One way to show your support for the Positive Living Society of BC is to make a bequest in your will.
Your will is more than a legal document. It can be one of the most powerful tools you have to help the fight against HIV/AIDS. Through a bequest in your will to the Positive Living Society of BC, you are supporting future generations. This is your legacy.
To find out more about making a bequest to Positive Living BC, please contact:
Zoran Stjepanovic, Director of Development
Leaving a legacy – how it works
When someone passes away, there is often a large amount of tax payable, due to such things as capital gains or RRSPs. In these circumstances, a bequest to Positive Living BC is a tax-deductible donation that would reduce the tax payable by your estate.
During our lifetimes we cannot use charitable donations to reduce our net income to zero. However, when we pass away, charitable donations can be used to reduce our final net income to zero and a tax credit for excess donations can be carried back one year resulting in additional tax savings. This is not only a gift to the organization you name in your will, it also significantly reduces the stress and expense for your trustee who will administer your estate.
Your tax preparer or accountant can also provide more information on how this could benefit you and your loved one.
Here are some ways you can leave a lasting legacy and help to secure Positive Living BC’s future without compromising or making vulnerable your current financial status:
- You can leave a bequest of a specific amount to Positive Living BC in your will and leave the residue of your estate to your partner, other family members or friends.
- If your partner is your primary concern you can leave your estate to your partner while designating Positive Living BC as the beneficiary in the event your partner predeceases you.
- You can combine both options above.
- You can name Positive Living BC as a beneficiary of your RRSP or RRIF. Your estate will receive a charitable tax receipt for the value of the proceeds Positive Living BC receives, which will reduce any tax payable by your estate.
- You can name Positive Living BC as the beneficiary of your life insurance policy. This way, you may be eligible for an immediate tax credit.
How to ensure it’s legal
It is important to use Positive Living BC’s legal name when making a bequest in your will, or naming Positive Living BC as a beneficiary of your RRSP or life insurance policy. Our official name is: Positive Living Society of British Columbia.
Here is some suggested wording you can use as a guide:
“I give to the Positive Living Society of British Columbia (803 East Hastings Street, Vancouver BC V6A 1R8) the sum of $____ (or % share of my estate) to be used for its general purposes.”
The easiest and least expensive way to include a charitable gift is to add a codicil to your will. You may want to do this and have it witnessed, then add to your official will.
You should always seek advice from a lawyer or notary when preparing a will or codicil and from a chartered accountant for advice regarding income tax. The information on this website is general and should not be relied upon as a substitute for professional advice.