According to the third edition of Planned Giving for Canadians by Frank Minton and Lorna Somers, “A gift, like a home, should be designed for the individual. For some, an outright gift of cash is the best fit. Others will be more comfortable with a bequest, an assignment of a life insurance policy, or perhaps a gift annuity.”
For one anonymous Creston Valley resident, an outright gift of listed securities was sold and converted to a cash value of $20,800 and gifted to East Kootenay Foundation for Health for the benefit of the Creston Valley Hospital.
The gift was presented to EKFH through its third annual Starlite Campaign for Excellence in Health Care and is being allocated to the purchase of a glidescope for the Creston Valley Hospital.
“The glidescope will be a welcomed piece of equipment for Creston’s emergency department,” said Dr. John Griffioen at the Creston hospital. “It will allow us to manage and quickly establish a trauma patient’s airway through quick intubation. For a rural and isolated community hospital such as ours, the addition of this type of equipment is a major benefit to our community. The generosity of this donor is so very much appreciated.”
“Planned gifts such as this one make an incredible difference on how a person, family or organization can help health care in the East Kootenay,” said EKFH executive director Donna Grainger. “In this particular case, without the financial support of a third party the Creston hospital would have been unable to purchase a glidescope at this point in time.”
The benefit of this type of gift for the donor is that the charitable foundation can provide a donation receipt for the fair market value on the date of the gift. The donor is taxed on none of the gain. If, however, the securities were sold by the donor, 50 per cent of the gain would be taxable.
To learn more about tax-saving gift giving to East Kootenay Foundation for Health donors are encouraged to talk with their financial and investment advisors and accountants or their legal council.
For more information about the foundation, visit www.ekfh.ca.