legacy giving, they willcontinue to contribute to the greater good.

Plant your legacy today.Be forever.

Find out how atvancouverfoundation.ca/belikealiceor call Kristin at 604.629.5186

vancouverfdn#BeLikeAlice

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For further information, please contact any of the adver-tisers or LEAVE A LEGACYTM partners listed in the publica-tion. Further information on the LEAVE A LEGACYTM pro-gram can be obtained by visiting the LEAVE A LEGACYTM

Greater Vancouverwebsite atwww.leavealegacyvancou-ver.comor by emailing [email protected]. Information on how your organization can becomea LEAVE A LEGACYTMGreater Vancouver Partner can beobtained by [email protected]. This supplement is a forum for informationabout charitable gift planning. Neither CAGP-ACPDPNational Office nor any of its Roundtables or the LEAVEA LEGACYTM programwill be held liable for any claims,misrepresentations or errorsmade by any advertiser or inany article in this publication.AlexanderHolburnBeaudin&LangLLPEmily Clough [email protected]://www.ahbl.caALSSociety of [email protected]://www.alsbc.caAlzheimer Society of BCLeonaDesharnais [email protected]://www.alzheimerbc.orgBCCancer FoundationAlysonMeehanMurzsa [email protected]://www.bccancerfoundation.comBCChildren’sHospital FoundationDianeHaarstad [email protected]://www.bcchf.caBCSchizophrenia Society FoundationJaneDuval [email protected]://www.bcss.org/category/aboutbcss/foundationBCWomen’sHospital &HealthCentre FoundationJamesCarruthers [email protected]://www.bcwomensfoundation.orgBCIT FoundationMarie-Claire [email protected]://www.bcit.ca/foundationBigBrothers ofGreaterVancouver FoundationValerie Lambert [email protected]://www.bigbrothersvancouver.comBig Sisters - BC LowerMainlandFleur Cooper [email protected]://www.bigsisters.bc.caBoys andGirls Clubs of SouthCoast [email protected]://www.bgcbc.caBritish ColumbiaGuideDogServicesWilliamThorntonwilliam.thornton@bcguidedog.comhttp://www.bcguidedog.comBritish Columbia [email protected]

http://www.bc.lung.caBull, Housser&Tupper [email protected]://www.bht.comCanadianHemochromatosis SocietyRobert (Bob) Rogers [email protected]://www.toomuchiron.caCanuckPlaceChildren`sHospiceDenise Praill [email protected]://www.canuckplace.orgClarkWilson LLPRichardWeiland [email protected]://www.cwilson.comCovenantHouseVancouverMichelle [email protected]://www.covenanthousebc.orgCrisis Intervention&SuicidePreventionCentre of BCKyleTiney [email protected]://www.crisiscentre.bc.caCrossroadsHospice SocietyAnnaWilczewski [email protected]://www.crossroadshospice.bc.caDecoda Literacy SolutionsGail [email protected]://www.decoda.caEcojustice CanadaSocietyJocelynAnderson [email protected]://www.ecojustice.caFamily Support InstituteAngela Clancy [email protected]://www.familysupportbc.comFS Financial Strategies IncJulia Roudakova [email protected]://www.fsfinancialstrategies.caGenusCapitalManagementRobin Larsen [email protected]://www.genuscap.comHeart andStroke FoundationCanadaJaneWestheuser [email protected]://www.heartandstroke.bc.caKnowledgeNetworkCorporationDonnaRobinsondonnar@knowledge.cahttp://www.knowledge.caL’Arche FoundationofGreaterVancouverSig Stark [email protected]://www.larchevancouver.orgMillerThomsonLLPSandra Enticknap [email protected]://www.millerthomson.comNewViewSocietyJill Calder [email protected]://www.newviewsociety.orgNorth ShoreCommunity FoundationDavidAlsop [email protected]://www.nscommunityfoundation.com

