A bequest is a gift made through a donor’s last will and testament. The vast majority of planned gifts made to all charities in Canada come in the form of bequests.
- Life insurance
A life insurance policy – either existing or a new plan purchased specifically for the purpose – may be used to make a charitable gift. Donors can choose from two options: naming the church as beneficiary of the policy; or naming the church as owner and beneficiary. These two options have different income tax consequences.
- Retirement assets
A donor may name the church as the beneficiary of a Registered Retirement Income Plan (RRSP) or Registered Retirement Income Fund (RRIF). Because of the special tax status of these plans, donors are urged to seek out detailed information from qualified professional advisors before making the decision to name the church as beneficiary of a registered plan.
- Gift of securities
Special provisions in the Income Tax Act eliminate the income tax on capital gains when securities are transferred to a charity “In kind”. ELFEC will accept such transfers for gifts contributed to an existing or new endowment fund. We will also act as a transfer agent, facilitating gifts to Lutheran churches and organizations that are not equipped to accept donations of securities.
- Gift annuity
A gift annuity is the combination of a charitable gift with an insurance product that pays a guaranteed annual income for as long as the annuitant is living. The Evangelical Lutheran Church in Canada (ELCIC) issues the agreement because public foundations are not allowed by law to do so. The ELCIC uses an insurance broker to find highly-rated companies that offer the best annuity rates to donors. This gift is best suited to individuals and couples in their retirement years.
Lutheran beneficiaries may be willing to accept other types of gifts, not listed above. For further information, please contact Lutheran Planned Giving.