Are you looking for a convenient, secure and easier way to make your Sunday donation to your Parish? Pre-Authorized Giving offers many benefits. It is:
- Convenient, secure and confidential
- A method of direct withdrawal from your bank account
- A system that eliminates the need to:
– have cash on hand each Sunday
– write cheques each Sunday
– remember to bring the Sunday offering envelope to church each week
- A means of generating a tax receipt which lowers your income tax
For more information, or to get started on the benefits of Pre-Authorized Giving, please call Saint Dominic Parish office at (905) 827-2373 or visit during office hours. Also, there are Pre-Authorized Giving forms located at the three entrances to the church. You can also download the form here below and return it to the office or put it in the offering basket on Sunday.
Just like with each of our households, the costs to operate your Parish go up each year, whether it be the costs of electricity and utilities, maintenance and repairs, sanctuary supplies, salaries, food, office supplies, etc.
Therefore, we respectfully ask Parishioners who are able, to consider making even a small increase to your Sunday offering each year. That will help your Parish immensely to meet its annual fixed costs. Whatever amount you can afford is deeply appreciated by your Parish.
Thank you for your continued generosity and support of Saint Dominic Parish!
“For it is in giving that we receive”. (Saint Francis)
Planned Giving … A Lasting Investment
Saint Dominic Parish has played a vital role in the community of southwest Oakville since its establishment in 1955. Today, we are a vibrant Parish community of over 2,000 Catholic families.
We are proud of our church and properties and, in order to ensure that they continue to be well-maintained, comfortable and safe for current and future parishioners, the Parish has established a Planned Giving programme. The objective of planned giving is to raise funds for both planned and unspecified future capital needs of the Parish, including the planned and unplanned maintenance and upkeep of the church properties identified in the Parish’s Capital Repairs and Replacements document.
All gifts received through planned giving will be placed in an endowment fund, which is managed by the Roman Catholic Diocese of Hamilton with Saint Dominic Parish as the beneficiary. The principal will remain in the fund in perpetuity and only the annual earned interest is to be used by the Parish for its intended purpose.
Planned giving can mean outright gifts that require tax planning on your part. Or, it can mean that you donate the asset today to receive income and tax benefits, while the actual receiving of the asset by the Parish is deferred for a period of time, often your lifetime (and that of a surviving beneficiary, if you wish).
You receive a money-saving income tax deduction for a portion of the current value of your contribution to the Parish. You will also avoid the tax on long-term capital gains on gifts of appreciated property.
There are many different vehicles for you to consider when making a planned gift. Saint Dominic Parish thinks the easiest ways for parishioners to make a gift are through:
- Wills and Bequests;
- Life Insurance Policies;
- Securities (shares/stocks);
- Property Cash;
- Charitable Loan.
A planned gift offers tax benefits and is usually made when it will most likely benefit your estate plan. This enables you to make a financial contribution without putting a strain on your personal finances.
Gifts Through Your Will (Bequests)
One of the most popular and the easiest planned gift is a bequest made through your Will. This bequest may take the form of:
- A specific bequest: a gift of a fixed amount of cash or a particular asset;
- A percentage share: gift of a percentage share of the whole estate;
- A contingent bequest: a gift that will take effect only in the event of the prior death(s) of other named beneficiaries;
- A residual bequest: a gift of a portion of the entire estate.
You can either write a new Will or make an amendment, called a codicil, to your Will. The codicil will retain all the provisions of your existing Will, and incorporates the additions or modifications that you wish to make. A codicil is the easiest and least expensive way to do this.
Life Insurance Policies
There are two ways for you to use a life insurance policy to benefit the Parish.
- Name the Parish as Owner and Beneficiary – you can use an insurance policy (new or existing) and have the owner and beneficiary as the Parish. If the policy has a cash value, you will receive a tax receipt for the current cash value. If you were still making premium payments, the Parish would provide you with an annual tax receipt for the full amount of the premium payments. If it were a paid up policy, you would receive a tax receipt for the donation of the cash value of the policy, creditable in your current year’s return.
- Name the Parish as Beneficiary – you can name the Parish as just the beneficiary but not as the owner of the policy. However, in this case Canada Revenue Agency does not allow a tax receipt to be issued.
There are many benefits to using a life insurance policy as a gift: You can choose from a full range of products, price ranges, and payment periods to suit your circumstances. Your gift is not subject to taxes, probate costs or estate debts. You can make a substantial future gift by relatively small monthly, yearly or single premium payments, and receive a tax receipt for the donation.
You can assist your Parish today and receive immediate tax advantages by donating securities (shares/stocks) in a publicly traded company, mutual funds or RRSP/RRIFs. With the changes in the May 2, 2006 federal budget pertaining to donating publicly traded shares to charities, capital gains no longer have to be included in a donor’s income. This is great news for donors, for Saint Dominic Parish and other charities.
Benefits to You of Making a Planned Gift
- You can arrange a gift now;
- enables you to establish a significant gift without compromising your financial security;
- enjoy your cash and assets today;
- perhaps realize tax and/or capital gains credits immediately;
- receive tax credits for your estate;
- feel good about what you have done now;
- certainly, receive recognition now (if you wish).
Benefits to Your Parish
- Potential for incremental source of new, much needed funds;
- strong potential to eliminate the need for ongoing fundraising through traditional fundraising requests;
- ensures that your Parish’s financial objectives are met as it relates to the ongoing maintenance and upkeep of the church and its properties for the benefit of current and future parishioners.
Saint Dominic Parish recommends that you consult your own tax advisor, professional planner, insurance agent or legal advisor before deciding to make a planned gift for the best options based on your personal situation.
Saint Dominic Parish Planned Giving …A Lasting Investment.