What Is Legacy Giving?

Legacy giving is investing in the future of Vision Impact Liberia Society, a non-profit, through the generosity of a financial gift on your passing.

1. You can make a gift of your unused retirement assets as one of (or sole) direct beneficiary of the proceeds of your TFSA, RRSP, RRIF or of your deferred pension plan.
2. Make a gift to name Vision Impact Liberia (www.visionimpactliberia.org ) in your Will. A tax receipt for the full value will be issued to your Estate. Please call ICMS International Christian Mission Services- www.icms.org at 1.604.850.1817 for specific directions. They are our umbrella charity, receipt writer and liaison with Revenue Canada.
3. The total value of your registered retirement must be reported as income by your Estate in the year of your passing. This income is fully taxable, unless the funds can be rolled over to a surviving spouse or dependent child.

If this is not possible, these assets make ideal donations and can benefit your estate in three ways:

1. By naming a charity as a direct beneficiary of your TFSA, RRSP, RRIF or other deferred pension plan, you will avoid paying probate fees on those assets.
2. Capital gains within the donated portion of your registered assets may be exempt.
3. The tax receipt issued can also offset taxes owed on other assets within your Estate. (This means more of your Estate goes to something important to you.)

How Does Legacy Giving Work?

You can name Vision Impact Liberia Society as the direct beneficiary under your TFSA, RRSP, RRIF or a municipal/business pension plan. The entire proceeds will be paid to Vision Impact Liberia Society through ICMS by the trustee of your asset. ICMS stands for International Christian Mission Services.

What Are Other Benefits Of Naming A Charity As The Direct Beneficiary?

Because the proceeds of your TFSA,RRSP,RRIF or pension do not form part of your Estate, there are no probate or administration fees and creditors and family member cannot challenge your gift. Depending on the financial institution, you may be able to name more than one beneficiary of the proceeds enabling you to give a portion to charity and a portion to family and friends.

What Are The Tax Benefits Of A Gift Of RRSP, TFSA, RRIF Or Deferred Pension Plan?

Your Estate will receive a donation receipt for the gift at the time the property is transferred to the Recipient. The resulting tax credit offsets the tax otherwise payable on up to 100% of your net income in the year of your passing and the year immediately preceding.

How Do I Make A Gift In My Will?

1. With this option, you need to name your Estate as the beneficiary of apportion of the residue of your Will.
2. In your Will, name Vision Impact Liberia Society (Qualicum Beach, B.C.) as the beneficiary of a gift of any amount up to and including the full value of the residue of the Estate.
3. By making the gift in your Will, you retain the flexibility to change the value of the gift at any time.

Life Insurance

1. Giving the life Insurance is a way of making a legacy gift without depleting your estate or depriving your loved ones of other assets. At the end of your lifetime, the gift of the policy proceeds will be paid by the insurance company to ICMS for Vision Impact Liberia Society.
2. Depending on how the policy is structured, you may receive a tax benefit during your lifetime or your Estate will receive the benefit.