Donating to the COPA Flight Safety Foundation
The COPA Flight Safety Foundation provides a variety of aviation safety related educational and training services to the Canadian general aviation community and relies exclusively on donations to fund these services. The Foundation is a registered charity and tax receipts are issued for all donations over $10.
The Foundation also administers the Neil Armstrong Scholarship Fund which promotes Canadian pilot development by providing annual scholarships to student pilots in both ab initio and advanced flight training programs.
Planned Giving and Legacy gifts
The government recognizes the value of charitable donations and provides tax benefits for those who give. Planned charitable giving involves evaluating various options for giving gifts of cash, securities, real estate or any type of personal or cultural property to a registered charity, now and in the future. You can make such a donation at any time and you will receive a donation receipt equal to the cash value or the fair market value of your donation.
Because different options for giving have different tax implication we recommend that you consult your financial advisor to pick the method that will be most beneficial to you. Following are some of the ways you can help the COPA Flight Safety Foundation and reduce your taxes at the same time.
You can be creative with your donations and legacy gifts in many ways:
Gift of Cash
An immediate cash gift is the simplest and most common charitable gift. The tax receipts are normally used to offset taxes payable in the same year.
Gift of Appreciated Securities
The federal budget of May 2006 eliminated capital gains tax on gifts of publicly traded securities to a charity. This is a very attractive option for those who have publicly traded securities that have appreciated and have accumulated a tax liability. When ownership of securities is transferred to the Foundation, the donor does not incur capital gains tax and will receive a tax deduction for the market value of the transfer. The charity then realizes a cash benefit by selling the securities. Depending on the amount of appreciation, donors can realize considerable tax benefits from this type of donation.
This donation must be an “in kind” transfer of the security itself, not the cash proceeds of the sale of the security. Contact COPA for a form to accomplish this transfer.
Gift of Life Insurance
Life insurance is a way to make a significant future gift at an affordable current cost without reducing the future value of your estate. You can transfer a life insurance policy to the Foundation and you will receive a donation receipt for the cash surrender value of the policy. As well, if you continue paying premiums, you will receive an annual tax receipt for these premiums. When you die, the charity receives the face value of the policy.
Alternatively you can take out a new life insurance policy at any time with the charity as the owner and pay the premiums, for which you will receive annual tax receipts.
Gifts in Your Will
Specific gifts of cash, securities or assets, or a percentage of the remaining estate can be bequeathed to the Foundation in your will. Your estate will receive a donation receipt for the value of your gift to reduce the tax payable on your final tax return. In this case your beneficiaries will benefit from the tax savings.
Gift of Residual Interest
This vehicle lets you commit an asset such as your airplane or a valuable piece of artwork to be given to the foundation after you die. You get a tax receipt for the value of your donation now and you get to enjoy the asset for the rest of your life. The charity will assume the asset upon your death and realize the cash value from it.
Named Endowment Fund
If you are able to make a very large donation you may wish to consider your own named endowment fund. Endowment funds are invested securely to generate on-going annual income in support of the Foundation’s work. Contact COPA to discuss this option.