Gifts in Kind:

Gifts of real and/or personal property may be made to the Foundation for management or disposal by the Foundation.  A fair market valuation for such gifts must be established to the satisfaction of Revenue Canada.

Gifts Through Life Insurance:

Gifts to the Foundation through life insurance may be made by making an annual pledge to the Foundation of an amount equal to the annual insurance premium and would be a charitable contribution for income tax purposes.  The Foundation would pay the premiums and be the owner of the insurance policy.  Alternatively, the net value of an existing policy may be donated to the Foundation.  In such cases premiums cease to be paid and the net value of the policy may qualify as a charitable contribution for income tax purposes. 

Gifts by Will:

Bequests to the Foundation may be outright, to bee used for specified purposes, or to be used at the discretion of the board, and may add to existing trust of endowment funds, or set up new open or closed funds.

Such bequests may be for a specific amount for the residue of an estate or any portion thereof as the testator determines.  The ultimate disposition of a donor’s testamentary gift is dependent upon the precise working of the will; reference to applicants’ statues should always be made when drafting a will.