Give

Ways to Give

Giving is an important part of following Jesus, but if you're new to Celebration or just visiting, feel no pressure to give! Thank you for investing into things that are eternal.

Why We Give

We believe that everything in heaven and on earth is the Lord’s and that all that we have has been given to us by him (1 Chron 29:12).  Because of this, we believe that we are called to live generously in our finances and otherwise, as an act of worship to the Lord. This is why we believe in giving God our tithes and offerings, joyfully offering the first and best of our wealth to honour him (Prov 3:9-10).

Additional Ways to Give

Donating to Celebration as Part of Our Estate Planning

God blesses us and gives us so much in our lifetimes…. the gifts of time, skills, interests, family….and finances. We are aware of the command to tithe to the Lord from all of our gifts. It's reasonable to think that our obligation to tithe ends when we pass away. But some people may want to include Celebration Church in their estate plans.

There are a number of ways that we can continue our charitable giving to Celebration as part of our estate planning:

1. Beneficiary Designation:

By naming Celebration as the beneficiary of our RRSPs, RRIFs, TFSAs, or Life Insurance policies, we provide these funds to the Church, and our estate will receive a charitable receipt that can be used to reduce estate taxes on our final tax return, or estate tax return.

2. Gift in Our Will:

We can also name Celebration Church to receive funds thru our Will. This gift will provide a charitable receipt for use on our final or estate tax return. NOTE: If our Executor is able to fulfill the Will bequest thru a direct donation of an appreciated non-registered investment, capital gains taxes on the investment are also eliminated. This provides us 2 benefits:

- the tax savings from the charitable donation receipt, and

- the avoidance of capital gains taxes on the donated investment

3. A Word About Segregated Funds:

Segregated funds are pooled investments that are bought through insurance companies that allow us to name a beneficiary, even on non-registered investments. This allows for the bypass of probate costs ($7 per $1,000 in Saskatchewan), quicker estate settlement, and can be gifted to Celebration as the beneficiary.

4. A Word About Life Insurance:

As mentioned above, we can list Celebration as beneficiary of a life insurance policy we own and pay for, giving our estate a charitable receipt for the proceeds. Another option is to donate an existing policy we own to Celebration. Celebration becomes the policy owner, but we continue to make the premium payments. The premiums we pay will provide us with a charitable receipt equal to the premiums paid. CRA has rules regarding the tax benefits of donating an existing policy, so always consult with your insurance agent or tax advisor to review these issues before making a policy donation.

5. A Final Word:

Always consult your family and your tax advisors when considering your living and estate charitable giving plans. To learn more about leaving funds to Celebration thru your estate planning, please reach out to any current Board Member or the current Church Treasurer (brian@redroof.tv).

The Tax Benefits of Donating Non-Registered Investments

God blesses us and gives us so much in our lifetimes. He also commands us to return to him a tithe from all of our gifts. Financially, we end up mostly tithing from our earnings. But it can be more beneficial to donate to Celebration from our non-registered investments instead of cash.

Transferring to Celebration investments that have increased in value (unrealized capital gains) has two benefits:

1. You will receive your charitable receipt to save income taxes, and

2. The capital gains on the investment are eliminated for tax purposes

An Example:

Bill owns a mutual fund (outside of his RRSP and TFSA) worth $10,000. He originally purchased the fund for $5,000, meaning he has a current capital gain of $5,000.

If Bill sold the mutual fund and donated the $10,000 to Celebration, he will get a charitable receipt for $10,000 to save $4,314 in taxes. But he will have to report the $5,000 capital gain as income and owe some tax on the gain. If Bill was in a 30% tax bracket, his tax would be $750, based on current tax rules regarding capital gains.

But if Bill instead donated the mutual fund directly to Celebration’s stock account**, then Bill does not have to include the $5,000 capital gain as income, saving himself the $750 taxes calculated above.

**Celebration’s current investment donation policy is that these types of investment donations are sold by our stockbroker into cash within 3 business days of the receipt of the investment. Celebration does not retain “market-type” investments.

What Kind of Investments Can I Donate to Celebration?

Mutual funds, stocks, precious metals, segregated funds, and government and corporate bonds held outside RRSPs and TFSAs all qualify for the “capital gains elimination” treatment described above. You can also donate other investments to Celebration, including your RRSPs, TFSAs, or pension assets.

To learn more about donating investments to Celebration, please reach out to any current Board Member or the current Church Treasurer.

Spending of funds is confined to Board approved programs and projects. Each contribution directed toward an approved program or project will be used as restricted with the understanding that when the need for such a program or project has been met, or cannot be completed for any reason as determined by the Board, the remaining restricted contributions will be used where most needed.