Charitable Giving

Total 80 Posts

Donations of Existing Life Insurance Policies

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In 2008, Canada Revenue Agency changed the valuation rules for donations of existing life insurance policies to registered charities. Previously, policy donations were receipted for cash surrender value, which many policies don’t contain. Now, policy donations are receipted for the appraised fair market value (FMV), which may exist regardless of the existence of cash or equity in the policy. What have we learned about these gifts so far? 1. Supply….

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Charitable Giving, Estate Planning, Philanthropy/Charitable Giving

Wine – How Liquid is it Really?

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In last months’ Canadian Lawyer Magazine, Warren Porter, owner of Iron Gate Private Wine Management, wrote about wine as a liquid asset. When a wine collector dies, teh collection can be very valuable, and if the collection is not specifically dealt with in the Will, the issue becomes: how does an estate trustee realize this value for the beneficiaries?….

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Charitable Giving, Estate Administration, Executors, Interest, Property, Wills

Charitable donations made through a will

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In many cases, a deceased person will include charitable bequests in their will. The executor(s) of the estate may not, however, be in a position to honour the bequest in a timely fashion due to the lack of available estate funds on hand. In not all cases will this action (or inaction) frustrate the completion of the final personal tax return…..

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Canada Revenue Agency, Charitable Giving, Estate Planning, Trustee, Wills
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