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Plan your gift

By including the University of Saskatchewan in your estate plans, you have the opportunity to contribute to this institution in many ways:

Many of our generous alumni and friends decide to leave a gift in their will to the University of Saskatchewan to support the areas they care about most. In fact, this is by far the most common way of making a future gift. What makes this type of giving so appealing?

1)   You can plan for a future gift now without affecting your current cash flow.

2)   You have the opportunity to work with the university to arrange your gift to support the programs and areas that are the most important to you.

3)   If your personal or financial circumstances change, you have the flexibility to make changes to your will at any time.

How will the U of S use my gift?

That’s entirely up to you! Maybe you are interested in student scholarships or have a passion for research in a particular college. Whatever your interests may be, we want you to direct your gift to the area that is most meaningful to you. If you prefer, you may choose to provide a donation to support the university’s greatest needs.

How do I set up a gift in my will?

We are here to help! We can work with you to provide suggested wording for you to share with your lawyer. Many people choose to make what are known as “residual gifts.” This type of donation is in fact the “leftovers” after all your other obligations are met. Others prefer to leave a percentage of their estate to the University of Saskatchewan. A discussion with your lawyer may help you decide which of this options would be best for you. As well, there are tax benefits for will gifts that your financial planner can discuss with you.

Do I need to tell the U of S about my will gift?

The University of Saskatchewan is so grateful for your future gift and we want to make sure that it can be used as you intend. If you would like to share your plans with us, we would love to help ensure your gift can be properly utilized as you wish in the future. Of course, this is entirely up to you as your gifts are your impact on our future.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

A gift of life insurance can enable you to leave a significant legacy to the University of Saskatchewan at a relatively low annual cost. Life insurance proceeds are paid out directly to your beneficiaries outside your estate, therefore; your gift will not be diminished due to taxes, probate or administration fees.

There are three ways that you can donate using life insurance:

1. Transfer ownership of an existing policy to the U of S and also designate the U of S as the policy’s beneficiary. In this case the university will issue a charitable receipt to you for the policy’s cash surrender value, plus any accumulated dividends and interest. If, after gifting the policy, you choose to keep it in force, you will receive charitable receipts for any additional premiums paid.

2. Purchase a new policy and designate the U of S as the owner and beneficiary. You will receive charitable tax receipts for the full amount of the premiums paid year after year.

3. Name the U of S as beneficiary of either a fixed dollar amount or percentage of either a new or existing policy. In this case, a receipt will be issued to your estate for the value of the proceeds the university receives.

You may also choose where to direct your gift to the university. For instance, you may wish to support student awards, research or a program in a particular college. Our Planned Giving staff would be happy to assist you with choosing an area of support that means to most to you. We can work with you to establish a document of understanding outlining your wishes for your gift.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

Next to personal real estate, registered retirement accounts are the most popular investment for Canadians, and generally are the single biggest assets owned besides a home.

Generally people name their surviving spouse as the beneficiary of their RRSP. However, if the beneficiary of your RRSP is someone other than your spouse or dependent(s), the value of the RRSP will be taxed as ordinary income, often at the highest marginal tax rate. Therefore, it is one of the most heavily taxed estate assets to pass to children.

By designating the University of Saskatchewan as the beneficiary of all or a portion of your RRSP or RRIF, your tax credit will offset the tax on your RRSP or RRIF distributions. A direct designation of RRSP/RRIF plan assets would pass to the university outside your estate, bypassing probate and yielding a tax receipt for the full value of the donation.

A gift of retirement funds presents you with an opportunity to make a significant gift to the university, while enjoying beneficial tax savings. You retain full access to the funds for your lifetime and your donation will pass to the university tax free. 

The process to establish a gift of RRSP/RRIF funds is easy. Simply speak to your RRSP/RRIF sponsor about changing your designated beneficiary to the university. 

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

A gift of real estate to the University of Saskatchewan can be an excellent option for many people. Gifts of property are carefully screened and assessed for suitability before they are accepted by the university. A charitable receipt for gifts of real estate will be issued only after it has been determined that the value placed on the property is correct.

The fair market value of the property will be determined by one or more appraisals. Generally a tax receipt will be issued for the fair market value. The difference between the fair market value and your cost to acquire the property is referred to as the capital gain. With a gift of ordinary property, you will be taxed on 50% of this gain. In order to limit or eliminate this tax, you may elect the deemed proceeds to be any amount between the original cost and the fair market value. The university may then issue a receipt for this elected value. If the real estate given is a principal residence, ecologically sensitive land or certified cultural property none of the capital gain is taxed.

