PLANNED GIVING
Over the last several years Planned Giving has become a very popular method of donating to the charity of your choice. Planned Giving is when a charitable gift is made in such a way that you maximize the tax and estate planning benefits. The gift may be a one-time donation, a series of payments over a set period or ongoing support. There are many Planned Giving options donors can use to support the Saskatchewan Sports Hall of Fame and Museum (SSHFM). Consultation with our Planned Giving Committee and your own financial advisors will determine which method is the best choice for each individual donor.
The most common forms of donations include:
Wills and Bequests
Life Insurance
Gifts in Kind
RRSPs/RRIFs
Assets can be donated to the SSHFM through any of these methods. Gifts to the SSHFM receive charitable receipts for income tax purposes.
1. Wills and Bequests
Probably the easiest way for donors to assist the SSHFM in its mission to recognize sport excellence, preserve sport history and education the public on the contribution of sport to Saskatchewan’s cultural fabric is a bequest in their Will. The donor retains full control of the gifted asset for the duration of life and can make changes at any time.
2. Life Insurance
A gift by way of life insurance can be a very appealing method of charitable giving. Small installments today by donors will result in a substantial gift for the SSHFM in the future. Gifts through life insurance do not affect the donor’s estate and taxes and probate do not apply to such gifts. The ownership of an existing policy can be transferred to the SSHFM or a new policy can be purchased designating the SSHFM as the owner and beneficiary. Charitable tax credits are available for the full amount of the premiums paid each year.
3. Gifts in Kind
Donations in a form other than cash can also be given to the SSHFM. Gifts of this nature include stocks, bonds, art, collections, real estate, farmland and other tangible property and are called gifts in kind. Gifts in kind may be made during your life, as a bequest in a Will or in the form of a Trust.
4. RRSPs/RRIFs
Another tax effective method of making a significant contribution is to donate RRSPs and RRIFs to the SSHFM. This can be done through a bequest in your Will. In this way, the tax payable on the retirement savings due at death will be offset by the benefits of the charitable receipt and the amount available for other beneficiaries is not decreased.
The Saskatchewan Sports Hall of Fame and Museum can utilize donations in many different ways and donors can choose where they would like to direct their donation. The Hall of Fame is aware of the importance and sensitivity of appropriately recognizing its supporters. Accordingly, we are currently establishing guidelines for such recognition purposes.
Anyone interested in receiving additional information please contact Dianna Waffle directly at (306) 535-5607 or Sheila Kelly at the SSHFM at (306) 780-9233.