Leaving a Legacy: Planned Giving Opportunities
The Canadian Music Centre’s services are made possible through the generosity and commitment of people like you. A planned gift helps ensure the future of these services. For instance, the Canadian Music Centre continues to promote composer’s music for 50 years after their death. Legacy gifts help us to do this.
There are many options available for those who wish to leave a legacy. Planned giving requires considerable forethought and planning. We strongly encourage anyone contemplating a planned gift to discuss their wishes and intentions with their family, and with legal and financial advisors. As a part of your long-term financial planning, a planned gift can offer you substantial tax and estate planning benefits and allow you to make a larger and more lasting gift to the Canadian Music Centre. It can be a gift the Canadian Music Centre receives now, or in the future. It’s a way for you to be a key Canadian Music Centre supporter while continuing to meet your personal financial goals.
Among the options are:
Gifts of Cash – An outright gift of cash is the simplest method of giving. When you make a cash gift, you receive an immediate charitable receipt for the amount of your gift.
Gifts of Securites – The federal government eliminated the capital gains tax on charitable gifts of publicly-listed securities donated to public charities. These changes allow you to make a major gift to the Canadian Music Centre at a relatively low cost to you. Stocks, bonds, and other investments can be good long-term investments, but they become a form of taxable income when converted to cash. This new provision offers opportunities to realize very significant benefits, and you are able to make a donation without affecting your day-to-day financial requirements. You receive an immediate charitable receipt for the market value of the investment on transfer.
Bequests – Make a gift of cash or property by including the Canadian Music Centre as a beneficiary in your will. It’s one of the simplest planned giving options to arrange and it can significantly reduce the tax paid by your estate. If you want your estate to be handled according to your wishes, you should have a will. Without a will, a public trustee decides on the distribution of your possessions.
Life Insurance – You can make a larger gift than you might expect possible by naming the Canadian Music Centre as the owner and beneficiary of a new or existing life insurance policy. The premiums you pay qualify for a tax credit. When you transfer ownership of an existing policy to the Canadian Music Centre, you receive a tax credit for the cash surrender value. A gift of life insurance is separate from your estate and has no effect on its assets. You can speak to your own insurance agent about this option or we can provide the name of a company with experience in this area.
Set up a Commissioning Project – You can make a gift to the Canadian Music Centre so that a Canadian composer is commissioned to write a new piece of music on a regular basis, determined based on the amount of the contribution. You may be eligible for a naming opportunity and can make payments in a variety of ways.
Annuities – You can make an arrangement in which you can transfer a lump sum to the Canadian Music Centre in exchange for fixed, guaranteed payments for life.
Charitable Remainder Trusts – Your gift of cash or other property is used to establish a trust. You receive the income from the trust, according to the terms set out when it is established, and a receipt for the remainder. The Canadian Music Centre receives whatever remains in the trust after your death.
Gifts of Property – A gift-in-kind is a gift of property such as real estate or securities, jewelry or collectibles. After independent appraisals or sale, the Canadian Music Centre will issue you a tax receipt. In some cases, you can receive tax benefits and continue to use the gift during your lifetime.
Pledged Gift – Your pledged gift over three to five years can be fulfilled on an annual, semi-annual, quarterly or monthly basis. You may be eligible for a naming opportunity and can make your payments in a variety of ways.
Monthly Giving – You may wish to consider giving regularly as a part of the Canadian Music Centre’s monthly giving group. You determine how much you are comfortable giving every month and authorize the Canadian Music Centre e to automatically charge your Visa or MasterCard. It’s easy and effective, and you can change the amount or cancel any time.
Musical Works and Royalties – As an Associate Composer of the Canadian Music Centre you may wish to consider ensuring the legacy of your music by making a bequest of your musical works and the related royalties to the Centre.
This could include all or some of the following:
Assign all ownership and musical copyright for musical works and publications.
Assign all royalties received from musical works and publications.
Transfer and assign all performing rights and royalties collected by performing rights organizations (performances, broadcasts and radio play) such as SOCAN.
When musical works are published by other publishers, where they may hold copyright in whole or part, assign all ownership and copyright to the Canadian Music Centre when the agreement terminates or when the publisher is sold or wound up.
Bequeath all sound recordings, for which rights are held, to the Canadian Music Centre.
Assign all royalties that would be due from digital and physical recordings of musical works, if the rights holder of the recording, to the Canadian Music Centre.
Give full permission to the Canadian Music Centre to negotiate mechanical rights for all musical works and publications.
For further information about planned giving or other personal giving options, please contact:
Glenn Hodgins, Executive Director at 416 961 6601 ext 301 or firstname.lastname@example.org
Christopher Minnes, Director of Development at 416 961 6601 ext 105 or email@example.com
Caroline Hughey, Director of Finance and Administration at 416 961 6601 ext 208 or firstname.lastname@example.org
This information is not intended as specific legal, tax or financial advice.