Creating your legacy for the future of St. Margarets School

Your Legacy Options

Gift in Your Will(Bequest)
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Gifts of Stocksand Securities
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Gift ofRegistered Assets
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Gifts ofLife Insurance
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CharitableRemainder, Residualand Trusts
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Endowment Funds
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Our Advancement team is committed to finding the most advantageous option for each donor, however, we recommend you also consult with your financial planner and/or legal counsel. Want to learn more? Contact Barbara Sutton, Director of External Relations, 250.479.7171 ext 2122 or bsutton@stmarg.ca

Why Make a Legacy Gift To St. Margaret’s?

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Want to learn more?
Contact Barbara Sutton, Director of External Relations, 250.479.7171 ext 2122 or bsutton@stmarg.ca

Making a Gift in Your Will (Bequest)

What is a Bequest Gift?
A charitable gift in your will is a meaningful way to support St. Margaret’s School (SMS). A charitable legacy gift, also called a charitable bequest, is a direction in your will that instructs your Executor(s)/Trustee(s) to leave one or more of your assets to a charity or charities. Leaving a gift in your will is easy and can help ensure your loved ones are cared for, your estate is protected and the gift you wish to make to SMS is protected.

The 1908 Society Completing a Legacy Giving Commitment Form will let us know of your decision to create a legacy gift and provides you an opportunity to join The 1908 Society. The Society celebrates the year of our founding and honours members of our community who choose to make provisions for a legacy gift to St. Margaret’s School.

Benefits to You Convenient – a Legacy gift in the will can be made no matter how old you are and can be for any amount you choose.

Simple – a Legacy gift in your will is easy to arrange. Simply contact your lawyer to include a bequest to St. Margaret’s School in your will.

Tax relief – A Legacy gift in the will is a highly effective way to reduce taxes in your estate.

Tax planning – St. Margaret’s School issues a charitable tax receipt for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year or forward as part of the Graduated Rate Estate plan.

Flexible – your bequest can be for a specific amount, a percentage of your estate or the residue of your estate – a gift after your debts have been paid and other bequests made.

Peace of Mind – you can make changes to your will at any time.

The easiest way to have the greatest impact in meeting SMS’s needs in the future is to make an unrestricted gift. However, if you wish to designate your gift for a specific use, we are happy to discuss that option with you. Please see our sample bequest language on reverse.

Professional advice
SMS strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed and that your legacy gift is tailored to your circumstances. SMS also recommends you consult your lawyer or estate planner regarding the specific wording of any bequest.


Specific, unrestricted
I give, devise and bequeath to St. Margaret’s School of 1080 Lucas Avenue, Victoria, BC, the sum of $___________to be used for any purpose(s) approved by the Board of Governors.

Specific, restricted with right to vary clause
I give, devise and bequeath to St. Margaret’s School of 1080 Lucas Avenue, Victoria, BC, the sum of $__________to be used for the following purpose(s) ______________________.
If St. Margaret’s School is unable to apply all or part of these funds for the specific purpose(s) staged herein, the balance of this bequest not so extended may be used for any purpose approved by the Board of Governors.

General % unrestricted
I give, devise, and bequeath to St. Margaret’s School of 1080 Lucas Avenue, Victoria, BC, ____% of the residue of my estate to be used for any purpose(s) approved by the Board of Governors.

General % restricted with right to vary clause
I give, devise and bequeath to St. Margaret’s School of 1080 Lucas Avenue, Victoria, BC ____% of my estate to be used for the following purpose(s) _______________.
If St. Margaret’s School is unable to apply all or part of these funds for the specific purpose(s) stated herein, the balance of this bequest not so extended may be used for any purpose(s) approved by the Board of Governors.

Residual contingent trust
Upon the death of my (wife, husband, etc.) ________ and my (son, daughter, etc.)________________, I direct my trustee to transfer and deliver the balance of the residue of my estate, including any undistributed income to St. Margaret’s School of 1080 Lucas Avenue, Victoria, BC to be used for any purpose(s) approved by the Board of Governors.

These are sample clauses only. Your lawyer or estate planner
should review any wording.


“have many fond memories. I have made a bequest to the School of three items in my Will, with the largest being a sum of money for a scholarship fund. This fund is for the continuing support (through to graduation) of a girl entering Senior School.”

