Donations via life insurance and securities enables you to make a significant, lasting contribution at a modest cost, while providing attractive tax advantages.
One of the greatest benefits of a life insurance gift is that it allows you to make a large gift – perhaps larger than you might afford during life.
Giving publicly traded securities such as appreciated stock, bonds or mutual funds to the NIC Foundation is one of the most tax-friendly and financially beneficial ways of giving for you and your estate.
Talk with your insurance advisor about the best options for you. You can set up a new policy where ownership and beneficial rights of the policy will be transferred to the NIC Foundation as a donation. You could make the NIC Foundation the revocable beneficiary of a policy or consider a contingent beneficiary designation as part of your estate planning strategy. There are several tax effective choices for existing policies as well.
When you choose to directly donate such funds from publicly traded securities to a registered Canadian charity there is an elimination of capital gains as long as you DO NOT SELL the securities first. The result is an immediate donation receipt for you for fair market value as of the date the Foundation receives those funds.
The easiest way to make a gift of securities is to have the shares electronically transferred from your account to our North Island College Foundation Trust account. The receipt value is for the closing trading price on the day that the shares are received into the account.
Please contact your broker or financial advisor for professional advice about life insurance and securities gifting, and contact us before you initiate the transfer of securities.
Our website information is intended as a general overview only and not as legal or tax advice. Please consult with a qualified professional advisor to determine the best strategy for your situation.