Other Ways to Donate to the Crusaders Rugby Club Charitable Fund
Gifts of Cash, Cheque or Money Order
Donors may give any amount to the Canadian Rugby Foundation. Donations made of cash, cheque or money order provide the quickest benefit to the Foundation. These donations can be a one-time amount, spread out over a few years, or an annual donation.
The easiest way to make a continual gift is by signing up for our monthly automatic withdrawal plan (below). It costs nothing to use and is ideal for those who wish to make smaller, monthly, contributions of $25 per month or more. It is easy to set up and use, and requires nothing from the donor past the initial set-up forms.
Donations of $25,000.00 or more entitle the donor to become a voting member of the Foundation. These donations can be pledged over three years and can be donated by groups however, only one person can vote for the group as a member of the Foundation.
Gifts may be donated from corporations, foundations, and private donors.
Tax receipts for this form of donation will be written at the end of the calendar year for the total amount donated. The receipt will permit donors to obtain a tax credit to a limit of 75% of their net income. Donations that exceed the 75% threshold can be carried over and used anytime in the next five years. Donation receipts can also be saved for up to five years and can then be used all at once. Receipts will be issued for the face value of the donation. Corporate donors will obtain a tax deduction.
Please download the Canadian Rugby Foundation information form to ensure that the information of tax purposes is correctly recorded.
Cheques, cash or money order may be given (with the information form) to any Board Member
An easy and effective way to contribute to the fund of your choice through the Canadian Rugby Foundation is by signing up for our automatic withdrawal service (also known as PAP/D, or pre-authorized payment/donation). It allows you, the donor, to donate funds directly from your bank account on a monthly basis. Donors can make contributions from any financial institution across Canada from a savings, chequing or even a business account. The donation amount is withdrawn from the donor’s account on the 16th of every month (should the 16th fall on a weekend or business holiday, it will be removed the next business day).
Automatic withdrawal services can be used to make donations of any amount of $25 a month or greater. Once the forms are filled out and submitted to the Canadian Rugby Foundation, along with a void cheque, the donor never needs to do anything again.
Tax receipts are issued at the end of each calendar year for the total of contributions made. If at any time the donor wishes to change the amount being donated, or even stop making donations through this method, he or she should please contact the Foundation directly. Written notice by mail or e-mail is required a minimum of two weeks before the withdrawal date.
Gifts of Appreciated Securities
There are significant tax savings for taxpayers who donate publicly listed securities. In the 2006 Federal Budget the taxable gain on gifted securities was removed completely. A receipt is given for the market value of the securities transferred (market value on date of transfer) to the Foundation.
Qualified Appreciating Securities
- Shares, bonds, warrants, and options listed on a prescribed stock exchange.
- Mutual fund shares/units and segregated fund units; (insurance).
- Prescribed debt obligations (such as certain government bonds).
The actual securities must be transferred to the Canadian Rugby Foundation. It is very important to note that the gift will not qualify for this favourable treatment if the securities are sold and the proceeds are then gifted to the Foundation.
Gifts of Life Insurance
Giving a life insurance policy is another way to maximize your contribution to the Canadian Rugby Foundation. It enables you to make a significant, lasting gift to rugby in Canada with minimal spending of current savings or income. A gift of life insurance is a type of deferred gift. This means the proceeds from a gift commitment made now will be realized by rugby in Canada sometime in the future. Donors often struggle between their desires to achieve philanthropic goals and their need to maintain their estates for their families. Giving a gift of life insurance can eliminate this conflict.
Advantages of Life Insurance
Giving a gift of life insurance allows you to make a larger donation to the Canadian Rugby Foundation than you would have thought you could afford. It has a relatively low cost and does not reduce the value of your estate for your heirs. Life insurance proceeds are paid directly to the Canadian Rugby Foundation and are not subject to probate and other estate fees. In addition, these policies can provide an annual tax credit or a tax credit in the year of death.
How you would like to structure your gift will depend on where you have the greatest need for tax relief. For example:
- You can opt to retain ownership of the life insurance policy and therefore the flexibility to change the beneficiary over time as your circumstances may require. If you choose this option, your estate will then receive the tax credit when the gift is realized.
