Other Ways To Give
As well as a regular or one-time gift, or a bequest in your will, there are many ways to donate to St. James Cathedral. These include a gift of securities, a gift of property, a gift from your retirement plan (RRSP/RRIF), a gift from your Tax-Free Savings Account (TFSA), and a gift of life insurance.
All donations directly support the mission of the Cathedral, enabling us to continue our worship and ministry in the heart of Toronto. They may also offer significant tax benefits, so you should discuss with your financial advisor which type of gift is right for you.
A Gift of Securities
Donating publicly traded stocks, bonds, mutual funds or other securities allows you to claim back income tax and avoid paying capital gains tax – increasing your donation to the Cathedral and reducing your tax bill. To make a gift of securities, simply complete and submit this form. You will receive a tax receipt for the full appreciated value of the donation.
A Gift of Property
You can choose to give property to the Cathedral, including real estate, jewellery, antiques, art, and other personal property. A charitable tax receipt will be given for the fair market value at the time of the transfer (determined if necessary by an independent evaluation). This can offset capital gains tax payable on the assets (as applicable).
A Gift from your Retirement Plan
Retirement plans are among the most heavily taxed assets of your estate. However, by naming St. James Cathedral as a beneficiary of your plan, you can retain ownership and use of the fund during your lifetime, then minimise probate fees, reduce your overall estate taxes, and (by naming more than one beneficiary) still provide for your family.
To make a gift, request a Change In Beneficiary form from your plan provider and name The Cathedral of St. James as beneficiary of all or a portion of the RRSP or RRIF. You don’t need to tell us about your intentions, but we would be delighted to thank you if you do.
A Gift from your Tax-Free Savings Account
You can reduce probate fees for your estate (or your spouse’s estate) by naming St. James Cathedral as a beneficiary of your Tax-Free Savings Account (TFSA). You can name the Cathedral as the primary beneficiary, or if you have already designated a loved one as the primary beneficiary, you can name the Cathedral as a contingent beneficiary. Simply ask your plan provider to make the change. You don’t need to tell us about your intentions, but we would be delighted to thank you if you do.
A Gift of Life Insurance
Donating life insurance to St. James Cathedral turns small payments into a significant gift. You can name St. James Cathedral as a beneficiary of your policy, in which case your estate will receive a charitable tax receipt for the policy’s proceeds. You can also transfer ownership of the policy to the Cathedral, receiving a tax receipt for the fair market value of the policy as well as for any ongoing premium payments. To make a gift of life insurance, contact our Director of Operations and Finance and your insurance provider.