Ways to Give
Giving makes a differenceThe size of the gift doesn’t matter. Lakeland College appreciates each gift, from the smallest monthly cash donation to multi-million dollar gifts.
- Your grandchild is a Rustler, and you contribute to our adopt an athlete program.
- You once received a scholarship and want to give others the same boost, and establish an award.
- You plan a bequest because you’re an alumnus and you believe in your school.
- Your business decides to sponsor an event.
- You donate a hail-damaged vehicle to the apprenticeship program.
A bequest is an easy gift to make.
How you make your bequest depends on the kind of gift you are giving. You’ll need help from your lawyer or estate planning advisor to choose the best method.
Typically real estate, personal property, business interests and cash are left via a will, a revocable trust or a simple codicil to your current will.
The bequest is transferred tax-free to Lakeland College after your death. Your estate receives a charitable tax receipt for the gift.
You can give a cash donation any time. It could be a one-time gift, or a monthly donation. How much and when is your choice.
You also choose where your gift goes. You can pick an area that means the most to you, or simply to the area of greatest need.
It’s simple to make a cash donation. Drop off or mail a one-time gift to our office, or Donate Online
If you are interested in a recurring gift, you can also start with the online system. You can choose to do an e-transfer, payroll deduction or credit card.
|Land and other capital property|
If you choose to give capital property, such as land, you need to be aware of all the tax rules related to depreciation, capital gains and fair market value.
Generally capital property is something you bought as an investment or to earn income. If sold, such property would result in a capital gain or loss for income tax purposes.
This includes but isn’t limited to:
Canada Revenue Agency will:
You have options based on the fair market value and actual cost base as well as if it was depreciable property.
For the best information about tax consequences, you should check the Canada Revenue Agency website, tax consultant and or chartered accountant.
Donating your life insurance to charity has two benefits:
You also have 3 options about how to use life insurance as a charitable donation. Before you make a decision, talk to a tax consultant or other qualified advisor. They’ll help you make the best decision for you.
Name Lakeland College as the beneficiary on your policy.
All the premiums you pay during your lifetime will be considered a gift and you’ll receive a charitable receipt for your annual premium payments.
If Lakeland College is your beneficiary, we’ll receive a lump sum gift. Your estate will receive a charitable tax receipt for that amount.
Donate an existing or new life insurance policy directly to a charity. In this case Lakeland College. Again, you’ll receive a charitable receipt for the annual premiums.
Donate certain assets to Lakeland College and use a life insurance policy to replace the value of the donated assets. This is known as wealth replacement. Even though you are making a sizable donation, your estate remains at the pre-gift value.
You’re eligible for a fair market value charitable receipt for the gift-in-kind. With those tax savings you can buy a life insurance policy for an equivalent value of the gift. Your heirs are then the beneficiaries of the life insurance policy.
The life insurance proceeds aren’t included in your estate and are payable tax free to your heirs.
Gifts-in-kind benefit both Lakeland College and you, the giver. We get the equipment or product, and you get a tax receipt.
Gifts-in-kind can be particularly important for Lakeland’s many student-led learning activities. Often specific equipment or technology is required.
Or a gift-in-kind could support a college event such as the President’s Gala or Feast on the Farm.
We accept such gifts respecting both your wishes and Lakeland’s values and needs. As a rule, unless we can effectively use the article in our operations or learning activities the gift-in-kind will be sold. If the gift is worth more than $1,000 it will be valued by an independent appraiser.
Before we can give you a charitable receipt we need some paperwork.
If it something brand new, we need either:
If the goods are used, we need an independent appraisal. If your gift’s fair market value is over $1,000 then there are more rules about who can do the appraisal.
If you want more details about the tax implications, check the Canada Revenue website about gifts-in-kind.
Donating life insurance to a charity can be an excellent way to transform affordable premium payments into a substantial future donation. There can also be tax saving benefits.
There are three ways you can use life insurance to donate to charity:
The proceeds of the policy will not be included in your estate for probate tax purposes and are payable tax free to your heirs as part of their inheritance. This option ensures that your estate is not diminished even though you are making a significant donation. It is always important to consult a qualified tax consultant or Chartered Accountant when deciding on the best strategy for managing your estate or your tax situation.
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Buying a ticket or participating at an event are both easy ways to support our students. You’ll get more than a tax receipt, you’ll get a meal, entertainment or a round of golf.
President’s Gala & Feast on the Farm
For tickets, to a be sponsor or to donate to the silent or live auction, please call Shantelle Berry at 780 871 5413 or email firstname.lastname@example.org
Rustler’s Golf Tournament – to enter yourself or a group, or to discuss sponsorship, please call Sheray Thomas at 780 871 5472 or email email@example.com
Many Lakeland programs are student-led leadership opportunities. These programs require equipment for hands on learning. Gifts-in-kind can support these students' education.
Your products could enrich a Lakeland program or support a college event. Such gifts-in-kind benefit Lakeland College as well as the giver. We get the product, you get a tax receipt.
We accept the gift while respecting you --donor’s wishes-- along with Lakeland College's values and needs. Unless Lakeland College can effectively use the article in its operations, as a rule, a gift-in-kind will be sold immediately following its receipt. Gifts estimated to be worth more than $1,000 will be valued by an independent qualified appraiser.
Before issuing a charitable tax receipt for a gift-in-kind, Lakeland College requires a copy of the following:
For new goods received:
For gifts with a fair market value exceeding $1,000 the appraiser should not be associated with either the donor or Lakeland College. The appraisal must be an estimate of the fair market value of the object as of the date of donation. Although the term “fair market value” is not defined in the Income Tax Act, the generally accepted meaning is the price the property would bring in an open market transaction between a willing buyer and a willing seller, acting independently of each other, and each having full knowledge of the facts.
Original appraisal documentation must be in place. The donor and two officers of Lakeland College must sign a Deed of Gift, irrevocably deeding the property to Lakeland College. For more information about the tax implications of a gift-in-kind, go to the Canada Revenue website.