Making a financial gift to Red River College is a meaningful way to aid us in achieving our objective of guiding students to success through education. Help us create a learning environment that is meaningful and productive. Together, we can help Red River College students build their own future on a solid foundation of knowledge, skills and qualifications.
Making a planned gift is a particularly special way for you to contribute to the College’s goals, as your decision today will have a longstanding impact. Your gift will make a difference to our students and, as a result, will have an effect on the larger community in which we all live and work.
Planned gifts have a variety of tax advantages; the details depend on the specifics of the gift. As you consider your planned gift to the College, it is important for you to reflect on your own needs in relation to tax relief. Your needs will dictate the nature and timing of your gift to the College.
Planned gifts are greatly appreciated, but they can be complicated to understand and set up. The information provided by the Development Office of Red River College Advancement does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. Red River College encourages you to seek professional legal, estate planning and financial advice before deciding on a course of action.
Gifts of Securities
Securities you hold today may be transferred over to Red River College as a gift. The transaction is completed with the assistance of your financial planner and the College’s broker. It’s a simple way to make a gift today that may grow substantially in value well into the future. To initiate the transferring of securities that are marketable or easily converted to liquid assets, please contact your financial advisor.
Your dream is to make a difference…a big difference to Red River College. A gift of life insurance is an ideal way to make a significant gift to the College, regardless of your current financial circumstances. The most straightforward way for you to give your gift of life insurance is to name the College as the beneficiary of policy. Upon your death, the College will receive the value of the policy, and your estate will claim the tax benefits.
Alternatively, by transferring ownership of the insurance policy to the College today, you receive a tax receipt to apply to your current year’s tax return. If you are still paying premiums on the policy, you also receive donation receipts for the value of those premiums. Either way, an insurance policy can transition a modest gift today into a significant future contribution.
The most common type of deferred gift is a charitable bequest described in your will. Outlining your wish to provide Red River College with a gift from your estate is an uncomplicated way to leave a legacy for the College. Should you wish to change the details of your bequest, it’s a simple matter between you and your lawyer. You are in control of all the details.
A bequest to the College can be established with a sentence or two in your new will or a codicil appended to your current will. Your bequest may specify a sum of money, shares or another specific asset. Your estate will be entitled to a donation receipt for the full value of the bequest, which may significantly reduce the tax payable on your final income tax return.
Charitable Remainder Trust
You can establish a Charitable Remainder Trust by placing money into an irrevocable trust and naming Red River College as your beneficiary. Over the course of your life or for a designated time period, you (or you and your spouse) receive income in the form of interest earned by the trust. If your trust holds stocks and bonds, you will receive the dividends and interest, minus administration or trustee fees. The trust is terminated on your death and the principal sum is forwarded to the College.
Once the trust is established, you receive a tax receipt for the approximate future value of the trust. The receipt you receive will depend on the amount of your gift, your age at the time of your donation, any other income beneficiaries (for example, your spouse) and the current discount rate. A Charitable Remainder Trust provides you with income and tax relief today, while ensuring a permanent legacy to the College and savings to your estate on your death.
An outright gift of cash is a straightforward and significant way to make a financial contribution to Red River College. Your gift can go to work immediately, meeting current needs or you may wish to make your gift an endowed gift. This means the College invests the entire capital sum and only the interest is used to fund initiatives for the purpose established at the time the endowed fund was initiated.
Endowed gifts are ideal vehicles through which to make a gift today that has long-term impact on the College and our students. You receive a receipt for the full amount of your gift today, giving you immediate tax savings. To discuss the establishment of a Named Donor Endowment in memory or in honour of a loved one or in your own name, please contact Red River College’s Development Office at 204.632.3031.