By leaving a gift in your will to Arts Umbrella you can make a significant and lasting benefit for the children of tomorrow. A planned gift is an easy and effective way to reduce or even eliminate your final income taxes while maintaining financial security during your life.

Gifts of securities is an effective way to donate to Arts Umbrella. As a rule, Arts Umbrella accepts gifts of publicly traded securities and on a case by case basis, will consider gifts of privately held shares. Gifting securities provides you with a tax advantage to eliminate capital gains tax on the gift of appreciated securities.

As per CRA ruling, in order to activate tax free appreciation of securities, your donation of shares must be transferred through your broker to Arts Umbrella’s broker. It is the policy of Arts Umbrella not to hold gifts of securities but to sell the gift of shares within 24 business hours. It is also important to note that tax savings on your gains cannot be activated if you sell your shares and then use the funds to make a donation by cheque or other form of payment to Arts Umbrella.

Using insurance, RRSP or RRIF may be an effective way for individuals to make a significant gift to support Arts Umbrella. With careful review, your portfolio may contain an insurance policy that may no longer be critical to your financial situation and gifting these to Arts Umbrella is an efficient way to facilitate a meaningful gift. In BC, donors are also able to designate Arts Umbrella as a beneficiary to their RRSP or RRIF. Please review your financial situation with your professional advisor to determine whether any of these options are an efficient way for you to support Arts Umbrella. A gift of life insurance, RRSP or RRIF will help Arts Umbrella to continue delivering high-quality arts education programs to young people across Metro Vancouver, and beyond.

Options to consider:

Transfer of ownership of an existing, fully paid up insurance policy:

• After review of your policies, you may consider gifting a fully paid up insurance policy that is no longer required to meet your family’s current financial needs. In this case, after consultation with your financial advisor, it is possible to transfer the ownership and make Arts Umbrella the beneficiary of the policy. This asset will no longer be a part of your estate as ownership has been transferred during your lifetime, therefore an immediate donation receipt will be issued for the cash surrender value of the policy. This option does not the require the funds or notification of distribution to pass through the estate, therefore is not subject to contest or probate tax.

Gift of a partially paid up policy:

• Arts Umbrella will consider gifts of partially paid up insurance polices. As with a fully paid up policy, the ownership and beneficiary of the policy must be transferred to Arts Umbrella for a donation receipt to be issued. As this asset will no longer be a part of your estate, an immediate donation receipt will be issued for the current cash surrender value of the policy and an annual receipt will be issued for the value of the insurance premiums made, by the donor for each year. As with the transfer of a fully paid up insurance policy, notification and distribution of funds does not pass through the estate therefore not subject to contest or probate tax.

For many, the simplest way to make a significant future gift to Arts Umbrella is through their estate. A gift in your will allows Arts Umbrella to benefit from your legacy and to continue delivering high-quality arts education programs to young people across Metro Vancouver, and beyond. Please consider leaving a percentage or a specific amount through your estate as your legacy commitment to Arts Umbrella.

With a gift in your will, it is important to ensure your gift will be directed as you wish, and using the wording below will be helpful in providing a clear understanding of your intent.
If you already have a current (less than 5 years) will in place and there have been no significant changes in your life, then it may not be necessary to rewrite your will. It may be as simple as having your lawyer add an additional clause (known as a codicil) to your will.
Using the sample language below may greatly assist your lawyer in drafting the codicil or will on your behalf.

Sample Bequest Clause – undesignated gift

“I give and bequeath to the “Arts Umbrella Association” (Arts Umbrella), Charitable Registration Number: 11885 2300 RR0001, the sum of $___________________________ dollars to support the areas of greatest need.”

“I give and bequeath to the “Arts Umbrella Association” (Arts Umbrella), Charitable Registration Number: 11885 2300 RR0001, ____% of the residual of my estate to support the areas of greatest need.”

Arts Umbrella is able to receive gifts in kind in the form of real estate or artwork. Each in kind donation will be carefully considered by Arts Umbrella prior to acceptance to ensure that it meets our donation policy guidelines. A charitable tax receipt will be issued to the donor for the fair market value of the property at time of transfer.

If you are considering a gift of real estate or artwork, please contact Kate Galicz, Senior Director, Development at 604-681-5285 or kgalicz@artsumbrella.ca to discuss your intentions. Heather will be pleased to work with you to facilitate your gift.

What do I need to know before I consider a gift of artwork or real estate?

• Independent appraisal:
  If you are considering a gift of real estate, you will be responsible for obtaining an independent valuation of the property as well as an independent environmental site assessment to determine possible contamination, (i.e., leaking underground storage tanks) or other restrictions (i.e., wetlands).
• Gifts of artwork over $1,000, will be required to be accompanied by a professional independent valuation.