Sharon Whittaker-Bleuler, SMS ‘57 and Member of the SMS 1908 Society

Gifts of Stocks and Securities

What is a gift of publicly traded securities?

A gift of publicly traded securities is an attractive option for many donors. When you transfer to St. Margaret’s School a gift of shares, bonds, bills, warrants, futures, or units of mutual funds listed on a prescribed public stock exchange, you will not pay tax on any capital gain. What’s more, because you also qualify for a charitable tax receipt based on the asset’s fair market value, the net cost of a gift of securities may be less than a gift of an equivalent amount of cash after selling your securities yourself. The process of gifting securities is simple. At your direction, your broker will electronically transfer your securities to St. Margaret’s School’s brokerage. The broker then sells the stock immediately after receiving the transfer. Based on the fair market value of the stock on the day it was donated, the School issues you or your estate a charitable tax receipt for 100 percent of the funds received minus the broker fees. SMS then directs the proceeds of the sale to whatever program or project you wish.

You may also wish to consider donating listed securities in your will instead of making a cash bequest. Due to the fact that capital gains will not be taxed in this case, your estate may realize considerable tax savings that may increase the amount going to other beneficiaries.

Benefits to You

  • Satisfaction — You have the satisfaction of knowing your legacy gift will support transformational education for young women.
  • Flexibility — The School can benefit from your gift now or in the future through a direction in your will.
  • Cost-effectiveness — You make a gift without depleting your current bank account.
  • Control — You choose the area of work you would like your gift to support.
  • Tax planning — You or your estate receive a tax receipt for the full fair market value of your gift.
  • Tax benefit — You or your estate avoids capital gains on any gift of publicly traded securities.

Gift of Registered Assets

What is a Gift of Life Beneficiary?

Making St. Margaret’s School the beneficiary of a life insurance policy, RRSP, RRIF, or TFSA allows you to create a legacy at SMS once your needs and those of your loved ones have been met. Donating all or part of an RRSP, RRIF or TFSA is an effective way to reduce the taxes payable by your estate.

If you die without a surviving spouse or qualifying dependents, the full remaining value of your RRSP or RRIF is added to your income in the year of death. Your estate must pay the taxes, which often create large tax liabilities for your estate. If your RRSP or RRIF has a registered charity as the direct beneficiary, your estate will receive a donation receipt for the entire value of the plan, offsetting any tax liability. A gift of the beneficiary of life insurance or a TFSA can add to the value of your estate with a charitable tax credit by reducing other taxes.

The 1908 Society

Completing a Legacy Giving Commitment Form will let us know of your decision to create a legacy gift and provides you an opportunity to join The 1908 Society. The Society celebrates the year of our founding and honours members of our community who choose to make provisions for a legacy gift to St. Margaret’s School.

Benefits to You

  • Control — You retain the use of the registered investment for the duration of your lifetime.
  • Simple — It’s easy to arrange. Simply ask your financial institution to change the beneficiary designation to St. Margaret’s School.
  • Flexible — The designation is revocable and can be changed if your circumstances alter.
  • Cost effective — There are no extra out-of-pocket costs.
  • Elimination of probate, legal, and executor fees — Your gift will not be subject to probate costs or delays in settlement. The full proceeds are payable upon your death.
  • Opportunity — An opportunity to make a significant gift.

How to

  • Name St. Margaret’s School as the direct beneficiary of your life insurance policy, RRSP, RRIF, or TFSA. Upon your death, the proceeds will be paid directly to the School without going through probate and delay.
  • Or, name your estate as the beneficiary and leave instructions in your will to donate all or part of these financial instruments to St. Margaret’s School. You may specify a percentage or a specific dollar amount to be donated if you wish. Note: Your trustee will withhold taxes, and probate will apply when choosing this option.
  • In both cases a charitable tax credit will be created for your estate, offsetting taxes and possibly enhancing the estate value for other beneficiaries. See the financial institution administering your life insurance policy, RRSP, RRIF, or TFSA to change the beneficiary.

Please seek expert advice

St. Margaret’s School strongly recommends that you seek professional insurance and legal advice to ensure that your financial goals are considered, that your tax situation is reviewed, and that your legacy gift is tailored to your circumstances. A financial or legal advisor should review in detail what plan best fits your needs. Before considering any, you should already have satisfied the needs of your family.


