Leave a legacy to Forward House
Forward House has received many requests to provide similar programs and services in Nanaimo, but with the high cost of real estate, this has not been an option for us. If you leave your home to Forward House in your will, your estate will receive a charitable tax credit and will reduce the estate tax payable.
There are two ways to donate life insurance.
The first is to assign Forward House as the beneficiary of the life insurance policy. In this case, the premiums paid on this policy are tax deductible, so every year you contribute to the policy, you receive a tax credit.
The second way is to give the life insurance policy to Forward House. In this case, the cash value of the policy becomes a tax credit, and Forward House becomes the owner of the policy. Forward House would maintain the premiums in this situation.
Security donations in kind provide Forward House with a donation, the donor with a tax receipt, and the donor with an exemption from capital gains tax. The growth of your investments would be taxable in any other circumstance other than an in-kind donation, so donating these securities to Forward House would give us the benefit of both the initial investment and the growth without the government imposing taxes.