Thank you for considering a legacy gift to ICFC. By planning a donation to ICFC, you can help ensure the conservation of nature for generations to come. Once you have accounted for the needs of your loved ones, you may also consider how a gift to ICFC fits into your estate planning.
You should consult with your lawyer or financial advisor to determine the gift options best suited to your personal circumstances. We would be happy to speak with you or your advisors about donating to ICFC. Some general information follows.
It is simple to name the International Conservation Fund of Canada as a beneficiary in your Will.
Below we have provided sample bequest language that you might discuss with your estate lawyer. It is important that you include our full legal name and charitable registration number in your will.
Our legal name is International Conservation Fund of Canada Inc.
Our charitable registration number is: 85247 8189 RR0001
Types of bequests you may consider:
General bequest: specifies that a certain sum of money, or a fixed percentage of the estate, or a particular asset such as shares, RRSP proceeds, life insurance proceeds, art, or real property be donated.
Residuary bequest: specifies all or a portion of the residue (left-over) of the estate be donated after other terms of the will have been satisfied.
Contingency bequest: specifies a portion of the estate be donated only if a named beneficiary does not survive you.
Sample bequest language:
"I give [a specific sum, or a particular asset, or the remainder of the residue of my estate] to the International Conservation Fund of Canada Inc., Charitable Registration # 85247 8189 RR0001, to be used for the long-term preservation of nature and biodiversity in the tropics and other priority areas, as the Board of Directors may determine. The receipt of the organization signed by an authorized signing officer shall be sufficient discharge to my Trustees."
If you have already prepared your will:
You can easily amend a will to make a gift without rewriting the entire document. Your lawyer can prepare a codicil, a simple amendment to add a new bequest to the International Conservation Fund of Canada while reaffirming the other terms of your will.
Tax benefits to your estate:
A donation receipt for the bequest may be issued by the charity to the estate for the year the gift is received. The donation can be used as credit against income in the year of death and the immediately preceding year, reducing tax payable by your estate.
Making a bequests to a specific project:
Designating your bequest to a specific project may be difficult because your bequest will pass to ICFC at an uncertain time in the future, and future conservation priorities and status of projects are difficult to predict. If you indicate a preference for one of ICFC's existing programs, we encourage you to include a clause giving ICFC power to direct the funds to a similar purpose if the named project no longer exists or no longer requires additional funds.
If you have a more specific interest, we encourage you to contact us before making the bequest, to ensure that ICFC will be able to carry out your wishes. If your bequest includes restrictive conditions, we encourage you to include a clause giving ICFC power to vary if the conditions cannot be met.
For large donations, you may want to contact ICFC about creating a separate named fund to support a particular conservation project or purpose.
You may consider a gift of the funds remaining in your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) as part of estate planning. Normally, these funds are included in your final year's taxable income, unless they are transferred to your spouse. You may reduce tax payable by your estate by designating the International Conservation Fund of Canada as a beneficiary of your RRSP or RRIF.
You may also consider making a donation through your life insurance policy as part of estate planning.
One option is to retain ownership of the policy and designate the International Conservation Fund of Canada as a beneficiary. In this case, a donation receipt will be issued for the amount of proceeds ultimately received by the International Conservation Fund of Canada, reducing the tax payable by your estate.
Another option is to transfer ownership of the policy to the International Conservation Fund of Canada, and name the International Conservation Fund of Canada Inc. as a beneficiary of the policy. You continue to pay premiums on the policy, and receive tax receipts for the amount of the premiums, enjoying potential tax benefits during your lifetime.
Note: Only general information is provided here; it is not legal or tax advice.
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