What is Planned Giving?
Planned Giving has many names: Estate Planning, Legacy Giving, or Gift by Will, to name a few. Whichever term you call it, it is a lasting statement of your generosity and passion for bowls. Planned Giving is an intentional strategy to leave money or assets to Bowls Canada Boulingrin (BCB) at a future date, typically after you have passed on. It’s an opportunity to demonstrate that you believe in the future of bowls in Canada and wish to see bowls continue to grow and prosper. View the brochure to learn more about Planned Giving.
Benefits of Leaving a Gift by Will
- Future gift that doesn’t cost you anything during your lifetime
- No extra out-of-pocket costs
- Effective method to reduce estate taxes on your final tax return
- You can feel good knowing you are leaving a legacy for future generations to enjoy a sport you loved!
A bequest : a gift you make through your will.
How does a bequest work?
In your will, you usually list what you would like to leave behind and to whom. You can choose to leave BCB a specific amount of money, or a percentage of the value of your total possessions. Although you plan for it now, BCB receives the gift only after you pass away. Charitable bequests can take many forms, such as cash, property, or securities (stocks, bonds, mutual funds, etc.).
Please let us know if you intend to include BCB in your Will by filling out this form.
- Specific/legacy bequest – an exact dollar amount, percentage, or particular asset (such as the stock of a specific company).
- Residual bequest – name BCB as the beneficiary of all, or a percentage of your estate after all debts, taxes, administrative expenses, and specific/legacy bequests have been paid.
- Contingent bequest – name BCB as an alternate beneficiary and only take effect if other beneficiaries pass away before you do
If you would like to include a bequest in your Will, here is some suggested wording you could use:
Suggested wording in your Will
You wish to leave a gift for a specific amount to BCB.
Specific dollar amount: “I give to Bowls Canada Boulingrin the sum of (state dollar amount).”
You wish to leave a portion of your estate to BCB after all debts and specific bequests are paid.
“I give to Bowls Canada Boulingrin all (or stated percentage) of the rest, residue and remainder of my estate.”
You wish to leave some or all of your estate to BCB only if other beneficiaries in your Will pass away before you do.
“If (indicate beneficiary name) does not survive me, then I give all the rest, residue, and remainder of my estate to Bowls Canada Boulingrin.”
**Your lawyer will likely need the following information to include in your Will:
Legal name: Bowls Canada Boulingrin
Address: 2451 Riverside Drive, Ottawa, Ontario, K1H 7X7
Phone number: 1-800-567-2695
Business Number: BN131262727RR0001
- Gift of retirement savings plans (RRSPs or RRIFs): a gift of your retirement plan savings can reduce the taxes on your estate and protect its value for your heirs.
- Gift of life insurance: a life insurance gift allows you to make a significant donation to BCB at a low cost while protecting the value of your estate.
- Name BCB as the beneficiary of a new or existing life insurance policy. Your estate will receive a tax receipt for the proceeds of the policy.
- Gift of property: refers to tangible assets such as real estate, special collections, works of art, etc. A gift of property may be kept by BCB or sold; the donation receipt is issued for the fair market value of the donated property as determined by appraisal.
NOTE: these gifts require BCB approval in advance of acceptance.
- Do I need a lawyer?
While it’s not mandatory to use a lawyer to make your will, we’d highly recommend it. If you mention to them that you would like to leave a gift to BCB, they should be able to set it up for you as part of the will-making process. They’ll likely need the following:
Legal name: Bowls Canada Boulingrin
- Can I leave my estate to my children/heirs and also leave a gift for BCB?
Yes, you can specify specific amounts or percentages to leave to different groups. To see what this could look like, try using this calculator at the bottom of the page.
- What is a Bequest?
A bequest is a gift left in your will.
- Is there a minimum amount I need to bequest?
No amount is too small – that being said, BCB must approve the gifts of physical property (we don’t have a ton of storage space for your old bowls!). You can view BCB’s Gift Acceptance Policy here.
- What will BCB do with my gift?
It depends on what area requires the most assistance – programs for clubs, resources for our provincial associations, tools for individual bowlers… the list goes on and on. Suffice to say, your gift will be put to use furthering the advancement of bowls here in Canada and securing a future of lawn bowling for future generations.
- What about taxes?
Taxes are tricky, and this may depend on where you live, your local tax regulations, and what type of asset you’re donating. You can learn more here, but it is likely best to consult with a tax expert. Typically, anything left as a gift to a charitable organization would reduce any amount of tax the estate would need to pay; leaving a bequest to BCB will likely reduce the tax owed on your final tax return, which results in more money left for your heirs and other bequests.
- Can I leave BCB my bowls, pins, personal memorabilia?
Any physical property must be approved before gifting it to BCB. Smaller items, such as personal bowls and pins are best gifted to your local bowls club; with limited office space, it is unlikely that BCB will be able to store or make use of such physical items.