All About Estates

Category: Estate Donations

Total 10 Posts

A Statue in the Wrong Square

Regular readers of the All About Estates blog may recall that each spring I write on legacy and how we honour the dead.  This usually involves a trip to a cemetery.  My cemetery visit this year was thwarted by a seagull attack – see my Hitchcockian video – so instead…

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Donation Tax Credit Mismatch

It is a truism that Canadians who donate enough to charity at death can eliminate tax. This outcome is due to the 100% contribution limit for gifts by will and direct designation gift of registered funds and life insurance.  Since 2015, however, Ontario, Quebec, New Brunswick and Yukon have increased…

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CHARITABLE GIFTS AND GRADUATED RATE ESTATE DESIGNATIONS: CAN YOU GIFT BEFORE YOU DESIGNATE

Assume Mr. X died in early 2016. Mr. X’s estate appears to meet all of the requirements to be a graduated rate estate (“GRE”), except the 1st return has not been filed as yet to formally designate it a GRE. The estate made a charitable donation in early 2017; at…

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Does Donor Recognition Create Obligations?

Is a donor obliged to provide ongoing support to a charity after a building or facility is named in their honour?  The legal answer is “no”.  Naming, however, may stir up complex feelings of ownership and hope, which often lead to misunderstandings — even after the donor is dead. Ownership…

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Estate Donations = Faster Distributions

Matt Johnston, my tax colleague at Scotiatrust, says the 12-month tax filing deadline is upon us. The initial round of major distributions to charities will occur in January 2017 under the “estate donation” rules introduced in 2016. As mentioned in my previous blog, executors and their advisors are discovering that…

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The Estate Donation Loop

It is one year after the new estate donation rules were introduced and the practical implementations are beginning to emerge. With the post-2016 rules, a twist arises when the residue of the estate is split between charity and individual beneficiaries. This scenario creates a gift that keeps giving. A gift…

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Time Matters in Philanthropy

SickKids Foundation’s year-end giving campaign has generated a lot of attention for its gripping “Vs” spots. Skillfully edited, the ad borrows fight, hip-hop and adventure movie imagery to dramatize the plight of the hospital’s young patients.  This campaign is highly effective and a great example of visceral, urgent annual fundraising. …

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Must an estate pay for a charitable pledge by the deceased?

Canadians are charitable people. According to Statistics Canada, 82% of Canadians made a financial donation to a charitable or non-profit organization in 2013 (the latest year statistics are available). The amount given by donors increased from an annual average of $469 in 2004 to $531 in 2013. The most generous…

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Combination Gift Plans

Combining estate plans and lifetime financial plans can be challenging, especially for individuals who have dedicated a significant portion of their estate to charity, for example 50% or more.  Wills are often drafted independently of lifetime financial plans.  The drafting lawyer may not ask the question “is it prudent and…

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Estate Donations of Art

Fine art is an asset class that has been growing in importance among the affluent and is beginning to be a significant part of certain estate plans.   One estimate pegged the international art market at €51 billion in 2014, and Canada has seen record prices at auction.   Many collectors are…

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