How To Donate
You can help us “Make a World of Difference” in the lives of many deserving recipients and even save lives, with a donation to the Ontario Credit Union Charitable Foundation. The Foundation was formed to benefit and build communities throughout Ontario and is designed to enable good deeds by funding charitable initiatives both in Ontario and internationally in partnership with credit unions, affiliated cooperatives and suppliers.
The following are various options for donating to the Foundation:
1. Individual Life Time Membership $500 one time donation.
2. Individual Membership $50 annual donation.
3. Corporate Membership $200 annual donation.
4. Annual donation as part of your organization’s community support.
5. *NEW* Monthly automated donations using your major credit card.
6. Sponsorship of our annual membership meeting, silent auction and/or golf tournament.
car wash or golf tournament.
7. Directors may donate all or a portion of their board honorarium.
8. Donate your presentation and speaking fees to the Foundation.
9. Employee Payroll deduction like many staff of Ontario Central and DICO.
10.Credit Unions can now donate through our annual assessment program which is
based on credit union size.
**Coming soon - donate to the Foundation through Electronic Funds Transfer (EFT) using your bank account!
The Benefits of Planned Legacy Giving
The gift that keeps on giving! How would you like to have a living legacy to yourself, your family, your credit union, cooperative or other organization?
Benefits of planned legacy giving:
- You may personally gain valuable credits on your final estate income tax return.
- You or your company may make a significant contribution to a cause you support.
- You can establish a memorial fund in the name of a loved one or credit union founding member.
- You can ensure that your gift continues after you have passed on.
- You provide a truly meaningful memory of you or your company.
Options of planned legacy giving:
- Bequests in a Will
Name the Ontario Credit Union Charitable Foundation as the direct beneficiary of specific assets, a portion of your estate, or the residue of your estate. The only cost to set up the gift is the cost for the revision or preparation of your Will. Planned today, a bequest is not realized by the Foundation until you have passed on, meaning that your assets are still available to you today if needed, and that your gift does not affect your current standard of living. Your gift is also tax-effective; when your estate files your terminal tax return, it may claim charitable donations in the year of death and, if unused donations remain, the preceding year, equal to 100% of your net income in that year, rather than the usual 75%. Should you wish to have sample wording for your will you may call the Foundation or speak to your legal advisor about drafting or revising your will.
You can name the Ontario Credit Union Charitable Foundation as owner and beneficiary, or as beneficiary only, of a new or existing life insurance policy. The need for protection of your family may have passed which may give you the opportunity to make a significant gift without reducing the value of your estate for your heirs. If the Foundation is both owner and also beneficiary of the policy, your modest premium payments for the policy qualify for charitable donation receipts annually; if you donate an exisiting policy, you will receive a charitable donation receipt for the cash surrender value of that policy at the time of your donation. If you wish to retain ownership of, and therefore control over, the policy, the tax relief instead comes in the year of your death, when your estate will receive a donation receipt for the amount of the proceeds of the policy when those proceeds are paid to the Foundation; remember that, when your estate files your terminal tax return, it may claim charitable donations in the year of death and, if usused donations remain, the preceding year, equal to 100% of your net income in that year, rather than the usual 75%. Life insurance proceeds, where there is a designated beneficiary of the insurance, are also not subject to probate taxes. Please consult your life insurance agent and all other pertinent advisors.
- Retirement Benefits
The Foundation can also be designated as the beneficiary of your registered retirement savings plan or registered retirement income fund, permitting a substantial future gift without diminishing your assets today; you also retain the flexibility to change the beneficiary designation at any time, as circumstances dictate. The process is easy, requiring only the signing of a form provided by the trustee of your registered plan which accomplishes the change in the beneficiary designation. Your estate would remain responsible for satisfying the income tax liability arising from the collapse of the registered plan on your death, but would receive a charitable donation receipt for the amount of the proceeds of the registered plan when the Foundation receives those proceeds; remember that, when your estate files your terminal tax return, it may claim charitable donations in the year of death and, if unused donations remain, the preceding year, equal to 100% of your net income in that year, rather than the usual 75%. The proceeds of registered plans, when there is a designated beneficiary of the plan, are also not subject to probate taxes. Please consult your legal and financial advisors when making any change to your estate plan.
- The Gift of Publicly Traded Securities (the least expensive way to give)
You can give publicly-traded securities to the Foundation and not be subject to capital gains tax on the appreciation in the value of those securities while you owned them. You will also receive a charitable donation tax receipt for the fair market value of the securities, defined as the closing price of those securities on the date thay are received by the Foundation. If your donation exceeds the amount eligible for a tax credit in the year of the gift, the unused amount can be carried forward for up to five years. The transfer of securities can be made electronically from your investment account to the Foundation's securities account. The transfer can also be accomplished in a Will, which has the advantage of providing the charitable donation receipt to your estate; remember that, when your estate files your terminal tax return, it may claim charitable donations in the year of death and, if unused donations remain, the preceiding year, equal to 100% of your net income in that year, rather than the usual 75%. Please discuss this with your financial and/or tax advisors.
- Segregated Capital Fund
You, your family, Credit Union or organization can donate funds into a named Capital Fund which would earn interest at bank prime less 1%. According to the provisions of this Fund, you could direct that the interest be donated to the Foundation in support of our varied initiatives or to whichever cause you wish to support. Donations to this Fund qualify for a charitable donation receipt. (Click here for Private Capital Fund form). (Click here for Corporate Capital Fund form).
Segregated Community Investment Fund
You, your family, Credit Union or organization can deposit funds into this vehicle designated for any charity of your choice. Your deposit will earn interest at bank prime, less 1%. All of these funds would be allocated by you to whichever charities you select, usually in the year of your deposit. Donations to this Fund qualify for a charitable donation receipt. (Click here for Community Investment Fund form)
CORPORATE GIVING POLICIES
If you wish to design a customized corporate donations program, we have prepared a “Model Donations Policy” to assist you in developing a plan to suit your organization.
Find out how you or your company can work with the Ontario Credit Union Charitable Foundation by contacting our Executive Director, Tony Niessen, at 905-592-6000 or by e-mail: [email protected]