Ways to Give

Canterbury Foundation asks you to consult your own legal and financial advisors when considering a gift to the Foundation. The explanations below are provided for your information.

Gifts of Cash

Gifts of “cash” are cash, cheque, money order, and credit card. Gifts of cash are made available for immediate use by Canterbury Foundation.

Bequests

A bequest is a provision in a will directing assets from an estate to Canterbury Foundation. Types of bequests that can be considered for acceptance include:

• A specific bequest provides a specific sum of money, stated percentage of an estate or specific property such as real estate or securities.

• A residual bequest leaves all or a portion of an estate, usually after providing for other beneficiaries.

• A contingency bequest provides that Canterbury Foundation receives all or a share an estate in the event of the prior death of certain other beneficiaries.

• A residual bequest subject to life interest applies when the donor chooses to have Canterbury Foundation receive the bequest following the death of certain other beneficiaries who have use of the assets in the estate for their lifetime.

Public & Private Securities

• A donation of public securities traded on a recognized stock exchange includes stocks, bonds, bills and mutual funds. The value of such a gift is determined by the value of trading on the date donated.

• Donors may contribute private securities. The value of the gift and resulting charitable tax receipt will be determined by an independent valuation.

Life Insurance

• A donor may donate an existing policy by designating Canterbury Foundation as beneficiary and owner of the policy. Canterbury Foundation issues a charitable tax receipt for the policy’s cash surrender value, including accumulated dividends and interest. If the policy is not yet fully paid-up, the donor will receive tax receipts for any additional premium payments made after the policy is assigned. Upon the donor’s death, Canterbury Foundation receives the proceeds of the policy.

• A donor may donate a new policy that names Canterbury Foundation as owner and beneficiary. The donor will receive charitable tax receipts for the amount of each annual premium. Upon the donor’s death, Canterbury Foundation receives the proceeds of the policy.

• Donors may choose to direct the insurance proceeds from an existing or new policy to their estate and to name Canterbury Foundation as the beneficiary of those proceeds in their will. The donor’s estate would receive a charitable tax receipt for the proceeds of the policy.

• Life insurance policies owned by the donor and naming Canterbury Foundation as beneficiary or secondary beneficiary are not eligible for a charitable tax receipt for the premium amount.

Charitable Trusts

Irrevocable charitable trust arrangements include:

• A remainder trust that pays the donor income from the assets (real estate, securities, cash) for life or for a number of years, and then distributes the principal to Canterbury Foundation.

• A donor contributing a residual trust donates an asset (for example, a personal residence, work of art, investment property) today, but retains the use of it during the donor’s lifetime.

Both remainder and residual trusts are eligible for charitable tax receipts.

Charitable Gift Annuities

A gift annuity is an irrevocable transfer of money or other assets.

A portion of the principal is used to purchase an annuity from an insurance company. The cost of the annuity is based on the donor’s age and income requirements. The remainder of the principal is considered an outright gift used for the purpose specified by the donor. The annuity pays the donor a guaranteed income for a specific time or for the remainder of the donor’s life. Upon death, Canterbury Foundation receives any remaining guaranteed income from the annuity, unless the donor has specified otherwise.

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