- When the Canadian Rugby Foundation is both the owner and the beneficiary of a policy, the donor receives immediate tax savings through the deductibility of the premiums. In these instances, the gift is “irrevocable”, meaning it cannot be changed.
- Purchasing a New Policy.
When naming the Canadian Rugby Foundation as the “irrevocable” owner and beneficiary, you will receive an income tax receipt yearly for the full amount of the premiums paid. With increasing longevity, older persons can now purchase insurance at more affordable rates than have been possible in the past. Retired individuals who have some annual flexible income can support the Canadian Rugby Foundation without depleting their financial reserves or reducing the projected inheritances for family members. Further, greater leverage is possible when two donors, usually wife and husband, purchase a joint policy. These policies are available even when one spouse is not insurable. These are generally more economical than a policy only on the insurable spouse.
- Donating an existing policy.
By donating an existing policy that you no longer require, and name the Canadian Rugby Foundation as the “irrevocable” owner and beneficiary, you will receive a tax receipt for the net cash surrender value (less any outstanding policy loans) and any subsequent premiums paid. This policy can be sort of a hidden asset which is available to be used now for your philanthropic purposes.
Making the Canadian Rugby Foundation the beneficiary of a new or existing policy.
As was amended in the 2000 Federal Budget, a charitable donation tax credit will be available when a donor designates that the death benefit proceeds of his/her policy are paid directly to a charity. Therefore the estate will then receive a tax credit for the proceeds of the policy which can be applied to up to 100% of your net income for the year of death and the year prior. This tax credit is received when the gift is realized.
- Donating your life insurance policies from your employer or former employer to the Canadian Rugby Foundation.
You will not be able to change the ownership of this policy so you would make the Canadian Rugby Foundation the beneficiary of it. Similar to that described above, a donations tax credit will then be available when the death benefit proceeds from this policy are paid to the Canadian Rugby Foundation.
Life insurance proceeds are not subject to probate and they don’t reduce the value of other assets of an estate. The policy beneficiary designation is irrevocable so the donor’s intent is assured. This allows donors to make an extraordinary gift the Canadian Rugby Foundation at an extremely manageable cost.
Gifts of other Property or Residual Interest
Making gifts of property (other than cash) often involves some additional costs due to the need of obtaining necessary appraisals, legal and tax advice, as well as other expenses related to the transfer. We ask that donors discuss their proposed gifts with the staff of the Canadian Rugby Foundation before these costs are incurred. Please contact us for further details.
Gifts of Retirement Benefits
Naming the Canadian Rugby Foundation as a beneficiary of your registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) is another simple option.
It is quite easy to designate the Canadian Rugby Foundation as the beneficiary of ones RRSP or RRIF. It can be done at ones financial institution by requesting a name change on the beneficiary of the plan. It is as simple as changing the name on some forms and no trip to visit your lawyer is necessary though consulting ones lawyer is wise when making estate changes. For more information on giving gifts of retirement benefits, please contact us for further details.
Gifts Made Through Trusts
A Charitable Remainder Trust is a legal agreement that allows you to make an irrevocable gift to the Canadian Rugby Foundation now and continue to benefit from it throughout your lifetime. Further details are available on request.
About the Canadian Rugby Foundation
The Canadian Rugby Foundation is a Canadian Not-for-Profit Corporation incorporated under the Canada Corporations Act, registered with the Canada Revenue Agency as a public foundation. The Canadian Rugby Foundation is required by law to distribute a percentage of its assets annually.
The vision of the Foundation is evident in the Mission Statement, but it goes much deeper than just that. The Foundation has not only established an Unrestricted Fund which will assist, by providing grants, in the development of rugby across the country, but it has also developed the concept of creating funds across Canada to aid specific projects and areas such as clubs, schools, universities, regions and even scholarships.
By doing this, rugby will grow at all levels and in the end these funds will aid in the growth of the game at the grass-roots level in all major centres from Coast to Coast.
This idea would see things such as expanded mini-rugby programs and other major activities across the country to help develop the game at the grass-roots level and create more public awareness.
The Canadian Rugby Foundation takes pride in its success in keeping administrative expenses low. All directors are volunteers and they have no salaried employees. Their goal is to keep administrative expenses at approximately 1 percent of assets to ensure a healthy return to our donors.
For more information, please go to: www.canadianrugbyfoundation.ca/