North ShoreCommunity ResourcesLi Boesen [email protected]://www.nscr.bc.caPatMcGuire, [email protected]://www.rogersgroup.comPeaceArchHospital &CommunityHealth FoundationStephanie Beck [email protected]://www.pahfoundation.ca/Prostate Cancer FoundationBCLeah Lariviere [email protected]://prostatecancerbc.caQueen’s ParkHealthcare FoundationLizz Kelly [email protected]://www.qphf.orgRidgeMeadowsHospital FoundationLauraCherrille [email protected]://www.rmhfoundation.comRoyal ColumbianHospital FoundationCatherineCornish [email protected]://rchcares.comSeniors Services SocietyKara-LeighBloch [email protected]://www.seniorsservicessociety.caSimonFraserUniversityDougPuffer [email protected]://www.sfu.caSolusTrust Company LimitedJohnBlackmer [email protected]://www.solustrust.comSt. Paul’s Hospital [email protected]://www.helpstpauls.comSurreyHospital &Outpatient Centre [email protected]://www.championsforcare.comSurreyPublic LibraryCyndyHill [email protected]://www.surreylibraries.caTheBCSociety for thePreventionof Cruelty toAnimalsYolandaBenoit [email protected]://www.spca.bc.caTheCH.I.L.D. FoundationJamieHunt [email protected]://www.child.ca/TheDanceCentreSheri [email protected]://www.thedancecentre.caTheKettle SocietyNancyKeough [email protected]://www.TheKettle.caTheKidney Foundationof Canada, BCBranchPia [email protected]://www.kidney.bc.ca

TheNatureTrust of British [email protected]://www.naturetrust.bc.caThePublicGuardian andTrusteeBryce [email protected]://www.trustee.bc.caTheSalvationArmyKathyMannasKathy_Mannas@can.salvationarmy.orghttp://www.salvationarmy.caUnionGospelMissionChristiane [email protected]://www.ugm.caVancity Community FoundationJacquelineDagg [email protected]://www.vancity.com/vcfVancouver Boardof Parks andRecreationJosie Riebe [email protected]://vancouver.ca/parksVancouver FoundationCalvin Fong [email protected]://www.vancouverfoundation.caVancouverHospice SocietyDougKnight [email protected]://www.vancouverhospice.orgVanDusenBotanical [email protected]://www.vandusengarden.orgVariety -TheChildren`s Charity of BCPeter [email protected]://www.variety.bc.ca/legacy.htmVELAWealthManagement Inc.JasonBoudreau [email protected]://www.velawealth.com/VGH&UBCHospital FoundationCharleneTaylorCharlene.Taylor@worldclasshealthcare.cahttp://www.worldclasshealthcare.caWest Coast Environmental LawResearch FoundationLucyHough [email protected]://www.wcel.orgWest EndSeniors’Network Society (WESN)AnthonyKupferschmidt [email protected]://www.wesn.caWestcoastWills & [email protected]://www.westcoastwills.comWesternCanadaWilderness CommitteeMatt [email protected]://wildernesscommittee.org/YorkHouse SchoolPriscilla [email protected]://www.yorkhouse.caZajac Ranch for ChildrenCarmenZajac [email protected]://www.zajacranch.com



A LiST of our ChAriTY pArTnerS

For more information please contactDiane Haarstad, Philanthropy Officer, at

604 875 3679or [email protected]

You can createa lasting legacyof love for all ofBC’s children.

When you include BC Children’sHospital as part of your estate plansyou could be saving the life of achild 20 or more years from now.

bcch

f.ca

Be remembered.

You Can Createa LastingLegacyfor DanceSupporting the future of dance in our

community is an extraordinary legacy. Please

consider a planned gist to The Dance Centre.

For more information, please

contact 604.606.6407 or email

[email protected].

www.thedancecentre.ca

For helping to ensure that men have a fightingchance against the number one cancer for men.

For helping to educate on the importance of earlydetection to the one in 8 who will get it.

For helping to expand our survivorship programsso men and their families have all the support they

need to live with the effects of their cancer.

Please continue to help.www.prostatecancerbc.ca

604-574-4012

GRATITUDE

Give a second chance at a happy life… there is no bettergift you can give an animal in need. Include a gift in yourWill or designate a life insurance policy to the BC SPCA toset tails wagging!

Visit us today at spca.bc.ca/support or contact

Yolanda [email protected]

You canalways bethere for

them.

