1. What are the three kinds of gifts I can give to Wycliffe?
2. What sort of assets can I use to make a gift?
3. What donation receipt will I receive for my gift?
4. Can Wycliffe serve as the executor of my estate?
5. I want to purchase a new life insurance policy, name Wycliffe as beneficiary, but retain ownership of the policy. Can I obtain a donation receipt for the premium payments I make?
6. I'd like to donate a car. How is my donation receipt determined?
7. I'm interested in establishing a charitable gift annuity. How will my payments be secured?

1. What are the three kinds of gifts I can give to Wycliffe?
Generally speaking, during your lifetime you can make an outright gift of cash, securities or other property (e.g., real estate, gifts of artwork and collectibles).

Upon your death you can make a gift through your will or with a distribution from a retirement plan or life insurance policy.

You also have the option of making a gift that returns lifetime income to you, your spouse, or other individuals, through a charitable gift annuity, or a charitable remainder trust.

2. What sort of assets can I use to make a gift?
Almost anything: cash, listed securities, life insurance, the balance of your retirement account, a life insurance policy. Other assets, such as real estate, privately-owned shares, artwork and collectibles can be very valuable, but they are more complicated to administer and must be reviewed by us before we can accept them.

3. What donation receipt will I receive for my gift?
It depends on the form your gift takes:

• Outright gifts of cash to Wycliffe generate a donation receipt for the amount contributed. Outright gifts of appreciated listed securities result in a donation receipt for the full, fair market value, but you are not taxed on any of the capital gain—a great tax benefit!
• Gifts of real estate and tangible personal property like art, books and collectibles also result in a donation receipt for the full, fair market value as determined by an appraisal. With these gifts you are taxed on 50% of the capital gain, but your tax credit should always exceed the tax on the gain, producing net tax savings for you.
• Including a bequest to Wycliffe in your will does not result in a lifetime donation receipt. However, a donation receipt will be issued for the amount paid to Wycliffe at your death, resulting in tax savings on your final income tax return.
• Similarly, naming Wycliffe as beneficiary but not owner of a life insurance policy gives you no lifetime income tax benefits. The proceeds paid at your death do qualify for a donation receipt that can be taken into account on your final income tax return. If you make us irrevocable owner and beneficiary of a policy, however, you will receive donation receipts for the annual gifts you make to cover our premium payments, or for premiums you pay directly to the insurance company. A tax receipt can be issued for the cash value of the policy when we are given ownership of the policy (For more details see Question 5 below.)
• The donation receipt for a gift that returns benefits to you, such as a charitable gift annuity, a charitable remainder trust or a residual interest in real estate, will be a portion of the value of what you contribute.

4. Can Wycliffe serve as the executor of my estate?
In Canada, the only corporate entity that can act as an executor is a trust company. Thus, Wycliffe cannot act as an executor. It must be either an individual or a trust company.

5. I want to purchase a new life insurance policy, name Wycliffe as beneficiary, but retain ownership of the policy. Can I obtain a donation receipt for the premium payments I make?
No. The CRA would not consider that to be a "completed gift"—they'd say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. Wycliffe must be made the irrevocable owner of the policy for premium payments to qualify for a donation receipt. (If you transfer ownership of an existing policy to Wycliffe, you will receive a donation receipt for any cash value in the policy, as well as for subsequent premium payments you make.)

6. I'd like to donate a car. How is my donation receipt determined?
The donation receipt must be based on a qualified appraisal. In most cases, Wycliffe will instruct you to secure the appraisal. However, Wycliffe reserves the right to secure its own appraisal before issuing a donation receipt.

7. I'm interested in establishing a charitable gift annuity. How will my payments be secured?
Wycliffe will use a portion of your contribution to purchase an annuity from a highly-rated insurance company. The stipulated payments will be made to Wycliffe and then paid to you. We can also arrange for payments to be made directly to your account by the insurance company.