Charitable remainder trusts offer you a guaranteed lifetime income and substantial, immediate tax savings – while supporting world-leading patient care, research and teaching at St. Paul’s Hospital.
How to set up a trust
You can create a charitable remainder trust by irrevocably transferring assets (usually cash) to a trust and then naming St. Paul’s Hospital Foundation of Vancouver as the recipient of these assets upon your passing.
You or another beneficiary will receive the income earned by the trust on these assets during your lifetime or the other beneficiary’s lifetime. After that time, the capital goes to St. Paul’s Hospital Foundation of Vancouver. Since the capital of the trust (the original amount you contributed) is not accessible, you are also entitled to an immediate tax receipt for the present value.
Benefits of setting up a trust
- You are entitled to a donation receipt that can be used to reduce taxes.
- You retain the income generated by the property.
- You are free from investment decisions.
- Probate and other estate costs can be avoided.
- As the assets pass outside of the estate, they are not normally subject to challenge.
To learn more about charitable remainder trusts, consult your financial advisor or contact us.