Major Gifts, Endowments, Pledges and Real Estate
Building your legacy through the ministries of Unity of Vancouver is an act of stewardship; a means to ensure that your commitment to good works continues well into the future. And there are so many ways to give. Besides wills, life insurance, and securities, you may also choose to donate a retirement fund. Or you may wish to use assets to complete an outright gift of cash or to establish an endowment in your name or that of a loved one.
A major gift
When you make an “outright gift” of cash or property to the ministries of Unity of Vancouver, it goes to work the moment it is given. Your gift provides vital support for our community. An outright gift gives you the satisfaction of seeing your gift at work and knowing that lives are being touched right now because you care about the work we do here at Unity of Vancouver.
What May Your Gift Be Used for?
You can choose where to place your gift for the current and future operations of your spiritual home.
- Endowment Fund: Gifts to this fund are invested and provide long-term, ongoing support for our church.
- Capital Fund: Used to ensure our new building is well maintained.
- Reserve Fund: Only used for emergencies and invested to gain higher returns.
- Operations Fund: Funds our current and continuing programs and ministry.
The Canada Revenue Agency’s (CRA) charitable donation tax credit means that your gift is worth more to the Church than its actual net cost to you. Each year a percentage of the value of your accumulated donation receipts —15 percent for the first $200 and 29 percent thereafter — can be subtracted from the federal income tax you owe. Your provincial taxes will also be reduced. Depending on your provincial rate, the combined tax savings could be as much as 50 percent of your contribution. You can claim eligible amounts of gifts to a limit of 75% of your net income.
In any one year, you may claim:
- donations made by December 31 of the applicable tax year;
- any unclaimed donations made in the previous five years; and
- any unclaimed donations made by your spouse or common law partner in the year or in the previous five years.
For donations made, qualifying first-time donors may receive an additional federal tax credit of 25% on the first $1,000 of monetary donations.
A cheque is considered to have been given on the day it was mailed, and a gift by credit card on the date the obligation was incurred.
To review your potential charitable tax credits for a gift, please use the Charitable donation tax calculator found at CRA.
Endowments increase in value over time creating an enduring and vibrant legacy. You can establish your personal endowment fund with a one-time donation, a pledge over time, or through a bequest in your will. Your fund can be in your name, your family’s name, or you can honour a loved one.
Your named endowment fund can be established to support specific ministries or, you may allow us to use the funds where most needed. Endowment funds will be invested by Unity of Vancouver, and unless otherwise specified the investment income will be used to support our programs that are important to you, for generations to come.
A minimum of $50,000 is required to set up a named endowment fund, however, it is possible to establish the fund with a gift of $10,000 and pay the balance over the next five years.
All gifts are eligible for tax receipts. The indicated savings are guidelines only and will vary depending on individual circumstances. This guideline is based on the maximum credit available after the first $200 of donations. Please consult a professional tax advisor for more information.
A gift of real estate enables you to make a bigger charitable difference than you may have thought possible. It may also helps you avoid estate taxes, and minimizes or eliminates any burden placed on your heirs.
Charitable gifts of real estate range from personal residences and vacation homes to rental properties, farmland, and commercially developed land.
You may choose to donate real estate outright and receive an immediate tax credit or retain the use of the property during your lifetime and make a planned gift in the form of a Gift of Residual Interest.
We would be happy to work with you to determine how this valuable gift can be best used to meet both your charitable goals and financial needs.
Tangible property includes works of art, books, household furnishings, automobiles, equipment and collections. If you have objects in good condition containing significant value, but they are no longer of value to you, this type of gift is a possibility.
Depending on the value of the asset, such a gift to Unity of Vancouver may require signature to a legal document that transfers ownership. Opinions may be needed regarding the object’s origins, history and chain of title/ownership. In addition, an appraisal by a qualified appraiser will be required from you as the donor as well as one by Unity of Vancouver for our records.
Disclaimer: There are numerous options for legacy gifts. We encourage you to consult with your legal and financial advisors to consider all the relevant issues and income tax provisions.
Let’s connect: Our legal name is “Unity of Vancouver”Unity Centre of Practical Christianity. Email donations can be made to firstname.lastname@example.org