ࡱ> hfi#` bjbj A0b%8@\$0"z0|0|0|0|0|0|0$2h5z000 dz0 z0 r<+T<, i vp+z0000+66<,<,&6b/ q00 X0D DD  Growing As Gods Stewards An Invitation To Legacy Giving Gifts of Residual Interest Anglican Diocese of Ottawa  Discovering the Spirit of Mission: Living the Year of the Lords Favour (Luke 4:19) Gifts of Residual Interest Its like having your cake and eating it, too! You have the satisfaction of making a major gift to the Diocese of Ottawa now and receiving an immediate tax benefit, yet you continue to use and enjoy the gift property for the rest of your life! Its known as a gift of residual interest with retained life use, and it usually involves your principal residence, other personal use real estate, such as a cottage or other personal use property such as works of art. In making such a gift, you transfer the property irrevocably to the Diocese of Ottawa but retain its lifetime use. If you wish, the arrangement can include use of property for your spouses life. When the transfer is made, you will receive a donation receipt for the present value of the residual interestthe value, in todays dollars, of the property the Church will receive at your death. This is calculated on the basis of the propertys appraised value, your age, and an appropriate discount rate. Giving your personal residence You love the old house, but it's simply too big for your present needs. If you move to smaller quarters and donate the house to fund your trust, you will recognize no capital gain whatever, no matter how much it has appreciated in value. The trustee will sell the house and invest the full proceeds to earn new income for you, and at your death or the expiration of your trust, General Synod of The Anglican Church of Canada will receive a significant and very welcome gift. Elise C., age 72, owns a home valued at $200,000. She wants to continue living in it for many years to come, but she would like the Diocese of Ottawa to have it at the end of her life. She decides to give the home to the Diocese of Ottawa , retaining a life interest for herself. She receives a donation receipt for $85,421 which, assuming a 48-percent combined tax credit, will reduce her income taxes by $41,002 over the next five years. (The portion of the donation receipt that she may claim in any given year is limited to 75 percent of her income, but she has the gift year and five additional years to use the full amount.) Because Elises house is her principal residence, she realizes no taxable gain at the time of the transfer, no matter how much its value has increased since she acquired it. During her continued occupancy, she will be responsible for maintenance and such other expenses as are specified in her gift agreement with the Diocese. If it becomes necessary for her to give up the house sometime before her death, she has several options. She may rent the house and retain the rental income, give her life interest to the Diocese and receive an additional donation receipt, or, by agreement with the Diocese, sell the house and receive a share of the proceeds based on the value of her life interest. Giving other types of real estate While a residual interest in a personal residence can be an appropriate gift, other property you own and use may also be a likely candidate. In this case, you will be taxed on 50 percent of the capital gain attributable to the residual interest, but the tax savings from the donation receipt will always more than offset the tax on the gain. Harvey M., age 73, has a cottage on a lake a few hours from his home in Ottawa. He bought the cottage many years ago for $40,000, and it is now worth $100,000. Hes reluctant to sell it, both because he still uses it frequently and because the sale would result in a taxable gain of $30,000 (50 percent of $60,000). By transferring it to the Diocese of Ottawa with a retained life interest, only 50 percent of the gain attributable to the residual interest will be taxed. In Mr. Ms case, the $53,608 donation receipt he receives for the overall value of the residual interest will more than offset the taxable gain of $16,082. When you give property that has appreciated in value, the amount of the donation receipt creditable in any one year is 100 percent of the taxable gain in the gift, plus 75 percent of your other income. This assures that you will always realize net tax savings, no matter how much the property has appreciated. Note: With real estate held solely for investment purposes, it generally makes more sense to contribute the residual interest by means of a charitable remainder trust. I would like more information on the following: -----Gifts of outright cash -----Gifts of appreciated properties -----Gifts of publicly traded securities -----Charitable bequest -----Gift of life insurance -----Charitable Gift Annuity -----Gift of Residual Interest -----Charitable Remainder Trust -----Gift of a Stripped Bond We would very much like to know if you have already arranged for a future gift to your Parish, the Diocese of Ottawa or the Anglican Church of Canada in order that we may recognize you as one of our Legacy Partners Name____________________________ Address__________________________ City____________________________ Province________Postal Code_______ Email address____________________ Phone__________________________ You may include this with your Sunday envelope or mail to: The Reverend Richard G. Vroom, Diocese of Ottawa Gift Planning Consultant, 71 Bronson Avenue Ottawa, Ontario, K1R 8G6 You may also contact Richard directly: Email:  HYPERLINK "mailto:richard-vroom@ottawa.anglican.ca" richard-vroom@ottawa.anglican.ca Voicemail: 613-233-6271 ext 239 (office) 613-884-1215 (cell)     PAGE  PAGE 4 .89;<=Yt߼{n^UH?hRX-5CJaJhRX-5CJOJQJaJhRX-5OJQJh"[hRX-5CJOJQJaJhRX-5CJOJQJaJjh~[hRX-OJQJUhRX-OJQJhNhRX-5CJOJQJaJhy5CJOJQJaJhRX-5CJOJQJaJh{bhRX-OJQJh7CJ$OJQJaJ$hL)CJ$OJQJaJ$h{bhRX-CJ$OJQJaJ$hRX-hRX-5CJ(OJQJaJ( +<=XYtu GgdtngdtngdygdygdRX- gdRX- $ a$gdRX-b Fv ! 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