Different Types of Donations

By selecting the right type of donation, you can maximize your tax advantage and the estate planning benefits of your gift while helping SILT continue its vital role in conservation.

If you are considering a planned gift to SILT, we recommend that you seek professional legal and financial advice. SILT is at your service to offer assistance to you and your advisor to enhance the effectiveness of your gift.

Here is an outline of the various types of gifts you may wish to consider.

  • Making a monetary one-time or monthly gift is a simple and effective way to donate. All monetary gifts will receive a tax receipt for their full value. The gift may be used to commemorate someone dear to you. If requested, that person will be notified. Gifts to the United Way may also be directed to SILT.

  • Gifts of publicly listed securities (stocks, bonds or mutual funds) make an excellent gift to SILT. It can eliminate entirely the tax payable on capital gains. In addition, the donor receives a tax receipt for the full value of the donated securities.

  • A gift of life insurance, either new or existing, can provide a significant and affordable lifetime contribution to the work of SILT. The donor will receive a charitable tax receipt for the cash surrender value of the policy and further receipts on payment of subsequent premiums. This means your future gift may save you tax dollars today. Proceeds of a life insurance gift are immediately payable to SILT in cash upon death.

  • A charitable bequest is a gift of money or land made in the donor’s will. This method of assisting SILT in the preservation of Savary Island may reduce the taxes payable by the donor’s estate.

  • A residual interest gift is an arrangement where you irrevocably give land or personal property to SILT while retaining the right to use the property for life or a specified number of years. A similar arrangement is a charitable remainder trust. With both these types of gifts, the donor receives an immediate tax credit for the present value of SILT’s interest to be received in the future.

  • The immediate gifting of land to SILT is the most direct way of preserving a specific parcel of land on Savary Island. An appraisal is required to establish the present market value of the land. This becomes the amount of the tax receipt which you will receive. The full amount can be claimed against income in the year of the gift and any unused portion may be carried forward for up to five years. If your land is already developed at the time of gifting SILT will work with you to determine the future use of the land.

  • You may also make a gift of land to SILT under Environment Canada’s Ecological Gifts Program. The land must be certified as ecologically sensitive, as much of the land on Savary clearly is. Like gifts of publicly traded securities, donations of this type have the added advantage that any capital gains tax is eliminated (normally it is imposed on 50% of the capital gain). A charitable tax receipt is also provided for the full market value.

  • If the donor wishes to continue owning and using ecologically sensitive land a “partial interest” in the land may be transferred to SILTS by way of a conservation covenant, easement or servitude. This is a legal agreement that is registered on title and protects a property’s conservation value by permanently placing terms and conditions on its use as determined by the do- nor. For example, limits on the number and location of structures can be established. The value of the restriction be- comes the amount of the tax receipt.