Your PAL Vancouver Legacy
Letting PAL Vancouver know about your planned legacy gift will give us an opportunity to recognize your generosity during your lifetime. We can also ensure your donation is directed according to your wishes, and we will ensure your gift is received and receipted in a timely fashion. There are a number of different ways to plan your future support for PAL’s unique mission to provide longstanding members of Vancouver’s performing arts professions with affordable housing within a vibrant and creative community setting:
1. A Gift in Your Will
When leaving a gift to PAL Vancouver in your will, it is important to use our correct legal name as a charity registered with the Government of Canada, as shown below:
Canadian Charity Registration Number: 866407711RR0001
300-581 Cardero Street, Vancouver, BC V6G 3L3
Telephone: 604 255 4312
Should you have questions about leaving a bequest to PAL Vancouver, please contact Karen Woodman at 604 255 4312 or firstname.lastname@example.org.
Sample Bequest Language:
Set Donation Amount: I give PAL Vancouver, located at 300-581 Cardero Street, Vancouver, British Columbia, V6G 3L3, with the charitable registration #866407711RR0001, the sum of $____.
Portion of Estate: I give PAL Vancouver, located at 581 Cardero Street, Vancouver, British Columbia, V6G 3L3, with the charitable registration #866407711RR0001, ___% of my estate.
2. Donation of Shares
Donating shares can be of benefit to PAL supporters. The advantage of donating shares is the income tax savings on the capital gain that would arise on the disposition of the shares that have appreciated in value. A donation receipt will be issued in the amount of the fair market value of the shares which can be claimed for income tax purposes in the same way as a cash donation. We would be pleased to discuss a donation of marketable securities with you or with your professional advisor. Please contact our office at 604.255.4312 for more information on how shares can be donated to PAL Vancouver.
If you would like to begin the process of donating shares to PAL Vancouver, please download the following form:
3. Donation of RRSPs and RRIFs
PAL Vancouver can be named as the beneficiary of a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF). The RRSP or RRIF would still be taxable in the estate on the death of the donor, but the income tax receipt issued by PAL Vancouver would reduce and might even eliminate any income tax owing.
4. Life Insurance
There are several ways to make a gift of life insurance proceeds to PAL Vancouver.
One way is to simply name PAL Vancouver as a beneficiary of a policy issued on the life of the donor. PAL Vancouver would receive the insurance proceeds on the donor’s death and would issue a receipt to the estate in that amount. A second option is to make PAL Vancouver both the owner and beneficiary of a life insurance policy in respect of which premiums will continue to be paid. When this is done, the donor receives a tax receipt at the end of each year for the premiums paid by him or her in that year to PAL Vancouver on account of the policy. A third option is to donate a paid-up policy by transferring ownership to PAL Vancouver. In that case, the donor receives a tax receipt for the full cash surrender value of the policy, less the amount of any policy related loan.
A gift of life insurance is private, in the sense that it does not involve the donor’s estate or will. Depending upon how it is structured, it can also provide income tax savings to the donor now and a substantial gift to PAL Vancouver in the future.
5. Gifts in Kind
Company shares, mutual funds, bonds, real property and other assets can be gifted to PAL Vancouver by an individual during his or her lifetime. When PAL Vancouver receives such a gift, it issues an income tax receipt to the donor in an amount equal to the fair market value of the gift at the time of transfer. An appraisal of the gifted property may be required in support of the receipt.