Making Giving Easy: Show your passion for the arts and save on estate taxes

© Photo: Yannick Beauvalet

There’s nothing quite like the feeling you experience when you take your seat at the NAC.  You’ve been anticipating the performance for weeks.  You know it’s going to stir your heart and lift your spirit for weeks to come.

Now you can ensure future generations get that same chance.  Leaving a charitable gift in your Will to the NAC Foundation is a meaningful way to support the performing arts you love so much.  And it can also generate a significant tax benefit to your estate.

A person’s reportable income is usually very high in the year of their passing as they are deemed to have disposed of all of their assets.  But a charitable tax credit received by their estate can help offset taxes owing.  That means more money for family and loved ones.

One way you can achieve this is to advise your estate administrator to donate securities—such as stocks, bonds, mutual funds and EFT’s—with accumulated gains directly to a charity like the NAC Foundation.  Your estate will receive a tax receipt for the fair market value of the securities which will eliminate any capital gains tax, allowing for more funds to be distributed to your beneficiaries.

If it is the intent of your estate administrator to make a donation of securities with accumulated capital gains, a consideration should be made to declare a Graduated Rate Estate (GRE).  In January 2016, GREs were introduced to allow for more flexible post mortem donation and estate planning.  We recommend you ask your financial advisor for more information.

Whether it’s music, theatre or dance, the performing arts add a richness to our lives that we appreciate every time we attend a performance at the NAC.  A gift in your Will is your opportunity to share that incredible richness with future generations.

If you would like more information or would like to discuss making a gift of securities to the NAC Foundation please contact Christina Hunter Cadieux at 613-947-7000 ext. 324.

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