Other Ways to Give

The NBFA works with donors and their professional advisors to develop gifting strategies that are both personally rewarding and tax effective. Once a gift is made to and accepted by the NBFA, it is irrevocable, and cannot be refunded to the Donor under any circumstance. All accepted gifts are the exclusive property of the NBFA. The NBFA has the right to refuse any gift. Once a gift is accepted, a donor is entitled to a Tax Receipt for the eligible amount of the gift. Gifts to the NBFA generally qualify for an individual income tax credit or corporate tax deduction in the current tax year as a charitable donation made to a registered charity. For individuals, the maximum amount of charitable donations that may be claimed for credit in any one year is 75% of net income.

Capital Property

For donors wishing to transfer their residence to the NBFA now but keep the right to continue to use it for their lifetime, a tax receipt is issued for the value in today’s dollars.

Marketable Securities

A gift of marketable securities is particularly attractive to some donors. When publicly traded securities that have appreciated in value are given to a charity such as the NBFA, there is no tax on the capital gains. In contrast, if a donor sells publicly traded securities and gives the cash to a charity, 50% of the capital gain is taxable.

Life Insurance

A gift of life insurance is a means of making a significant gift, often at a modest cost.

There are various ways to make a gift using Life Insurance:

  1. life insurance policies where NBFA is made owner and beneficiary of policy, including existing policies with cash-surrender value;
  2. life insurance policies where NBFA is beneficiary of policy;
  3. annuity-backed insurance where NBFA is either owner/beneficiary of life insurance policy or just beneficiary;
  4. gift annuity arrangements that provide an outright gift to the NBFA and life income to the donor from an annuity;
  5. proceeds of deferred annuities.

It is important for donors to work with professional advisors to select the option that is most appropriate for their circumstances.

Retirement Funds

Donors may transform their tax liabilities into a charitable gift by naming the NBFA as the beneficiary of their RRSP. At the end of their lifetime the proceeds will be received by the NBFA and a tax receipt is issued to their estate. Similar provision is also available for a Registered Pension Plan.

Will

By naming NBFA as a beneficiary in a will, donors can create a lasting legacy to arts and culture in New Brunswick while obtaining significant tax savings to their estates.

Cash

For donors wishing to make gifts during their lifetime, a gift of cash is a simple and effective way to give. Donors receive immediate tax savings, and have the benefit of seeing their gifts at work. Cash donations must be in Canadian dollars and delivered by cheque or bank transfer.