Managing God’s Resources
Everything that we have belongs to God. He has called us to be faithful “managers in trust” of the abundance that he has blessed us with. For all Canadians, being faithful stewards includes “estate planning”, or making plans for the faithful and orderly disposal of one’s estate upon death. In the following information, we would like to present you with a number of options to carefully plan for the faithful use of what God has given you. You will read about ways to leave “A Living Legacy” by impacting the Kingdom with your estate after your passing, as well as ways to direct “Gifts Beyond Cash” (stocks, securities, etc.) during your lifetime. Each of these ways to give may have significant tax advantages for you and your loved ones. Please prayerfully consider how you might partner with Word & Deed as you faithfully manage what God has given you.
Word & Deed highly recommends that you consult with legal and financial advisors while making decisions about the gifts described here.
Charitable Bequests
A charitable bequest allows you to name Word & Deed as a beneficiary under your will. You could specify a designated amount or a percentage of your estate in your will. Another approach is to add a child named “Charity” to your will, designate the inheritance for that “child” and then list the charities you plan to support in a document separate from your will. This allows for you to make changes to the list of charities benefiting from your legacy without going through the trouble of changing your will.
Upon receipt of the gift, Word & Deed will provide the estate with a tax receipt in the amount of the gift which can then be used to offset tax liabilities that accrue on death.
If you are interested in making a bequest to Word & Deed in your will, here is the wording you could use:
I hereby give to: Word & Deed Ministries Canada Inc., charitable registration number 891200941RR0001 [a specified amount] OR [a specified percentage] of the residue of my estate, to be used in fulfillment of its proper purpose. If at the time of distribution, the organization named in this my Will to receive a bequest has amalgamated with another organization or organizations or has changed its name or location of its work, this said bequest shall not fail but my Trustees shall in their sole discretion pay the same to the organization they deem to be the successor organization.
Gifts of RRSPs and RIFs
RRSPs are handy vehicles that, during your lifetime, allow you to manage your taxable income in any given year. However, upon death, they can become a problematic tax liability. For example, if one does not have a spouse to transfer an RRSP or RIF to, the funds within the RRSPs or RIFs become fully taxable in the year of one’s death.
In light of these circumstances, the ITA now permits donors to name a charity as a beneficiary of their RRSPs and RIFs. In this scenario, the proceeds of the RRSPs and RIFs are paid directly to the charity on death.
Upon receipt of the gift, the Word & Deed will issue a tax receipt for the value of the RRSPs and RIFs to the estate of the donor. The taxes payable by the estate for the disposition of the RRSPs and RIFs on death is then eliminated as a result of the charitable receipt received.
Gifts of Life Insurance
You can name Word & Deed as a beneficiary of your life insurance policy. When you pass away, the proceeds of the policy are paid to Word & Deed and issues a charitable receipt for the funds received to your estate. Donors often consider this form of gift where they are likely to accrue a large tax liability on death, to offset the taxes payable.
Gifts of Appreciated Securities
It has been a great joy to feel the Lord’s presence at work and in the lives of the children we serve. Your prayers and support have been our strength and encouragement.
“We can only say thanks, because without a doubt, the Family Protection Team arrived at the right time. We felt listened to, understood, and above all we were able to recognize that God is the basis of our home. With Him restoration becomes complete and we can be a happy family.”
“Word & Deed took the initiative to work out a very important project that would place theology books in the hands of pastors across Latin America… I wish to congratulate Word & Deed for their sensitivity to such fundamental needs in the church of Latin America. Good theology will produce healthy churches. We need to always work on the foundations. On behalf of CLIR, we look forward to continued cooperation in the future.”
Dear friends at Word & Deed, I want to thank you for all your love and kindness. Thank you for allowing me to attend the after-school program. Because I go there, I can learn about the Lord. I have learned to trust him, to have faith in his promises, and that he will never leave me alone. Blessings!
“In school, I have been taught the Word of God, which is very important to my life and that of my family. I feel happy because the teachers at La Palabra treat me very well.”
“Praise God for what He is doing to expand Christian education and the opportunity to witness for Christ among the Muslims in Indonesia. We pray that He will continue to use us as a tool to bring more people to Christ and to grow his church in this nation.”
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