Give the Gift of Theatre to Future Generations!
Planned giving, very simply, is planning now to make a future gift to The British Columbia Drama Association/Theatre BC (TBC). Planned gifts are donated from accumulated resources or assets, as well as from income. Your gift can ensure that TBC will be there for future generations. You can choose to give to a specific initiative such as scholarships or Zone workshops or to the general operations of Theatre BC. There is an abundance of opportunities and a richness of possibilities!
Why a planned giving campaign? The ongoing revenue challenges faced by performing art groups have brought “planned giving” to the TBC Board’s attention as a way of dealing with the potential of future funding reductions and significant operating shortfalls.
There are a variety of options available that would allow you to support TBC beyond what you may be currently providing. The details provided below are standard types of giving and they are provided on an information basis only. Every situation is different and we will be in touch with you to.
Cash
Designated or non designated cash gifts create a substantial tax benefit to the donor resulting in the actual cost being reduced. You can donate up to 75% of personal net income in any given year and any unused portion can be carried forward for five years.
RSPs and RIFs
Naming The British Columbia Drama Society/ Theatre BC (TBC) as beneficiary of the proceeds of the RSP or RIF can create a significant future gift. On death, however, 100% of the RSP/RIF are included in the final tax return and tax will need to be paid by the estate. Making a gift now helps the executor avoid these problems and maximize the value of the gift.
Charitable Remainder Trusts/Residual Interests
Irrevocable trusts and gifts of residual interest are ways of giving that allow you use of the gifted assets during your lifetime. A charitable remainder trust (an investment) pays you an annual income during your lifetime. The principal reverts to TBC upon your death. A gift of residual interest allows you to pledge as asset today (house, art, investments, property) and enjoy the use of that asset the rest of your lifetime.
Publicly Traded Securities
Now an attractive option because of government incentives, you are not taxed on any capital gain when transferring to a charitable organization. You also qualify for a charitable tax credit based on the asset’s fair market value so your gift may be made for less than the net cost of an equal cash gift.
Interest Free Loans
Interest free loans are revocable and the income from the principal is untaxed. Any forgiven amount creates an immediate receipt.
Life Insurance
Premiums are tax deductible if an existing policy is irrevocably assigned. You donate the policy by making Theatre BC both owner and beneficiary of the policy. A new policy assigning TBC as both owner and beneficiary will give you a charitable receipt for the annual premiums paid. Naming TBC beneficiary only will not create tax benefit.
Gift Annuities
A gift annuity is an agreement where you make an irrevocable payment (initial gift) to Theatre BC. In return, you receive a guaranteed income for life. To create an annuity, you must be over 60 years of age. After your lifetime, the gift becomes available for use by TBC in any area you may choose.
Bequests
A gift made through a will, usually revocable. A specific bequest is a stated sum of money or property or a percentage of the estate. A residual bequest directs a portion or the balance of your estate after all expenses. Contingent bequests direct a beneficiary to receive all or a portion in the event of a prior death of other beneficiaries. Residual bequests direct that you become the ultimate beneficiary of the estate after certain other beneficiaries have had the use of the income from the estate for their lifetimes.
Please contact Darcy Feth (darcy.feth@investorsgroup.com) at Investors Group, toll free: 1-877-541-2255, to discuss any of these opportunities. If you are currently working with a financial planner, Darcy will be happy to help you coordinate your wishes and ensure that Theatre BC benefits from your commitment.