Below we will explore how you can assist your clients in generosity during their estate planning by naming GiveWise as a beneficiary in their will.
As a professional involved in estate planning, you play a crucial role in helping your clients navigate the complexities of planning their will and their legacy. One area where you can make a significant impact is in guiding your clients toward tax-saving charitable donations that will also benefit their estate, giving them comfort that charities and causes they care about will continue to receive their support even after they have passed on. GiveWise facilitates these important legacy gifts through a Giving Fund, greatly reducing the burden on executors and remaining family members.
GiveWise Foundation Canada is a reputable charitable organization that facilitates tax-efficient giving in Canada. By partnering with GiveWise Foundation Canada, individuals and corporations can make strategic donations to registered charities, maximizing their tax benefits while supporting meaningful causes.
A GiveWise Giving Fund is like a charitable bank account, and it only takes five minutes to set one up. From inside their Giving Fund, a donor can easily add funds and donate them to any registered Canadian charity, just like one would make deposits and pay bills from their online bank account. Donors can even set up recurring transactions into and out of their Giving Fund. We have an explainer video here.
1. Organizing and Facilitating with a Bequest to GiveWise:
The clients’ post-mortem charitable gifts can be represented and deployed with a single worksheet that is filled out inter-vivos and held on file with GiveWise.
The will only needs to name a marketable asset, cash amount, or percentage from the estate to be donated to GiveWise, and GiveWise takes it from there, without any further work by the executor or family members.
In the Bequest Instructions held with GiveWise, the client can name one or more successor advisors (family and/or loved ones), multiple charities, lump sum or recurring amounts, and timelines. By naming and utilizing GiveWise, there is only one tax receipt to keep track of instead of multiple, and one point of connection for the executor.
2. Access to Tax Advantages:
As an estate planner, it is important to ensure that your clients understand the potential tax advantages of charitable giving through post-mortem bequests.
By utilizing a GiveWise Giving Fund, a client’s estate can receive enhanced tax benefits, including tax deductions, donation tax credits, and the potential elimination of capital gains tax on donated appreciated securities.
3. Encouraging In-Kind Donations:
GiveWise Foundation Canada offers a unique advantage by accepting in-kind donations, such as securities, mutual funds, and real estate.
By donating appreciated securities directly to GiveWise Foundation Canada, estates can avoid paying capital gains tax while still receiving a charitable tax receipt for the fair market value of the donation.
4. Ensuring Compliance and Reporting:
As an estate planning professional, it is essential to stay up to date with the ever-changing tax regulations and requirements.
GiveWise Foundation Canada maintains a rigorous compliance process, ensuring that all donations meet the necessary legal and reporting obligations.
GiveWise’s policies and guidelines take the burden from you and the estate, ensuring full charitable compliance.
5. Leveraging Networking Opportunities:
Consider engaging with the Canadian Association of Gift Planners (CAGP) and with local Estate Planning Councils.
Attending events, workshops, and seminars organized by these organizations can enhance your expertise in charitable giving and keep you informed about emerging trends and best practices.
Many of these events offer continuing education credits for financial professionals.
By proactively incorporating generosity through GiveWise Foundation Canada into your estate planning discussions, you can empower your clients to make a difference while maximizing their tax savings in the present, future, and beyond their lifetime. Many studies show that these conversations create lasting generational relationships between financial professionals and their clients.
Allow GiveWise Foundation Canada to educate your clients about the advantages of partnering with the foundation and guide them in developing strategic donation plans, all while ensuring compliance with tax regulations.
Together, we can make a meaningful impact on causes that matter, while optimizing your clients' generosity during their lives and beyond.
Dan Kyte Director of Finance and Investments Email: dan.kyte@givewise.ca Phone: 604.615.2141
As a Notary or Attorney who offers estate planning to your clients, you are in a unique and special position to help ensure their legacy and generosity wishes are properly represented in their will.
Your clients may want to leave gifts to multiple charities in their will. This results in multiple points of contact for the executor/administrator and multiple tax receipts. This process becomes much simpler yet more flexible by utilizing GiveWise Foundation’s Bequest services instead.
The client names "GiveWise Foundation charitable registration #701032526" as a beneficiary in the will and sets forth the type of asset(s), amount, or percentage of the overall estate.
The client completes a GiveWise Bequest Instructions worksheet and files a copy with GiveWise.
GiveWise acts as the single point of contact regarding charitable gifts, issues a single tax receipt, and facilitates the gifts to as many charities as the client wishes.
Names as many charities as they wish.
Names one or more Successor Donor Advisor(s) if they wish.
Sets out amounts to each charity.
Sets the timing (immediate lump sum or recurring).
Can choose any combination of charity, amount, and timing.
