A Gift in Memory of a Loved One
A gift in memory of a loved one is any type of gift given to remember a close friend or family member who has passed. Perhaps your friend or loved one was exceptionally involved with the VJFC and you would like to leave a gift in their memory. This type of gift ensures that their legacy is always remembered by the VJFC.
A Gift to Honour Someone
A gift to honour someone is any type of gift given to honour a close friend, family member, or a person who you have great respect for. This type of gift ensures that their legacy will be always remembered by the VJFC.
Special Occasion Giving
This type of gift is usually given to mark a special occasion such as a birthday, or anniversary. It could also mark other occasions like Rosh Hashanah, Passover, Mothers or Fathers Day, Wedding Anniversary, Birthday etc. Perhaps there is a particular day in which you would like to celebrate, or plan a gift. Planning a gift on a special day can add additional meaning to an already significant time.
How to leave a Legacy Gift to the VJFC – Options
There are a number of options available, each having different types of tax benefits. We encourage you to talk to your professional advisor (i.e. your lawyer, accountant, etc.). Everyone’s needs vary and your professional advisor can help you decide which option(s) will work best for you and your family.
Ways to leave your legacy:
Charitable bequests are simply distributions from your estate to a charitable organization through your will and testament. There are different kinds of bequests. For each, you must use very specific language to indicate the precise direction of your assets, and to successfully carry out your final wishes. In any charitable bequest, be sure to name us accurately (Vancouver Jewish Film Centre). A bequest to “The Jewish Film Centre ” could go to any number of Jewish film festivals.
There are a several types of charitable bequests, including:
General bequests are a legacy left to certain people or causes that come from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice.
Specific bequests are made when a particular item or property is bequeathed for a designated purpose. (e.g., instruments bequeathed to the Film Centre for use in education about film; dollar funds to be used in the leasing of a movie theatre for the VJFC.)
Residuary bequests are made when you intend to leave the residue portion (any left over property) of your assets after other terms of the will have been satisfied.
Contingency bequests allow you to leave a portion of your estate to a particular charity if your named beneficiary does not survive you.
Cash or Securities
Cash or security gifts are an amount made out to the VJFC. Gifts of cash are available for immediate use in the form of cash, cheque, credit card, or pre-authorized contributions paid monthly. They can also be given in the form of a general bequest in your will and testament.
A gift of life insurance is made when you name the VJFC as the beneficiary. This means that you control the policy, and we would receive the insurance proceeds upon death.
RRSPS or RRIFs
Gifts of retirement plans are made when you name the VJFC as the beneficiary. This means that upon your death we would receive the proceeds and your estate will receive a charitable receipt. This receipt will counterbalance your final tax return, transforming any final tax liabilities you have when you die into a charitable gift.
A gift of an annuity is made when you make a contribution of cash or other property to the VJFC in exchange for a guaranteed lifetime income (or for a stated interval of time). It is an agreement or contract between you and the VJFC. Upon death, the VJFC would receive the remainder of the original contribution. Depending on the time elapsed the VJFC may get more or less than the original contribution. If an annuity is started when you are between the ages of 75-90 you can receive tax free income. If an annuity is started when you are between the ages of 65-74 you can receive partially tax free income. Where the income is totally tax free, you will receive a donation receipt equaling the initial amount of your contribution minus your expected annuity income.
Charitable Remainder of Trusts
A gift of trust is made when you decide to make the VJFC the secondary beneficiary to an irrevocable trust. The primary beneficiary (or the income beneficiary) includes you, and if applicable, your spouse. Throughout your lifetime or for a stated period of time you will receive a predetermined amount of the trust; upon death the VJFC will receive the remainder of the trust.
A gift of residual interest is made when you decide to give the property in which you reside or any other property (art, valuables etc.) to the VJFC. You can continue to use and enjoy the property throughout your lifetime. You will receive a charitable tax receipt for the present value of the property when the gift is made. Upon death, the VJFC receives the deed of the property.
A gift of real estate is made when you leave property, buildings, land, or a place of residence that you own to the VJFC. This type of gift can be given immediately or specified in your will. You will receive a charitable tax receipt to be used in your final income tax return.