Donated real estate will generally be sold, unless the university deems that it is useful for a specific purpose. The proceeds from the sale will used to support whatever area you have designated; for instance student awards, research or a particular college program. Ordinarily, the university does not retain real estate for investment purposes, since it requires additional resources to manage the property.

Farm Land

There are also special tax considerations for gifts of farm property. If you are considering a gift of farm land, including gifts of mineral rights, we would be happy to discuss this option with you. The University of Saskatchewan currently manages 7 sections of land that were donated through estate gifts. The revenue from the rental of this land flows to the specific areas of research or scholarships that the donors have specified. Should the Board of Governors ever deem it necessary to sell these properties, the proceeds will support the same research or scholarships that were outlined by the donors. Additionally, the university manages 12 sections of land designated for research purposes. The majority of this land is actively involved in research operations, with a portion being leased for revenue.

With gifts of real estate or farm property, the university recommends establishing a gift agreement. This document outlines your wishes for your gift and ensures that the university can abide by them. Since there are many factors involved in a gift of real estate, we strongly encourage you and your advisors to contact the university at the outset so we can work through the process together. 

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

1. I’ve heard of Gift Planning, Legacy Giving or Estate Giving before, but I don’t know if it would be right for me.

 People of all ages, demographics, family situations and income levels leave gift plans to charitable organizations. There is no minimum gift requirement, nor maximum. Alumni account for approximately 50% of legacy gifts received by the University of Saskatchewan, and the rest come from university friends and the community. The most significant factor in choosing to make a Gift Plan is your desire to contribute to future generations.

2. How can I give a Gift Plan?

 You may choose to leave a bequest in your Will to donate cash, property or real estate. You may also choose to transfer publicly traded securities or donate through your life insurance or RRSP/RRIF. 

3. If I give a legacy gift to the university, how will it be used?

You choose. It depends on what or who is most important to you. Many donors establish student awards, but your funds could also go towards research, providing a professor’s position or a chair, athletics, libraries, a particular college, or to the Greystone Heritage Trust to be directed toward the area with the most need at that time.

 4. How much do people usually give in their Wills?

 The university is grateful for bequest gifts of any amount. We strongly recommend that you choose an amount that best fits with your financial and estate plans.

5. The university is publicly funded so does it actually need my money?

 Public funding covers only a portion of the university’s operating budget. Many people who establish gift plans with the university direct their funds towards student awards or research. Students are very grateful, and truly need financial assistance as tuition costs and living expenses grow in Saskatoon. Research projects are always in need of ongoing funding. Some individuals do choose to contribute towards specific purposes or general university needs. Support from alumni and friends like you is very much needed and appreciated.

6. How will making a Gift Plan affect my family?

 Deciding how to distribute your estate is very personal and we understand that providing for your family often comes first. There are many ways that you can fulfill your charitable goals while still providing for your family. In some instances, your charitable gifts can provide tax savings for your estate, thereby providing more for your family or other beneficiaries. 

7. How much of my gift goes towards operating your fundraising office?

 None. 100% of your gift goes to your chosen destination. The Development or fundraising office at the U of S is funded through the base budget of the university.

8. Do I have to tell the university if I’ve decided to leave a gift in my Will?

 Please do let us know if you have or are considering leaving a gift to the U of S in your Will. Talking to us now is your opportunity to clarify your future wishes and our opportunity to ensure they can be carried out. We will work with you and your professional advisors to provide the assurance you need to feel secure in the knowledge that your bequest will occur as you intend. It also gives us a chance to thank you personally for your thoughtful consideration.

9. What is an endowment?

Endowments provide a long-term source of funding for University of Saskatchewan programs. Endowments are subject to current university policies regarding minimum amounts and spending.  Donated funds are held in trust and invested by the university and an approved portion of the annual earnings are used to fund the initiative you have chosen to support. Many scholarships and bursaries are set up as endowments to provide support for students for many years to come.

Endowments are generally named for the person or persons who are establishing it, or in honour of a family member or admired individual. You may also include a profile or background information to share your story or that of your honoured individual. This profile will be provided to the individuals who will benefit from your gift.

10. I would like to donate today, but I’m worried that a large donation will leave me short of future income during my retirement. What are my options?

One of the benefits of establishing a gift plan is that it does not affect your cash flow or net worth now. However, you will receive recognition from the university now, and have peace of mind that you are helping future generations with your legacy gift.

Greystone Circle

Donors who support the University of Saskatchewan in their estate plans are invited to join the Greystone Circle, the society that honours individuals for their future support. The Greystone Circle is our way of thanking you for being a treasured friend and supporter of our university.

Why become a member?

