Making a charitable donation as part of an estate plan is an admirable way to make a lasting social impact as well as an effective way to lower your tax expense. In the year of death, one hundred percent of the tax owing upon an estate can be given to a charitable organization of the estate holder's choosing. Instead of surrendering a dollar amount to Canada Revenue Agency, many have chosen to support a charity or begin a legacy by creating a charity or bursary program.
Client Challenge: To both minimize tax owed and create a legacy upon passing.
Creative Solution: Our client decided that she would like to set up a bursary to aid deserving students in their post-secondary studies. However, unlike the conditions of most bursaries, her bursary was quite unique. Although never at the top of her class, our client had worked hard during her studies. She felt that average students were too often overlooked and under-appreciated in the academic world. In order to remedy this, we helped her create a bursary that financially awarded only those hardworking students with a GPA between 65-80%.