What is a planned gift?
In the broader sense of the term, “planned giving” designates all donations made with financial, tax or estate planning in mind.
It’s an excellent way to achieve your philanthropic ambitions, while allowing your successors to take advantage of the resulting tax benefits. Whether you choose to donate through a bequest, a life insurance policy, securities, qualified securities, listed stock or charitable gift annuities, making a planned gift can significantly decrease the taxes that your successors will have to pay on your estate.
Types of planned giving
Bequest
A bequest is by far the most accessible planned gift. Stated in a will, it expresses your wish to donate a fixed amount, a percentage of the value of your estate, or a real or movable property to Mira. Moreover, if your financial situation changes before your death, you can modify your will at any time.
Life insurance
This type of donation entails designating Mira as the beneficiary of the death benefit of a life insurance policy. When you no longer require the coverage provided by your life insurance policy, you can transfer ownership to Mira while continuing to pay the premiums. You can also allow your successors to take advantage of this tax benefit by designating Mira as the beneficiary, while retaining ownership of the policy. The donation will therefore be issued upon death and the tax savings will be applicable upon settlement of your estate.
Securities or qualified securities
Donating securities entails the disposal of one or more of your shares, securities, mutual funds, listed securities, or bonds to make a donation to Mira. The transfer of the securities can be made electronically.
Real property
It is possible to make a donation of real property to Mira. You can thus make use of the property up until your death, and a tax receipt will be issued corresponding to the commuted value of the property at the time of the donation. If you make a property donation other than your principal residence, 50% of the capital gain is then taxable.
Charitable trust
Establishing a charitable trust makes it possible for you to donate a significant sum of money to Mira, while continuing to benefit from the earnings generated by the donated funds, which are eligible for a tax receipt. The role of the charity is to manage the capital entrusted by you, which will be issued to Mira upon your death.
Remembering and giving thanks, Mira plants a tree
For each planned gift of a value of $10,000 and over, Mira will acknowledge your generosity by planting a tree with a commemorative plaque in your name in the Gaétan Girouard Garden. Located in Sainte-Madeleine and opened in 2011, this garden now has several dozen trees identified in memory of the benefactors that made a significant gift to Mira.
What are the advantages of making a planned gift to Mira?
- Contribute to a cause you feel strongly about
- Take advantage of significant tax benefits
- Improve the quality of life of people with disabilities
- Help the maintenance and the continuity of our services
- Benefit from an engraved stone installed in your memory in Mira's park
How to plan a gift
According to the Canadian Association of Gift Planners (CAGP), the popularity of planned giving hasn’t stopped growing over the course of the last few years. In addition to supporting a cause that you feel strongly about, this philanthropic choice gives you access to tax benefits that aren’t accessible through a traditional donation. If you wish to make a planned gift, we recommend that you consult your financial advisor, notary or accountant in order to select the best option and carefully plan your donation according to your situation. If you have any questions on planned giving, one of our representatives will be able to help you make an informed decision.
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