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jane westheuserAdvisor, Gift PlAnninG, HeArt And

stroke foundAtion, BC & Yukon

In 2007, Dr. AndréeLotey was devastated bythe loss of her belovedmother. When cleaningout the house, she foundan old suitcase reveal-ing many secrets keptfrom her since her father,Jacques Lotey, died of acardiac arrest when shewas only five years old.Dr. Lotey discoveredthat her father’s realname was Jacob Loten-berg, that he was Jewish,and that he was forcedto escape Nazi-occupiedParis in June 1940, losingall his possessions. Luck-ily, he was able to find asafe haven in Portugalthanks to the courage ofConsul-General Aristidesde Sousa Mendes, whoissued Portuguese visasto thousands of refugeesseeking to escape the Naziterror. Jacob then movedto Canada in 1941.Jacob’s sister, Anna,was not as fortunate. Shewas trapped in the LodzGhetto, where her hus-band died. She was thendeported to Auschwitz-Birkenau and ultimatelyto Theresienstdat. Mirac-ulously, Anna survived.She remarried, immi-grated to Montreal withher second husband, but,unfortunately, he also

died of a heart attack.Dr. Lotey made an offi-cial request to the “Com-pensation for Victims ofSpoliation” in France.While doing her researchshe discovered AuntAnna’s Will that includeda charitable bequestclause for the Heart andStroke Foundation backin 1986. In order to hon-our this wish, Dr. Loteyasked the Commission to

donate a percentage of thetotal amount received tothe Foundation. The leg-acy gift honouring AnnaLotenberg amounted to$16,000 and was receivedin February 2013.A special thanks to nieceDr. Lotey, for her deter-mination to honour thelong lost legacy. It willfund life-saving researchand treatments and helpcreate more survivors.

Quest for family history leadsto discovery of lost legacyCharitablebequest in auntanna’swillhonoureddeCades later

Patrick Mcguire,cFP cLu chFcfinAnCiAl Advisor

What can we leavebehind for the nextgeneration?As we age, there areoften thoughts that wehave on the type of leg-acy that we would like toleave behind. What sortof mark would you like toleave in your family, com-munity, church, or worldas a whole?Mark and Lauren, arecently retired coupleage 57 and 55 respec-tively, wanted to makea donation to a char-ity close to their heart,preserve the wealth thatthey had accumulatedfor their children andgrandchildren, reducesome of their investmentrisk, reduce taxation,and preserve their cur-rent income. After somesound financial planning,it was decided that theyhad $100,000 in surpluscapital that they wantedto isolate from marketrisks.This was the idea thatthey ended up proceed-ing with: They purchasedlife insurance.Mark and Lauren pur-chased two different poli-cies so that both of theirlong-term legacy goalscould be met.They purchased a jointlast-to-die universal lifepolicy with $300,000 of

coverage for which theynamed the charity asowner and beneficiary.From the $100,000 sur-plus, a single deposit of$88,395 was made to thepolicy. For this, the char-ity gave them a dona-tion receipt for $88,395,which generated a taxcredit of $40,397.The second policy thatthey purchased was also ajoint last-to-die universallife policy with $159,000of coverage. Mark andLauren were the jointowners of this policy andthey named their childrenand grandchildren as ben-eficiaries. The remaining$11,605 was used as theinitial deposit and in thefollowing year, they paidan additional $40,397to the policy, which wasreceived as a tax refundfrom their donation to

the charity.The surplus of $100,000grew to $459,000 –Markand Lauren were able tomake a sizable contri-bution of $300,000, ontheir death, to the charityand still leave $159,000to their family. They pre-served their wealth fortheir family, made animpact with the charity,reduced their market riskand taxation, and main-tained their income.Markand Lauren are leavinga lasting mark on thosethat matter most.

Patrick McGuire, CFP CLU Ch.FCis a Financial Advisor withRogers Group Financial. Theviews expressed are those ofthe author and not necessarilythose of Rogers Group Financial,which makes no representationsas to their completeness oraccuracy.

A life insurance lifelinefamiliar finanCialinstrument Can beused to pass onmultiple benefits



Brian and Pat McGuire.

Dr. Andrée Lotey, discovering family secrets from thepast

Research is our Foundation.When you remember the BC Cancer Foundation in your will,you’ll be supporting world-renowned research in BC that isshaping the future of cancer care.

Please be sure to use the full legal name of our organization:

