Fundraisers

Planned gifts – also referred to as legacy gifts - are generally deferred gifts that come from accumulated assets.  They are most often received on the death of a donor, but not always.  Many are larger gifts than the donor would normally make through their annual giving.  

A choice to leave this type of gift is not a spur of the moment decision.  Donors make a commitment after careful consideration.  This may include:

• The legacy they wish to leave of the importance of faith in their lives
• Discernment as to charities or causes that have positively impacted them or their loved ones
• Belief in the importance of the mission of the charity, and their trust it willuse their generosity in the fulfillment of that mission
• Prayer and consultation with family.

Gifts can come in the form of bequests in Wills, life insurance policies, endowment funds, publicly traded securities, real estate and other assets.  Most are deferred gifts, but a few can be outright donations, where the donor is able to witness their legacy in action.  What they all have in common is a goal of seeing the good works of the Star of the North Retreat House continue for future generations.

The Star of the North Retreat House was established by the Oblates of Mary Immaculate in 1953.  Your support through a planned gift will help insure that both the programs and services offered by the Star of the North and the legacy of the Oblates remain an important part of our community and its history.

There are two types of bequests.  The first is one that is made for a specific amount.  It would look somewhat like this:  “I direct that $5,000 be given to the Star of the North Retreat House”.  The second leaves a percentage of the residue of the estate as part of a Will: “ I leave 25% of my estate to the Star of the North Retreat House”. 

With specific bequests, the Star of the North might receive the gift as soon as the Executor has determined that adequate funds remain to look after any expenses to the estate, such as taxes and unpaid bills.  When the bequest is in the form of a percentage of the estate, it can take longer for the Star of the North to receive their share, as all bills have to be paid and the estate fully settled before the final disbursement is made.  Either way, the Star of the North benefits and is grateful for your support.

Has the Star of the North Retreat House had a positive impact on you or one of your loved ones?  By leaving a bequest in your Will, you will help insure the future of the Star is secure for generations to come.

For further information on bequests in Wills and other methods of planned giving, please contact Lucie Leduc, Executive Director, at (780) 459-5511.

Life Insurance policies are a great way to support the mission of the Star of the North Retreat House, as they provide an opportunity for the donor to make a larger gift than they would normally make.  Life insurance policies are separate and apart from one’s estate, and thus are not subject to taxes and probate fees.  The Star receives the proceeds directly and quickly on the death of the donor.  

Life insurance policies can be donated in a few different ways, and there are tax benefits associated with each.   

A donor will take out a new policy naming the Star of the North Retreat House as the irrevocable owner.  In that case, a tax receipt is issued for the annual premiums paid each year.  
Sometimes a person donates an existing policy that they no longer need, making the Star of the North the irrevocable owner and beneficiary.  An example would be a situation where they took it out when they had a young family, but the children are now adults, so the need no longer exists.  They would receive a tax receipt for the cash surrender value at that time, and for any annual premiums paid in the future.  
Should the benefactor donate a paid up policy making the Star of the North the owner in an irrevocable arrangement, a tax receipt is issued for the cash surrender value at the time it is donated.   
If the Star as named as beneficiary only, but not owner of the policy, the donor does not receive any tax advantages during their lifetime.  When they pass away, a tax receipt is issued to the estate for the full amount of the money received by the Star from the policy.
Benefactors who are members of the Knights of Columbus may be eligible to arrange for a policy through their insurance arm, which operates as a not-for-profit agency.  They encourage members to take out policies favoring charities.  

What a great way to support the “life” of the Star of the North Retreat House!

If you wish to donate a life insurance policy, or learn more about them, please contact Lucie Leduc, Executive Director, at (780) 459-5511.

Endowment funds provide stable, long term funding for the Star of the North Retreat House both at the time the gift is made, and for generations to come.  They can be outright gifts, deferred gifts received on the death of the donor, or both.  Support for the Star comes from interest/income earned on the fund.

Donations may be added to an existing endowment fund, such as those in support of operations or programming.  Alternatively, the donor may establish a named endowment fund.  With this type of fund, a minimum amount of $10,000 is needed, as each fund must be maintained separately, and an endowment agreement put in place.  The benefactor does not need to donate the entire amount initially, but may make annual donations of $1,000 or more per year up for a period of up to 10 years.  The endowment can be set up with the initial contribution and the donor’s verbal assurance of their intention to see it completed. 

In keeping with Canada Revenue Agency requirements, endowment funds must be invested for a minimum of 10 years.  Often with legacy gifts, however, the donor may direct that the fund be maintained in perpetuity.  This would be specified in the agreement, along with the purpose of the fund.  

If you want further information or wish to set up an endowment fund, please contact Lucie Leduc, Executive Director, at (780) 459-5511.

Endowment funds can be set up through your Will.  If that is the option you choose, please contact Lucie Leduc so you can be confident that:  

The Star of the North is able to fulfill the purpose of the funds for which you wish them used
An endowment agreement can be set up in advance to insure your wishes in establishing the fund are clear.
The Star of the North Retreat House was established by the Oblates of Mary Immaculate in 1953.  Your gift of endowed funds will help secure the programs and services offered by the Star will continue for generations to come.

There are two advantages to donating publicly traded securities to The Star of the North Retreat House. First, you help secure the financial stability of this great institution for future generations, and second, you may realize some great tax advantages.

When one cashes in publicly traded securities, 50 percent of the capital gain is taxable on the first $250,000. However, should you directly transfer them to the agent for The Star of the North, you receive a tax receipt for their full market value at the time of transfer.  In effect, you are cancelling out the taxes on the capital gains with a charitable tax deduction. 

Here is an example of how a donation of shares might work to benefit you. Say you have shares worth $10,000.  Of that, $2,000 is capital gains. You would be required to pay taxes on 50% of that capital gain or $1,000.  At a 40 percent tax rate, you would pay the Canada Revenue Agency $400. However, if you were to donate the $10,000 in securities by transferring them directly to the agent for the Star of the North, you would receive a charitable tax receipt for $10,000. Of that, you would receive approximately half back, or roughly $5,000, in the form of charitable tax credits, thereby eliminating the capital gains tax. Instead of paying $400, you would receive $5,000 back, and would have the satisfaction of knowing they are making a difference in our community.   It is truly a win-win situation for both you and the Star.[1]

Publicly traded securities can be donated now, or through one’s estate plans.

For further information on donating publicly traded securities, please contact Lucie Leduc, Executive Director, at (780) 459-5511. 

[1] Please note the example above would change on donations over $250,000, in that capital gains over that amount are now taxed at 66.67 percent.

RRSPs, RRIFs and TFSAs can provide tremendous support for the sustainability of the Star of the North Retreat House and its work in our community.  They are a fairly straight forward type of gift when the Star is named as the beneficiary.  With RRSPs and RRIFs, the proceeds may not come until the estate is settled, as there would be taxes due.  TFSAs can come quickly, however, as no taxes are payable. 

Other types of assets a donor may consider donating are real estate and land, works of art and other assets.  Tax receipts are generally issued for the fair market (appraised) value, but each must be examined individually, as they are not straight forward and no two are the same. 

If you wish to make a donation of one of these assets, please contact Lucie Leduc, Executive Director, at (780) 459-5511.