President Courtney opened the meeting.
Land recognition. President Courtney
Toast to King, Canada, and Rotary. President Courtney
National Anthem. Peter
Members Present 11
Guests. No guests
Barry introduced the speaker today, who was our very own David Seemungal.
David has over 32 years of experience in the Financial Services industry. He has been with VFG Financial Group for two years and is a Senior Investment and Insurance Advisor with them and has been over 22 years as a Rotarian.
He briefly outlined the different ways of giving to registered charities. ‘Cash’ donations, gifts ‘in kind’ such as securities, art (although there have been a lot of scams for this), etc. You can also, of course, give your time. David’s presentation was about how to do it through Life Insurance. David gave a quote from someone stating that ‘when you die, your money can go to your family, a charity or the taxman – pick two’. Life insurance is a great way to do this effectively. There are several ways you can donate a life insurance policy to a charity:
1. Take out a new policy naming the charitable organization as beneficiary. Your estate will receive a charitable tax receipt for the full amount of the policy payout at your death, which can be used to offset any taxes due on your estate.
He briefly outlined the different ways of giving to registered charities. ‘Cash’ donations, gifts ‘in kind’ such as securities, art (although there have been a lot of scams for this), etc. You can also, of course, give your time. David’s presentation was about how to do it through Life Insurance. David gave a quote from someone stating that ‘when you die, your money can go to your family, a charity or the taxman – pick two’. Life insurance is a great way to do this effectively. There are several ways you can donate a life insurance policy to a charity:
1. Take out a new policy naming the charitable organization as beneficiary. Your estate will receive a charitable tax receipt for the full amount of the policy payout at your death, which can be used to offset any taxes due on your estate.
2. Similarly, you can name the charity as the beneficiary of an existing policy. This is a good option if you already have a policy your family no longer needs for financial stability. At the time of your death, the charity will receive the policy proceeds, and your estate will receive a tax benefit for the full amount of the payout.
3. Transfer ownership of an existing policy to the charity(if it's a paid-up policy, you will receive a charitable tax receipt for the cash value of the policy). If you owe premiums on the policy, you can still pay them, and you’ll also receive tax receipts in the amount of your payments each year.
Another option is to transfer an investment portfolio in kind (i.e., without selling it first) to the charity at the same time as transferring ownership of the policy that requires continued premium payments. This portfolio could then be used by the charity to pay the premium, and the bonus is that you will receive a tax receipt for the portfolio's market value on the date of transfer and won't have to pay any capital gains taxes on it.
David then gave some case studies illustrating these methods. By doing this, you can leave a legacy to your charity of choice and substantial tax breaks to your family, thereby reducing the taxes payable on your estate.
Announcements:
- Courtney advised there will be a Board Meeting next Monday 27th, at 6.00 pm to be held at Remezzo’s. Courtney also thanked Avrum for ‘filling in’ for him while he was on vacation for the last two weeks.
- Arthur announced there would be a Community Services meeting on Thursday 23rd, at the Red Lobster 7.00 pm.
Sergeant-at-Arms.
Rocco was in a generous mood and didn’t impose any fines – just collected ‘happy bucks’.
Danny was happy that last weekend he had his four grandchildren on the weekend and he survived!
David Seemungal was pleased that the Wednesday lunchtime meetings his company used to have been moved to Mondays – so he can now attend our lunch meetings.
Courtney donated as he was happy to be back. Gerd asked him that now he is 64, does anyone still need him and feed him? – a reference, of course, to the Beatle's “When I’m 64”.
