Eagle Ridge Hospital Foundation

Planned gifts are a fantastic way to invest in the future of Eagle Ridge Hospital, today. And just like a good ice cream shop, there are a wide variety of "investment flavours" to choose from. Perhaps you are interested in leaving a gift in your will? Or, maybe you would like to make the hospital the beneficiary of your life insurance policy? Whatever your desire, there is a planned gift option to suit your needs.

Legacy Gifts

A planned future gift (also known as a Legacy Gift!) is a wonderful way to make a substantial donation to Eagle Ridge Hospital Foundation. Make an investment today and feel great pride in knowing that you are also investing in the future of this hospital — for its staff, the community, and most importantly, your own family.

Make decisions about planned gifts after careful consultation with your family financial and legal advisors, to ensure that the gift your desire to give is right for you.

For more information about planned giving, call Executive Director, David Clark at 604-469-3128.

Publicly Traded Securities (which have appreciated)

As of May 2006, changes to the federal income tax regulations allow you to donate publicly-traded stocks, bonds, mutual fund units, futures and stock options to a charity and avoid 100% of the capital gains tax on the appreciated value. When you make a gift of stocks or bonds, you will receive a receipt for income tax purposes based on the value of the securities on the date received.

It is important to remember that the capital gains tax benefit only occurs when you make a gift of appreciated securities directly to a charity. It does not occur when you sell the securities first and donate the proceeds to charity.

Bequests in Your Will

You may choose to leave Eagle Ridge Hospital Foundation a sum of money, a piece of property or, another asset that can be turned into cash, or a percentage of the residue of your estate (a gift made after all other debts and bequests have been paid).

By working with your financial and legal advisors and planning your estate carefully, you can contribute to Eagle Ridge Hospital Foundation after death and eliminate significant taxes payable at death.

Your estate may claim gifts in the year of death equal to 100 per cent of your net income.

See FAQ’s page for suggestions about appropriate language to use when making a legacy gift in your will to Eagle Ridge Hospital Foundation.

RRSP or RRIF Gifts

Since February 2000, owners of Registered Retirement Savings Plans (RRSP) and Registered Retirement Investment Funds (RRIF) have been allowed to donate some or all of the proceeds to a registered charity such as Eagle Ridge Hospital Foundation. Simply designate the foundation as the beneficiary on the plan document and advise the bank or financial institution holding your retirement account of the change. You can designate any number of beneficiaries, including family and charities.

Your retirement funds are heavily taxed at death. You can offset those taxes by designating a charity as a direct beneficiary of your registered plan. Your estate will receive a tax receipt and off-setting tax benefit for the amount transferred to the charity.

A married person can designate a spouse as primary beneficiary and a charity as contingent beneficiary of a retirement plan. The proceeds of your plan will only flow to the charity after the death of your spouse.

When the plan’s assets are directly designated, they do not form part of your estate, thus avoiding probate fees. Your estate (or your spouse’s estate) receives a tax credit. All of this can be accomplished without legal documentation or expensive trust agreements. Consult your financial advisor to determine whether a gift of your RRSP or RRIF is right for you.

Charitable Remainder Trusts

A charitable remainder trust allows you to make a gift to a charity now but retain the use of the gifted asset for your lifetime, or receive the earned interest for life. You make the gift today, earn the tax benefit immediately, take the interest for a fixed period or for your lifetime, and the charity gets the asset at the end of the period or upon your death, according to your wish.

You make an irrevocable transfer of assets into a trust managed by an appointed trustee and name a charity such as Eagle Ridge Hospital Foundation as the remainder beneficiary in trust. Your financial advisor can determine whether this is a good vehicle for you to protect your future while supporting a favourite charity.

Life Insurance Gifts

Life insurance allows you to make a significant gift to Eagle Ridge today at a reasonable cost.

Here’s how to get an annual tax receipt for paying your insurance premium:

You can buy a new life insurance policy to support Eagle Ridge Hospital Foundation or use a life insurance policy that has outlived its purpose (for instance, your family is grown and you have enough assets for your needs). Just make Eagle Ridge Hospital Foundation the owner and beneficiary of the policy. You will receive an immediate tax receipt for the cash surrender value if there is one.

Each year, you cover the annual premium after transferring ownership to Eagle Ridge Hospital Foundation by making a donation equivalent to the premium. You then receive a tax receipt for the amount of your payment. At the end of your life or upon completion of the term, Eagle Ridge will receive the value of the policy.