Individual donations

A charitable bequest is a distribution from your estate to the Cochrane & Area Humane Society. There are different kinds of bequests with different guidelines, so use very specific language to indicate where assets should go and to carry out your final wishes successfully. Your bequest to the Cochrane & Area Humane Society can be made in one of three ways:

• Specific Bequest: Designate a specific amount or percentage of your estate that you wish to leave to the Cochrane & Area Humane Society
• Name the Cochrane & Area Humane Society as a beneficiary. Once all other specific provisions of your estate have been fulfilled, the shelter will receive all or a percentage of the remainder of your estate. Residual Bequest: Name the Cochrane & Area Humane Society as a beneficiary. Once all other specific provisions of your estate have been fulfilled, the shelter will receive all or a percentage of the remainder of your estate.
• Contingent Bequest: If one or more estate beneficiaries passes first, the Cochrane & Area Humane Society becomes the beneficiary of all or a percentage of your estate.

The Canada Revenue Agency now allows registered charities to be named the beneficiaries of Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF) upon death. A tax receipt is issued to the estate, which will offset some tax for the final income tax return. This option is available to all individuals and is especially attractive if you have made other provisions for your heirs. There is no requirement to amend an existing will.

A gift of RRSPs or RRIFs establishes a lasting legacy that recognizes your significant support of the Cochrane & Area Humane Society. It allows you to give from assets you don’t need, generally without affecting your income or lifestyle, and can reduce or eliminate the taxes levied on your estate.

If you plan to cash in stocks, bonds, mutual funds, or shares to make a donation, consider donating these directly to the Cochrane & Area Humane Society. Direct donation allows you to make a substantial donation while being exempt from capital gains tax on your annual income. You will receive a tax receipt based on the gift’s value at market close on the day it’s received by the charity’s brokerage account.

You can also receive tax benefits by donating shares that have decreased in value. In addition to receiving a tax receipt for the fair market value of the shares, donating them will also crystallize a capital loss that you can apply against any capital gains. The capital loss can be carried back three years and forward indefinitely.

A gift of life insurance allows you to make a substantial donation and leave an important legacy, whether in your name or the name of a loved one, for a relatively low cost. All you need to do is name the Cochrane & Area Humane Society as the primary or successor beneficiary of the proceeds of your policy. This gift is handled outside of your estate administration, with the death benefit paid directly to the society so your beneficiaries are not affected financially.

There are two ways to contribute a life insurance policy:

• Purchase a new policy with the Cochrane & Area Humane Society as the owner and beneficiary. You will receive a tax receipt each year, as life insurance premiums form part of your annual charitable gifts.
• Designate the Cochrane & Area Humane Society as the beneficiary and owner of an existing policy you no longer need. The tax benefits will be issued to you for the cash surrender value of the policy. Designate the Cochrane & Area Humane Society as the beneficiary and owner of an existing policy you no longer need. The tax benefits will be issued to you for the cash surrender value of the policy.

You can make a gift of trust and make the Cochrane & Area Humane Society the secondary beneficiary to an irrevocable trust, with the primary beneficiary being yourself and your spouse, if applicable. You might like this option if you want to make a future gift with immediate tax benefits while keeping investment income for yourself or a beneficiary.

You can transfer property—like cash, securities, or real estate—to a Trustee who holds and manages the assets. Throughout your lifetime or for a stated period, you receive a predetermined amount of the trust and any income it might generate. After the specified term or after the death of the last beneficiary, the trust remainder is transferred to the Cochrane & Area Humane Society.

After transferring the property to a Trustee, a trust document will name the Cochrane & Area Humane Society as the residual beneficiary. You will then receive a charitable tax receipt for the present value of the gift based on actuarial tables.

A gift of property, also called a “gift-in-kind,” refers to donations of assets like real estate, special collections, cultural property, and works of art. You might prefer this donation option if you own but no longer need a principal residence or investment property. The Cochrane & Area Humane Society may use or sell the gift, and will issue a tax receipt for fair market value as determined through an appraisal.

This gift must be approved by senior-level Cochrane & Area Humane Society leadership. If you wish to donate property, we recommend consulting with your tax advisor to maximize your tax benefits. Some gifts-in-kind are subject to capital gains on the appreciated value.

You can donate in honour or celebration of a loved one to recognize a special occasion such as a birthday, anniversary, or other holiday. You can donate entirely online and will receive an email tax receipt, with the honouree getting an e-card chosen by you. In-memory donations can be a tribute to an animal or human family member using the e-card donation option. To make a donation and to send an e-card click here.