estate donations

Donations to Government

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[caption id="attachment_22376" align="aligncenter" width="401"] Queen’s Park, Toronto (Wikipedia)[/caption] The title of this article may provoke laughter, or perhaps, just head-shaking disbelief.  But lifetime and estate donations to various levels of government do happen. The trick is to ensure that the donor’s intentions are carried out. The Crown – i.e. federal and provincial governments – and Canadian municipalities are qualified donees under the Income Tax Act. Agents of the Crown are….

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Philanthropy/Charitable Giving

Estate Donation Regime at 10 Years

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Ten years ago, in 2016, the introduction of the Graduated Rate Estate (GRE) regime turned Canadian estate planning upside down.  The sidebar to the GRE rules were rules for “estate donations”. These Income Tax Act provisions in Section 118.1(5.1) altered the administrative and tax treatment of gifts by will, as well as direct designation gifts of life insurance, RRSP/RRIFs, and TFSAs. A decade later, how are charities and executors managing?….

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Uncategorized

Protecting Charitable Interests

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Are will challenges easier when there are charitable beneficiaries?  Moreover, if there are more charities named in the will does that heighten the likelihood of legal contest? This is the kind of “shop talk” that happens when charitable gift planners get together with trust professionals and lawyers.  One lawyer told a cautionary tale of a large estate that was litigated away from a dozen named charities.  The charities lacked the….

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Uncategorized

Estate Donations of Art

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[caption id="attachment_21746" align="aligncenter" width="666"] Decisions, Decisions, Charles Pachter (Courtesy of Heffel Auctions)[/caption] Fine art is an asset class of growing importance among the affluent and is beginning to be a significant part of select estate plans.   A recent estimate pegged the international art market at US$57.5 billion in 2024 (a 12% decline from 2023)  and Canada has seen some record prices at auction.   Many collectors are contemplating donating their art….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Valuing In-kind Donations

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There is a saying among charitable gift planners: “beware of donors of in-kind property with valuations in hand.”  In other words, some gifts may be too good to be true.  This folk wisdom contains a serious point. Donors, executors and charities often struggle with the valuation of in-kind donation.  Who commissions and pays for in-kind donation appraisals, the donor or charity? Does the valuation have integrity? Standard Practice The recommended….

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Estate Administration, Estate Donations, Uncategorized

The new charity funding crisis

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Charities do not exclusively depend on donations, despite popular perceptions to the contrary. In Canada, government funding and earned revenue contribute more to registered charities than donations.  Both these types of low-key funding are under pressure, enough so that we will soon witness some large charities shrink or even collapse. Now, it’s true that a high percentage of charities get most of their income from donations, but these organizations are….

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Estate Donations, Philanthropy/Charitable Giving
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