The University of Saskatchewan wants to celebrate you! We appreciate your generous and thoughtful plans to include the university in your estate and we want to thank you. Members of the Greystone Circle are part of an honoured group of supporters. By becoming a Greystone Circle member you will join the ranks of your peers who have also chosen to include the University of Saskatchewan in their estate plans.

The Greystone Circle is open to all those who support the University of Saskatchewan in their estate plans. Membership involves no dues or obligations of any kind. No minimum level of giving is required. Simply contact the Gift Planning office to let us know that you are interested in becoming a member at (306) 966-5186 or giftplanning@usask.ca.

Patron Member, Chancellor Emerita Vera Pezer

Read Dr. Pezer's story of life-long commitment to the university. 

History of Greystone

Many of the buildings at the University of Saskatchewan are built with greystone, a material found near campus in the early 1900ʹs. This stone has become symbolic of the university itself. Like greystone, the members of the Greystone Circle will serve the people of the

University of Saskatchewan for many centuries to follow.

Members receive:

  • Personalized thanks and recognition of your gift
  • A pewter Greystone Circle pin and display box
  • Complimentary subscriptions to the Green & White,On Campus News, and Generations
  • Invitations to special Greystone Circle and university events
  • Exclusive updates and behind-the-scenes information
"This is the beauty of giving. No matter what the recipient is going through, the support of receiving an award can only bring about positive change."

Read the Generations Newsletter

Estate Advisors

The University of Saskatchewan Gift Planning team is available to work with you and your client to arrange a gift that will best suit your client's charitable and financial needs.

We are professional gift planners who follow University of Saskatchewan fundraising policies and procedures, Canada Revenue Agency (CRA) regulations, and Canadian Association of Gift Planners (CAGP-ACPDPTM) ethical principles and standards. Any information shared by you or your client will be treated with the utmost discretion and respect.

If you are working wth a client who is considering the U of S in their estate plan, you may find these resources useful: University of Saskatchewan Gift Acceptance PolicyUniversity of Saskatchewan Investment Policy and One-Page Summary of Giving Options.

For all inquiries, please contact us at:  gift.planning@usask.ca

A charitable bequest results in a tax receipt that can be used to offset taxes owing on up to 100% of the donor's taxable income on the final tax return.

  • Any amount of the tax credit not usable on the final tax return can be carried back one year to claim a refund on up to 100% of the tax paid in the previous year.
  • For receipting purposes, subsection 118.1(5) of the Income Tax Act (Canada) deems a gift made via a Will to be made immediately before the individual has died. The subsequent value of that gift is the value on the date of death, not the value when received by the charity.

Example:

Mrs. Green leaves a $100,000 bequest in her will to the University of Saskatchewan. Upon her death, her executor transfers cash in this amount to the university. Mrs. Green's net income reportable on her final tax return is $300,000. Her income in the year prior to death was $50,000.
Bequest amount = $100,000
Tax credit (assuming 44% tax rate) = $44,000
Amount claimed on final return = $100,000 (maximum creditable is 100% of net income = $300,000)

Note: The information provided here is for illustrative purposes only and should not be taken as a substitute for professional advice.

If charity is designated owner and beneficiary:

  • Tax credit for value of policy and for any premiums the donor continues to pay annually.
  • Amount of contribution creditable in any one year is 75% of income. Carry-over period for excess contributions is five years.

In the case of a donation of an existing policy with equity, the excess of cash value over the adjusted cost base of policy is taxable to donor at the full income rate and not the capital gains rate.

Example:

Mr. White would like to contribute to the University of Saskatchewan in a substantial way, but he does not have current assets to do so now. He decides to purchase a life insurance policy naming the University of Saskatchewan as owner and beneficiary. The policy is for $100,000 and he makes yearly premium payments of $1,800.  The policy will be paid up after 10 years.*

Total premiums paid = $18,000
Donation receipts total = $18,000
Total tax credit (assuming 44% tax rate) = $7,920
After tax cost of policy = $18,000 - $7,920 = $10,080
Thus Mr. Leon had provided a future gift of $100,000 at a net cost of $10,080.
*A policy that will be paid up over a set period of time was used for illustration purposes. Please note that this type of policy is not always available.

Note: The information provided here is for illustrative purposes only and should not be taken as a substitute for professional advice.

  • Tax receipt based on fair market value on the day ownership is transferred.
  • No capital gains tax on disposition of securities if transferred directly to the university.
  • Amount of contribution creditable in any one year is 75% of net income. Carry-over period for excess contributions is five years.

