In recent years Planned Giving has become a very popular method of donating to the charity of your choice. Planned Giving is when a charitable gift is made in such a way that you maximize the tax and estate planning benefits. The gift may be a one-time donation, a series of payments over a set period or ongoing support. There are many Planned Giving options donors can use to support the Manitoba Sports Hall of Fame & Museum (MSHF&M). Consultation with your financial advisors will determine which method is the best choice for each individual donor.
The most common forms of donations include:
- Wills and Bequests
- Life Insurance
- Gifts in Kind
Assets can be donated to the MSHF&M through any of these methods. Gifts to the MSHF&M receive charitable receipts for income tax purposes.
1. Wills and Bequests: Perhaps the easiest way for donors to assist the MSHF&M in its mission to preserve, celebrate and showcase Manitoba’s sport excellence is a bequest in their Will. The donor retains full control of the gifted asset for the duration of life and can make changes at any time.
2. Life Insurance: A gift by way of life insurance can be a very appealing method of charitable giving. Small installments today by donors will result in a substantial gift for the MSHF&M in the future. Gifts through life insurance do not affect the donor’s estate and taxes and probate do not apply to such gifts. The ownership of an existing policy can be transferred to the MSHF&M or a new policy can be purchased designating the MSHF&M as the owner and beneficiary. Charitable tax credits are available for the full amount of the premiums paid each year.
3. Gifts in Kind: Donations in a form other than cash can also be given to the MSHF&M. Gifts of this nature include stocks, bonds, art, collections, real estate and other tangible property and are called gifts in kind. Gifts in kind may be made during your life, as a bequest in a Will or in the form of a Trust.
4. RRSPs/RRIFs: Another tax effective method of making a significant contribution is to donate RRSPs and RRIFs to the MSHF&M. This can be done through a bequest in your Will. In this way, the tax payable on the retirement savings due at death will be offset by the benefits of the charitable receipt and the amount available for other beneficiaries is not decreased.
The Manitoba Sports Hall of Fame & Museum would like to thank the Saskatchewan Sports Hall of Fame and Museum for their assistance in the development of this website explanation of how Planned Giving can benefit charitable organizations such as ours.