Types of Gifts
For those considering making a charitable gift, it’s useful to know that the ways to donate are virtually limitless. The following are the most common types of gifts accepted by the Comox Valley Community Foundation:
Making a gift of cash is a simple way to make a donation to a Community Foundation fund. This type of gift can include cheques, money orders, and online credit card payments, which can also be set up as pre-authorized regular contributions. These gifts qualify for maximum charitable benefit under federal law.
Publicly Traded Securities
Donating appreciated securities to the Community Foundation allows you to eliminate capital gains tax and receive an immediate tax receipt for the market value of the securities. We use the Vancouver Foundation to accept securities on our behalf as they are our Investment Manager. For more information on donating securities, please click here
A Gift in Your Will
A gift in a will (often called a charitable bequest) may specify a certain sum of money, a particular asset, or a portion of an estate, to be donated to the Comox Valley Community Foundation. You may specify that a gift in your will be used to establish a new fund in your name or be added to any existing fund.
Over the years, the Foundation has accepted many bequests.. The Foundation can provide suggested wording for a will, which should be reviewed with a professional advisor. Donors of bequests can receive a substantial reduction in federal gift and estate taxes.
The Community Foundation may be designated as the beneficiary of a life insurance policy. A tax receipt will be issued upon receipt of the proceeds of the policy at the time of death.
The Foundation may also be assigned ownership of a life insurance policy during a donor’s lifetime. A tax receipt will be issued for the cash surrender value of a policy at the time of donation. The payment of annual premiums is also a gift that generates an official receipt for income tax purposes.
RRSP / RRIF
An individual can donate all or a portion of an RRSP or RRIF during their lifetime with no tax consequences. The Foundation may also be made a beneficiary of the RRSP or RRIF, which the Foundation will receive upon an individual’s death.
Year-end Donation Deadlines
Gifts by Cheque
If you wish to receive a same-year tax receipt, please ensure that your cheque is mailed (and postmarked) no later than December 31. Please make cheques payable to the Comox Valley Community Foundation, specifying the name of the fund in the memo field.
Gifts by Credit Card (via Internet)
Make online gifts before midnight (PST) on December 31.
Gifts of Securities
When making gifts of publicly-listed securities, we recommend having your broker file all forms with the Vancouver Foundation by December 19* in order to ensure that final ownership of the securities is transferred to the Comox Valley Community Foundation by December 31. Please also complete and send us the Direction to Gift Shares form by the same date.
For more information on these or any other giving options, please our office at 250-338-8444.