Example:

Mr. Jones donates 1000 publicly traded shares valued at $10 per share. The shares were $4 per share when Mr. Jones bought them.
Donation receipt = $10,000
Tax credit (assume 44% tax rate)= $4,400
Capital gain = $10,000 - $4,000 =$6,000
Tax on gain =$0 (since they have been donated)
Net cost of gift = $10,000 - $4,400 = $5,600
If the shares were sold first and the proceeds donated:
Capital gain = $6,000
Taxable gain = 50% X $6,000 = $3,000
Tax on gain (assuming 44% tax rate) = 44% X $3,000 = $1,320
Net tax savings = $4,500 - $1,320 = $3,180
Net cost of gift = $10,000 - $3,180 = $6,850
Therefore, a tax savings of $1,250 will be realized if the shares are donated directly to the university instead of selling them and giving the proceeds to the university.
Information Required to Initiate a Transfer

University of Saskatchewan Brokerage Firm:

BMO Nesbitt Burns
306 – 123 – 2nd Ave S
Saskatoon SK S7K 7E6

RBC Dominion Securities
Suite 1400, 333 – 7th Ave SW
Calgary AB  T2P 2Z1

Contact: Bonnie Guillou 
Telephone: (306) 653-7227
Email: bonnie.guillou@nbpcd.com

Dave Simpson
Phone: (403) 266-9615  
Toll Free: (800) 310-6484
Fax: (403) 299-7100
Email: dave.simpson@rbc.com

University's Account Number: 610 - 05149 - 15 701 - 84049 - 18
 FINS Number:
(for transfers from within Canada)
T009 (T, zero, zero, 9) T002 (T, zero, zero 9)
DTC Number:
(for transfers from within the United States)
5043 5002
CUID NTDT DOMA

Note: The information provided here is for illustrative purposes only and should not be taken as a substitute for professional advice.

  • If the beneficiary is other than a surviving spouse or dependent(s), the value of the RRSP or RRIF will be taxed as ordinary income, often at the highest marginal rate in the year of death. Hence, it is one of the most heavily taxes estate assets to pass on to children.
  • Gifts made by naming U of S as beneficiary (either partial or 100%) on the plan documents.
  • Tax credit on donor's final income tax return based on amount contributed from the plan (part or all of assets).
  • Amount of gift creditable on final tax return is 100% of income.
  • One year carryback, also subject to 100% contribution limit
  • Not subject to probate

Example: RRSP

Mrs. McKenzie, a widow, designates her RRSP which has $50,000 assets to the University of Saskatchewan. She passes away at age 60.
Gift amount = $50,000
Tax of RRSP proceeds (assume 44% tax rate) =22,000
Tax credit =$22,000*
Net tax on RRSP =$0
Thus, the U of S receives a $50,000 gift, Mrs. McKenzie's other beneficiaries receive a $22,000 credit that results in no tax being paid on the wind-up of the RRSP.
If the gift was not made, the other beneficiaries would have received a net bequest of $28,000.
* Total tax receipt = $50,000. $22,000 offsets RRSP taxes and can also claim credit against up to 100% of net income on terminal return (with one year carryback).

Note: The information provided here is for illustrative purposes only and should not be taken as a substitute for professional advice.

  • Tax receipt based on appraised market value.
  • 50% of gain taxable to donor.
  • Amount of contribution creditable in any one year is 75% of net income. The contribution creditable is increase by 25% of the taxable gain arising from the gift for gifts of appreciated property. The carry-forward period for excess contributions is 5 years.

Example:

Ms. Smith purchased a rural lot for $40,000 fifteen years ago and it has recently been appraised for $160,000. She donates the lot to the University of Saskatchewan. The university sells the lot and uses the proceeds.
Donation Receipt issued = $160,000
Tax credit (assuming 44% tax rate) = $160,000 X 44% = $70,400
Capital gain recognized = $160,000 - $40,000 = $120,000
Taxable gain = 50% X $120,000 = $60,000
Tax on gain = 44% X $60,000 = $26,400
Net tax savings = $70,400 (tax credit) -$26,400 (tax on gain) = $44,000 (net savings)
Net proceeds if real estate had been sold* =
$160,000 (selling price) -$26,400 (tax on gain) = $133,600 (net proceeds to donate)
Net cost of donating real estate instead of selling first =
$133,600 - $44,000 = $89,600

* For illustration purposes, selling costs have been omitted and the selling price is assumed to be equal to appraised value.

Note: The information provided here is for illustrative purposes only and should not be taken as a substitute for professional advice.

Leave a Legacy

The University of Saskatchewan supports the LEAVE A LEGACY TM program of Saskatoon. LEAVE A LEGACY TM is a national public awareness program that encourages people to make a gift through a will or other gift planning instrument to the charity or non-profit organization of their choice.

Please visit Leave a LegacyTM to learn more about this program and how you can support the organization of your choice.