Ms. Pandora makes St. Margaret’s School the beneficiary of her RRIF when she dies. This leaves a legacy gift of $120,000 to the School. Here is what happens:

  • Ms. Pandora creates a future gift to have a meaningful impact on the school at the time when she no longer needs the money. Her estate receives an immediate tax credit of $120,000, offsetting other taxes of approximately $54,000 that can be distributed to heirs.

Gift of Life Insurance

What is a Gift of Life Beneficiary?

A gift of life insurance is a simple and easy way to support St. Margaret’s School. A life insurance policy enables you to make a significant gift for the future for a relatively small financial outlay today. Many donors would like to make a significant legacy contribution; however, they may choose not to use current financial resources. A life insurance gift, as either a new or existing policy, can be a creative way to make a gift that you didn’t think was possible.

The 1908 Society

Completing a Legacy Giving Commitment Form will let us know of your decision to create a legacy gift and provides you an opportunity to join The 1908 Society. The Society celebrates the year of our founding and honours members of our community who choose to make provisions for a legacy gift to St. Margaret’s School.

Benefits to You

  • Control — You retain the use of the registered investment for the duration of your lifetime.
  • Simple and convenient – The transaction is simple. Your life insurance specialist can advise you on the type of policy that would best fit your needs, custom-design your program, and carry through with the necessary paperwork.
  • Cost-effective – A way to make a larger gift than you might otherwise be able to, without depleting your current assets now or your estate later.
  • Save taxes today – With some arrangements, receive charitable tax receipts for the premiums paid or the cash value of the policy that you can use in your next tax return.
  • Eliminates probate, legal and executor fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to St. Margaret’s School at maturity or at your death.

How to

There are a number of easy ways to make a gift of life
insurance.

  1. You can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to St. Margaret’s School. This designation cannot be changed. A charitable tax receipt will be issued for the accumulated value of the policy at the time of transfer. Any continued premium payments also qualify for a charitable tax receipt. St. Margaret’s School strongly recommends that you discuss this matter with your insurance specialist before any transfer takes place.
  2. You can purchase a new life insurance policy in which St. Margaret’s School is named as the owner and beneficiary. You continue to pay the premiums and receive a charitable tax receipt for those payments. Again, this designation cannot be changed.

Please seek expert advice

St. Margaret’s School strongly recommends that you seek professional insurance and legal advice to ensure that your financial goals are considered, that your tax situation is reviewed, and that your legacy gift is tailored to your circumstances. A life insurance specialist should review in detail what plan best fits your needs. Before considering a legacy gift of life insurance, you should already have satisfied any need for life insurance for the protection of your family.


Ms. Blenkinsop has a $100,000 life insurance policy for which she still pays premiums of $2,000 a year. The policy also has $5,000 built-up cash value in the policy. She irrevocably transfers it to St. Margaret’s School. Here is what happens:

  • Ms. Blenkinsop creates a future gift for when she dies in the amount of $100,000, filling her with a sense of satisfaction and happiness knowing that her support will have a significant impact on the lives of so many future SMS students.
  • She receives an immediate tax credit of $5,000, giving her approximately $2,250 to $2,300 return for her current tax year.
  • She receives a tax credit every year that she continues to pay for the policy of $2,000, and she gets back approximately 45%.

Charitable Remainder, Residual and Trusts

What is a Charitable Remainder Trust?

A Charitable Remainder Trust (CRT) is a way of giving assets to St. Clement’s School through a trust agreement. A CRT can be established by contributing cash, bonds, stock securities, mutual funds, or real estate to a trustee who manages it and pays you the income earned for the rest of your life. You may choose a charitable remainder trust because you have an asset that you would eventually like to give to the School, but you choose to receive the income now until you are ready to reallocate your assets. When the trust is created, you receive an immediate tax receipt for a portion of the trust amount.

The 1908 Society

Completing a Legacy Giving Commitment Form will let us know of your decision to create a legacy gift and provides you an opportunity to join The 1908 Society. The Society celebrates the year of our founding and honours members of our community who choose to make provisions for a legacy gift to St. Margaret’s School.

