Building your legacy through the ministries of the Anglican Church of Canada is an act of stewardship; a means to ensure that your commitment to good works continues well into the future. And there are so many ways to give. Besides wills, life insurance, and securities, you may also choose to donate a retirement fund. Or you may wish to use assets to complete an outright gift of cash or to establish an endowment in your name or that of a loved one.
A major gift
When you make an “outright gift” of cash or property to the ministries of the Anglican Church of Canada, it goes to work the moment it is given. Your gift provides vital support for the ministry of the Church. An outright gift gives you the satisfaction of seeing your gift at work and knowing that lives are being touched right now because you care about the work of the Anglican Church of Canada.
The Canada Revenue Agency’s (CRA) charitable donation tax credit means that your gift is worth more to the Church than its actual net cost to you. Each year a percentage of the value of your accumulated donation receipts —15 percent for the first $200 and 29 percent thereafter — can be subtracted from the federal income tax you owe. Your provincial taxes will also be reduced. Depending on your provincial rate, the combined tax savings could be as much as 50 percent of your contribution. You can claim eligible amounts of gifts to a limit of 75% of your net income.
In any one year, you may claim:
- donations made by December 31 of the applicable tax year;
- any unclaimed donations made in the previous five years; and
- any unclaimed donations made by your spouse or common law partner in the year or in the previous five years.
For donations made after March 20, 2013, qualifying first-time donors may receive an additional federal tax credit of 25% on the first $1,000 of monetary donations.
A cheque is considered to have been given on the day it was mailed, and a gift by credit card on the date the obligation was incurred.
To review your potential charitable tax credits for a gift, please use the Charitable donation tax credit calculator found here at CRA.
If you have more questions on Income Tax and Benefits, please review the CRA publication 5000-G General Income Tax and Benefit Guide 2014 – All Provinces Except Non-Residents
Endowments increase in value over time creating an enduring and vibrant legacy. You can establish your personal endowment fund with a one-time donation, a pledge over time, or through a bequest in your will. Your fund can be in your name, your family’s name, or you can honour a loved one.
Your named endowment fund can be established to support specific ministries or, you may allow us to use the funds where most needed. Endowment funds will be invested by The Anglican Church of Canada, and unless otherwise specified the investment income will be used to support our programs that are important to you, for generations to come.
A minimum of $50,000 is required to set up a named endowment fund, however, it is possible to establish the fund with a gift of $10,000 and pay the balance over the next five years.
Wondering what to give?
We understand the financial demands facing you today. The following proportionate gift guideline may help you make your pledge decision.
|Household Income||Amount Pledged||Approximate Tax Savings||Approximate After Tax Amount||Pledge Payment||Quarterly Equivalent||Monthly Equivalent||Weekly Equivalent|
|$25,000 to $35,000||1,500||690||810||300||75||25.00||5.77|
|$35,000 to $50,000||2,500||1,150||1,350||500||125||41.67||9.62|
|$50,000 to $75,000||5,000||2,300||2,700||1,000||250||83.33||19.23|
|$75,000 to $100,000||10,000||4,640||5,360||2,000||500||166.67||38.46|
|$100,000 to $150,000||15,000||6,960||8,040||3,000||750||250.00||57.69|
|$150,000 to $250,000||25,000||11,600||13,400||5,000||1,250||416.67||96.15|
All gifts are eligible for tax receipts. The indicated savings are guidelines only and will vary depending on individual circumstances. This guideline is based on the maximum credit available after the first $200 of donations. Please consult a professional tax advisor for more information.
There are numerous options for legacy gifts. We encourage you to consult with your legal and financial advisors to consider all the relevant issues and income tax provisions.
Brochures are available on the various ways to give a planned gift. For any of these brochures, or for advice on how to give, please contact Resources for Mission at 416-924-9192, 1-888-439-GIFT (4438) or [email protected].
Our legal name is “General Synod of the Anglican Church of Canada” and our charitable number is 10808 2835 RR0001.