BC Cancer FoundationRegistration Number: 11881 8434 RR0001

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Karen reidOfficer, cOmmunicatiOns & marketing

canuck Place children’s hOsPice

If you’re a hockey fan,you are probably inti-mately acquainted withthe name Jim Robson andthe words “Good evening,hockey fans, and welcometo this National HockeyLeague game…”For over 47 years, Jimcalled the action for morethan 2,000 NHL gameson radio and TV. He isremembered best in B.C.for broadcasting Vancou-ver Canucks games onCKNW for decades andmaking play-by-play callsfor those fans near andfar who could not be atthe games.Jim will forever leavea legacy as “the voiceof hockey.” But he alsowants to leave a legacy ofcompassion and care forchildren in need. One ofthe ways he has decidedto care for B.C.’s chil-dren with life-threaten-ing illnesses is to leavea bequest in his will toCanuck Place Children’sHospice.Through his relation-ship with the VancouverCanucks and then teamowners, the Griffiths fam-ily, Jim has supportedCanuck Place since thefirst provincial locationwas opened in 1995.“I always thought itwas a wonderful place. I

was inspired by foundersBrenda Eng and the Grif-fith Family involvement,”said Jim.Based on this inspira-tion and his own involve-ment with the organiza-tion over the years, Jiminformed Canuck Placethat he had included theHospice in his will.“It’s a place close tohome, where you can seethe results of your sup-port,” he said. “I takecomfort knowing l will bemaking a difference in thelives of sick children andtheir families through mygift long after I am gone.”

Jim encourages thosedoing their financialplanning to think aboutleaving a bequest to sup-port an organizationthat holds significanceto them. Speak to a pro-fessional advisor or con-tact your preferred char-ity today to learn moreabout how you can makea lasting impact now andin the future. They willwork together with youto ensure the legacy youchoose to leave best suitsyour needs and wishes.“If there is anything leftin the pot,” said Jim, “whynot put it to good use?”

Jim Robson’s gift:Putting it to good usehockey iconMAkeS DiFFeRenceFoR chiLDRen AnDFAMiLieS ATcAnUck PLAce

MiKe Beishuizenlawyer, westcOast wills & estates

There are few thingsmore gratifying thanhelping others. Givingto charity in your Will isa great way to accomplishthis.It is common knowledgethat when you give a giftto a charity during yourlifetime, the tax receiptissued by the charity canbe used as a donationtax credit to offset yourincome taxes. This is nodifferent when donatingto charity in your Will –your executor receives atax credit on your behalfthat could help offsetthe sometimes substan-tial taxes that the CanadaRevenue Agency leviesupon death.The most importantpart about giving a chari-table gift by Will is nam-ing the charity by theircorrect legal name. Thisis because there are thou-sands of registered chari-ties in Canada, and somenames are confusinglysimilar.For example, there arecurrently 228 registeredcharities with the words“Catholic Church” some-where in their legal name,so a gift to “the Catho-lic Church” would obvi-ously be troublesome tointerpret.To make sure that youare giving to the correct

charity, you could contactthe charity directly to askfor their legal charitablename.You can also doublecheck the name by usingthe Canada RevenueAgency’s website, whichprovides an easy-to-usesearch engine to checkthe details about any reg-istered charity. Googlesearch “CRA charities”to get there. For fur-ther certainty, you canalso include the charity’saddress or BN number.Usually the best way to

give to charity by Will isto name a specific charityand a specific amount orpercentage of the residueof your estate.Some Will-makers pre-fer to let their executorchoose the charity, ordecide what amount togive, or both. However,oddly enough, the Can-ada Revenue Agency maydetermine that this giftwas actually made by theestate instead of directlyfrom the Will-maker. Inthese scenarios, the chari-table tax receipt cannot beused to offset the some-times huge tax bill leviedupon death, andmay onlybe used by the executor tooffset the often-smallerestate tax bill.Giving to charity in yourWill can be a great way tooffset taxes and to benefitsociety. With careful andprecise drafting, you willensure that your gift iswell-received.

Charitable gift givingdelivers gratitudeDonATionS A gReATwAy To heLPSocieTy, AnD geTTAx ADvAnTAgeS

VancouVer canucks archiVe

Jim Robson, the voice of hockey, encourages others tothink about leaving a bequest to support an organizationthat holds significance to them.


successis findingsatisfaction ingiving a littlemore than youtake.

Christopher reeve

At the Jewish Community Foundation, we understand thatthere are certain causes—whether it’s your alma mater oryour favourite performing arts, healthcare, or communityorganization—that make your heart truly sing. We encourageyou to give according to your deepest passions. We can helpyou plan your giving to ensure that the charities you findmost uplifting will continue to soar for many years to come.

Let’s plan on it. Isn’t it time we had a conversation?

Plan your giving with this much passion.

GivetheGiftof theFuture

A legacy gift to the B.C. WildlifeFederation allows you to contribute to asustainable future through conservation andrehabilitation of B.C.’s precious fish and wildlifehabitats and ecosystems.

Help us protect, enhance and promote the wiseuse of the environment for present and futuregenerations.