Benefits to You

  • Tax advantages – A charitable tax receipt is issued upon transferring assets to a trust that names St. Margaret’s School as the capital (or residual) beneficiary. CRA has allowed a beneficial tax treatment of capital gains on these gifts.
  • Income – Your trust can provide you with a lifetime income.
  • Worry-free management – Your trust can be managed professionally, freeing you from daily investment decisions or market concerns.
  • Elimination of probate and estate fees – Your gift is not subject to probate fees and other estate costs.
  • Avoidance of will challenges – Trust assets are not considered part of your estate.
  • Control – You can manage the trust until death, at which point St. Margaret’s School will receive the “remainder” of the property in the trust.

How to

You receive a charitable tax receipt for the fair market value of the remainder interest, which is calculated by a Canada Revenue Agency formula that takes into account your life expectancy and the present value of the property being transferred into the trust. Valuations are required to determine a value of the remainder interest. The transfer of assets to the trust is irrevocable; caution must be taken to assess this somewhat complex financial arrangement. St. Margaret’s School strongly recommends that you discuss this matter with your insurance specialist before any transfer takes place.

Please seek expert advice

St. Margaret’s School strongly recommends all donors who are planning a charitable remainder trust to seek professional advice to ensure that your financial goals are considered, that your tax situation is reviewed, and that your legacy gift is tailored to your circumstances.


Liz Cedar has $100,000 in cash not earning much in GICs and faces a large tax bill in the current year. She is seventysix years old and is tired of worrying about managing her investments. Liz transfers her $100,000 to a professionally managed trust with the principal protected to go to St. Margaret’s School on her death. Here is what happens:

  • The trustee invests in a balanced fund giving Liz healthy income every year until she dies.
  • Liz receives a charitable tax receipt for approximately $74,000* which will reduce her taxes for up to six years.
  • On her death, St. Margaret’s School gratefully receives $100,000 directly from the trustee (not from the estate) to go towards a School program that Liz cared about deeply.

* Exact amount must be calculated for each situation


Endowed Funds

What is an endowment Fund?

When a donor chooses to endow his or her gift to St. Margaret’s School (SMS), their full donation is invested and provides income revenue that supports the School year after year.

SMS has two endowment funds for donors to choose from. One fund is designated for Financial Assistance, a priority for the School as it provides critically-important funding for students and their families in Grades 7-12. The second fund is undesignated, and income generated from this fund provides funding for areas of most urgent need at the School.

St. Margaret’s provides donors with opportunities to create named endowment funds. For a gift of $50,000 or more, a fund can be created in your name, your family’s name, in a Class’ name, or in honour of an individual of your choice. Named fund performance is reported to the fund donors (or families) annually.

Donor recognition

St. Margaret’s School has a Donor Stewardship and Recognition program, and endowed gifts will be recognized as identified in the Donor Recognition Policy. Relatives and friends may also contribute to a named endowment fund by designating their donation to the fund once it has been established.

Benefits to You

  • Vision for the future – An endowed gift allows you to express your vision for the future of St. Margaret’s School’s mission.
  • Stewardship – St. Margaret’s School prudently manages its endowed funds. The Finance Committee of the Board of Governors regularly reviews the endowment reports as prepared and presented by (Black Creek Investment Management Inc., Burgundy Asset Management Ltd., and PH&N Investment Services) the School’s investment firms.
  • Tax planning and benefit – You or your estate will receive a charitable tax receipt for the full amount of your donation.
  • Satisfaction – You can take satisfaction in knowing that your gift will have an ongoing and significant impact on the School in perpetuity.

You may indicate in your will that you wish for your gift to be endowed. If your gift is more than $50,000, you may designate this gift to be used to create a named endowment fund.

Suggested wording

We have included suggested wording below to share with your lawyer or estate planner:

I give to St. Margaret’s School (amount) to be used to establish a named endowment fund. The principal contributed for this fund may be invested with the School’s assets for investment purposes, but it shall be identified in the School’s records as the (name of the donor and/or Class Endowment Fund). The annual income, less administration fees created by the endowment fund, shall be used for (indicate your fund’s purpose).

We also ask that you include the following clause to ensure
the use of your gift:

If St. Margaret’s School is unable to apply all or part of these funds for the specific purpose(s) stated herein, the balance of this endowed gift not so extended may be used for any purpose approved by the Board of Governors of St. Margaret’s School.

Please seek expert advice

St. Margaret’s School strongly recommends that you consult your lawyer or estate planner regarding specific wording should you wish to establish a named endowed fund.