Make a Gift

 Bequests

 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.

 Cash

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 donation system. You can choose to do an e-transfer, payroll deduction or credit card.

 Event support

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. An event to remember.

Feast on the Farm
For tickets, to a be sponsor or to donate to the silent or live auction, please call Leanne Wildeman at 780 871 5401 or email leanne.wildeman@lakelandcollege.ca. 

Rustler’s Golf Tournament

To enter yourself or a group, or to discuss sponsorship, please call Sheray Thomas at 780 871 5472 or email sheray.thomas@lakelandcollege.ca.

 Gifts-in-kind

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 is something brand new, we need either:

• an itemized receipt of what you delivered

• an invoice from your company with the goods listed, but showing the invoice doesn’t require payment

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.

 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:

• land, buildings and equipment used in a business or rental operation

• cottages

• securities such as stocks, bonds and units of a mutual fund trust

Canada Revenue Agency will:

• consider that you disposed of the property at fair market value

• require you to report any capital gain the year you made the donation

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, a tax consultant and or chartered accountant.

 Life Insurance

Donating your life insurance to charity has two benefits:

• You can get a big bang for your buck. You can convert an inexpensive premium into an impressive amount.
• You can get tax savings.

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.

 Contact