A key purpose of the establishment of the Rotary Club of Kingston Memorial Fund is to provide Rotarians and others with opportunities to contribute to a fund with specified purposes and at the same time to provide memorial recognition to individuals both from within Rotary and outside of Rotary, either during or after their lifetimes. The Rotary Club of Kingston Memorial Fund shall receive monies and gifts in kind and shall distribute income or interest monies for charitable purposes and only charitable purposes. Any monies received by the Rotary Club of Kingston Memorial Fund directly as contributions or by receiving gifts in kind and liquidating the said gifts shall be invested and any income or interest earned on the monies but not the capital shall be paid for the benefit of persons in financial need in the local Kingston area.
Gifts of cash or cheques made payable to the Rotary Club of Kingston Memorial Fund are always welcome and will receive a charitable tax receipt.
Gifts by Will
When making a gift to The Memorial Fund, Rotarians and friends must take into account specific financial considerations. The most common concern is that giving a cash gift today, may reduce their income in the future.
The truth is, a gift by will or bequest, is a giving option that easily accommodates your personal and financial interests. A bequest gives donors the advantage of arranging a gift to The Memorial Fund now, while still maintaining their future financial security.
It provides tax relief for your estate in the year of death and allows you, in the future, to continue to support the community work of the Club. A gift by will also offers great flexibility. Some of the ways you can choose to designate the funds include endowing an "in memoriam" fund in your name or that of a loved one. But whatever you decide, you can enjoy the satisfaction of knowing that your generosity will make a difference in the future of the work of our Club
A Gift of Life Insurance presents donors with an opportunity to make a significant future gift to benefit the Rotary Club, while enjoying tax savings. It is also an ideal way for donors to support a particular area or program at the Club at a level that may not be possible by any other means.
A gift of life insurance is an economical way to give a larger and more lasting gift at a fraction of the ultimate value from your disposable income.
Ways of supporting The Memorial Fund through life insurance:
Start a new policy, name Rotary Club of Kingston Memorial Fund as owner and beneficiary and receive tax credits for premiums paid.
Transfer your paid-up policy making Rotary Club as Kingston Memorial Fund owner and beneficiary and receive a tax receipt for the full cash surrender value of the policy.
Name your estate as the beneficiary and provide a bequest in your will for Rotary to receive the amount of the death benefit or simply name Rotary as the beneficiary of your policy. Your estate will receive an official receipt to be used on the financial tax return.
Advantages to consider with a gift of life insurance:
Lets you extend your personal influence beyond your lifetime.
Has the flexibility of letting you provide for your gift now instead of waiting to make a gift from your accumulated assets.
May be structured so that payments are modest, tax receiptable and possibly completed by pledge in one to seven years.
Retirement Savings and Life Income Funds
If you do not have a surviving spouse or a dependent child, upon death your registered retirement savings plans and life income funds are de-registered and become fully taxable as income, usually at the highest marginal tax rate.By naming the Rotary Club of Kingston Memorial Fund as the beneficiary of your RRIF or other registered funds for all or a designated amount, your taxes on the proceeds may be eliminated through a tax receipt being issued to the estate.
Publicly-Traded Stocks and Securities
Appreciated stocks and bonds, next to cash, have become the most popular gifts made to Rotary. They are a simple way to support Rotary and offer you new and immediate tax advantages. Among the gifts eligible for this preferred tax treatment are:
Stocks and bonds.
Units of mutual funds.
Shares, warrants, bills and futures that are listed on the stock exchanges prescribed by Canada Customs and Revenue Agency.
A current tax provision made by Canada Customs and Revenue Agency gives donors who contribute appreciated stocks and bonds the chance to significantly reduce the amount of capital gains tax otherwise payable on the securities. Now, only 25% of the gain (the amount by which the current fair market value exceeds the original cost base) will have to be brought into income. Selling those same securities would result in a capital gains tax calculated on 50% of the realized gain, creating a much higher tax bill payable to the government in that year.
Donating bonds with the coupons stripped out are a creative, tax-favourable way for you to make a significant future gift to The Memorial Fund.. A Stripped Bond issued in the name of the Rotary Club can be purchased for a fraction of its ultimate value.
You will receive a one-time tax receipt for the full cost of the bond and will know when the gift will mature.
Charitable Remainder Trusts
A Charitable Remainder Trust is a new giving opportunity that lets you make a significant contribution to The Memorial Fund while also maintaining future financial security.With remainder trusts, you transfer assets (usually a minimum of $100,000) irrevocably to a trust in exchange for payments to yourself or other beneficiaries. The remainder is turned over to the Rotary Club after the death of the last surviving income beneficiary. Tax savings include an immediate income tax receipt for the gift and possible capital gains and estate tax savings.
A Charitable Gift Annuity is an economically sound option for seniors wishing to make a contribution to the future of the Rotary Club. It is a unique gift plan that enables seniors to make a significant gift and enjoy the benefit and added security of receiving guaranteed tax-favourable income for life. In fact, when the tax advantages are considered, many donors find their net return is actually higher through a gift annuity.A Charitable Gift Annuity offers donors multiple benefits and maximum gain:
Is a safe investment.
Frees you from investment and money management concerns.
Gives you fixed payments for life.
Depending on your age, all or a portion of the income may be tax free.
Note: The information contained on this page is accurate at the time of publication. The area of taxation and charitable giving is an ever changing and evolving area and accordingly the information contained within this pamphlet is subject to changes in the law relating to taxation in Canada and interpretation of the subject law. We would recommend that individuals confirm the currency of the applicable taxation law with their accountants.