Contact us today to leaveyour conservation legacy!

BCWFDevelopment Coordinator1-888-881-2293 ext. 223

[email protected]

Registered Charity # 11880 1315 RR0001

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john pinSenior Manager, eState Planning

SoluS truSt CoMPany

Benjamin Franklin said“Certainty? In this worldnothing is certain butdeath and taxes.” Unfor-tunately, the income taxrules bring these twoevents together, oftenresulting in a huge finan-cial hit for an estate and afinancial windfall for theCanada Revenue Agency.However, an estate planthat provides for a char-itable gift can result in asignificant reduction inthe amount of tax that isowed at one’s death.The most income tax

a person will pay is oftennot paid by themselvesduring their lifetime, butinstead is paid by theirexecutor on their final taxreturn. Under the IncomeTax Act, an individual isdeemed to have disposedof all their assets at fairmarket value at their dateof death. There could besignificant capital gains toreport on their real estate(excluding their princi-pal residence which is taxexempt), stocks, market-able bonds, and personalitems such as paintings,jewellery, and antiques.There is also the deemedincome inclusion at fairmarket value of one’sregistered plans (RRSP,

RRIF) on this final taxreturn.The only exclusion tothis triggering date ofdeath tax rule is when theassets or registered plansare distributed to thedeceased’s spouse / com-mon-law partner. The taximpact in this case willbe felt at the death of thesurviving spouse.All this income and capi-tal gains on one tax returncan result in a potentiallylarge tax balance due. Ifwe take a simple exampleof an estate with the fol-lowing income inclusionon their date of deathreturn:All this income and capi-tal gains on one tax returncan result in a potentiallylarge tax balance due. Ifwe take a simple exampleof an estate with the fol-lowing income inclusionon their date of deathreturn:Taxable capital gainon investment portfo-lio. $125,000Taxable capital gainon cottage $150,000RRIF fair marketvalue $300,000Regular pensiona n d i n v e s tm en tincome prior to deathis $ 65,000The tax liabil i tyon the date of deathreturn would be inexcess of $250,000.A charitable gift at

death could reduce some,or depending on the sizeof the gift, the entire taxbill. The Income Tax Actallows for the charitabledonations to be claimedon the date of deathreturn when you makethe gift through your will.The donation can also beclaimed if you designatea charity to be the ben-eficiary of your RRSP,RRIF or life insurancepolicy. The maximumeligible donation creditat death is 100% of netincome (increased from75% while living) andexcess credits can be car-ried back one year to thedeceased prior year taxreturn. The 2014 Fed-eral Budget has resultedin even more flexibilityin the use of the dona-tion credits by allowingtheir use on the Estatereturn(s).A $10,000 gift producesa tax savings of over$4,300. A gift of $50,000saves the estate over$21,800. In our example,a donation of approxi-mately $580,000 wouldbe required to reduceincome tax to zero.Having a proper estateplan that incorporatescharitable giving canensure the proper match-ing of donations creditsto offset the large tax billthat can result as a conse-quence of death.

How to reduce taxes on your final tax return


These stories were provided by Advertisers for commercial purposes. Postmedia had noinvolvement in the creation of this content.

BE YOUR LEGACYLet saving lives and creating hopeBy including the Heart and Stroke Foundation in your estate plan,you’ll support life-saving heart disease and stroke research — andgive Canadians more time to laugh, love and live!

To start planning your Legacy Gift, callJane Westheuser at 1-866-473-4636 ext 8020or visit heartandstroke.ca/legacygiving

Gratitude

For investing in BC’s children with life-threateningillnesses and the families who love them.

Make a Legacy Gift to Canuck Place by callingDenise Praill at 604.646.1341.

www.canuckplace.org

Bereaved parents Greg and Karen withson Kairo and daughter Stella Marie

For more information about advertisingin future LEAVE A LEGACY™ featuresplease call Catherine at 604.605.2676

FOR MORE INFORMATION, CONTACT US AT604 737-7305 Ext 202 or [email protected]

PROVIDINGCOMPASSIONATE END OF LIFECARE IN OUR COMMUNITY

YOUR LEGACY GIFT SUPPORTS OUR:• 6 Bed Hospice Home • Home Hospice Visiting Program • BereavementWalking Program • Family Grief Support Program • Healing Touch Program

4615 GRANVILLE ST.(29TH & GRANVILLE)

FOR MORE INFORMATION, CONTACT US AT

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