The assets are donated, GiveWise issues the single tax receipt, and facilitates all of the gifts to the charities, according to the client’s wishes, without the executor or family members needing to be involved.
If a family member has been named a Successor Advisor of the Fund, GiveWise will contact that family member.
Maximum flexibility and legal simplicity for the client to have their charitable wishes extend beyond their lifetime.
Simplicity for the legal professionals and the executor.
GiveWise ensures all donations are disbursed per the outlined schedule in a fully compliant manner with no burden on the charities.
GiveWise Foundation Canada makes it simple to leave a legacy through our Bequest Instructions. This document outlines how donors can name GiveWise as a beneficiary in their will, ensuring that their generosity continues to make an impact while simplifying the process for their executor and family members.
Name GiveWise in Your Will:
Specify "GiveWise Foundation Canada" as a beneficiary in your will.
Include an instruction for your executor to contact upon your passing.
Complete the Bequest Instructions Worksheet:
Indicate whether funds should be added to an existing Giving Fund or if a new Giving Fund should be created.
Provide details about the executor or administrator, successor advisors, and fund disposition preferences.
Submit the Completed Form:
Email the signed and completed form to .
Additional pages are available if you need to list more successors or charities.
Flexibility: Allocate funds to multiple charities, name successor advisors, and set timelines for fund distribution.
Simplification: Minimize the administrative burden on executors and family members by consolidating charitable gifts into one point of contact.
Tax Efficiency: Ensure compliance with Canadian tax regulations while maximizing the impact of your legacy gifts.
If you have questions or need assistance with completing the Bequest Instructions, please contact:
Dan Kyte Director of Finance and Investments Email: Phone: 604.615.2141
Dan Kyte Director of Finance and Investments Email: Phone: 604.615.2141
A gift of a life insurance policy to charity can be a valuable gift planning option for donors if they desire to make a significant future donation.
Timing of Donation vs. Timing of Receipt
Donating the ownership of the life insurance policy to GiveWise immediately
Policy Holder (Donor) receives an immediate tax receipt and gets receipted as the donor covers future premiums.
Retaining ownership of the policy and naming GiveWise as the beneficiary of the policy
Policy Holder (Donor) receives a tax receipt at policy maturity, or the estate receives a tax receipt upon the donor’s passing.
This gift planning option works best if the Policy Holder requires a donation receipt immediately.
Ownership Transfer:
Policy holder irrevocably transfers the ownership of an existing life insurance policy to a charity.
Policy holder receives a donation receipt for the fair value (FV) of the policy on the date of the ownership transfer.
An actuarial assessment may determine if a donation receipt in excess of the Cash Surrender Value (CSV) could be issued.
Premium Payments:
If ongoing premiums are required, GiveWise, as the owner, is responsible for payments.
If the Policy Holder chooses to continue making premium payments, they receive a donation receipt for those payments.
Policy Maturity:
When the policy matures, proceeds are paid directly to GiveWise.
No additional donation receipt is issued to the donor’s estate for these proceeds.
GiveWise distributes proceeds to named charities as instructed by the original Policy Holder.
Policy holder will realize taxable income for the difference between the Adjusted Cost Base (ACB) and the Cash Surrender Value (CSV).
If the policy has a Fair Value exceeding the CSV, the donation receipt will be issued for the FV.
Excess donation receipt amounts can offset other taxable income.
Face Value: $1,600,000
Cash Surrender Value: $300,000
Fair Value: $1,300,000
Adjusted Cost Base: $150,000
Annual Premium: $2,500
Janice donates the policy to GiveWise and continues paying the premiums:
Receives a donation receipt for $1,300,000 (FV of the policy).
Receives donation receipts for future premium payments.
Incur taxable income of $150,000 (CSV - ACB).
Has $1,150,000 in excess donation receipts to offset other taxable income.
This gift planning option works best if the Policy Holder needs a donation receipt in their estate rather than during their lifetime.
Beneficiary Designation:
Policy holder names GiveWise as the beneficiary while retaining ownership of the policy.
Policy holder can divide the policy among multiple charities using GiveWise’s Life Insurance Bequest Dispersal Worksheet.
Policy Maturity:
Upon maturity, life insurance proceeds are paid to GiveWise.
A donation receipt is issued for the proceeds, benefiting the estate.
GiveWise grants proceeds to named charities per the Policy Holder’s instructions.
The estate receives a charitable receipt to help offset taxes owing.
Life insurance proceeds paid directly to GiveWise:
Avoid probate and estate administration fees.
Funds are distributed quickly through GiveWise’s granting process.
Proceeds are protected from estate creditors.
If you need further assistance or have questions about the many benefits that a GiveWise Giving Fund offers, please contact:
Dan Kyte Director of Finance and Investments Email: dan.kyte@givewise.ca Phone: 604.615.2141