Salmon Steward

Fall/Winter 2020

Salmon Steward is the official publication of the Pacific Salmon Foundation in British Columbia, Canada

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12 Fall/Winter 2020 RON SOMBILON PLANNING FOR THE FUTURE A sobering impact of this pandemic is that lawyers and notaries are reporting an unprecedented number of Canadians have engaged in estate planning — including wills, powers of attorney (POA) and representation agreements (healthcare directives). Having these documents will ensure their personal affairs are properly seen to in case of incapacity or death. Clay Gillespie, managing director of RGF Integrated Wealth Management, advises: "Make sure that you have considered the tax implications of your estate. In simple terms, it is as if you sold all your assets the day before you died. Thus, any tax implications of the sale of an investment or asset is almost the same upon death or on a sale. For example, the entire balance of your registered accounts (RRIF, RRSP, LIRA, etc.) becomes taxable as income in the year of your death." Life insurance can be a powerful tool when considering your estate-planning and charitable-giving strategies. Gillespie offers the following ideas: "You can purchase a life insurance policy today naming your favourite charity as the beneficiary. This will generate a large charitable deduction for your estate upon your death. You won't receive a tax receipt for the premiums paid today, but of course, your gift could be transformational for the charity. "As an alternative, if you purchase life insurance in the name of a charity, the premiums you pay are considered a tax deduction. This allows you to take the charity out of your will (which can make the probating of your will much easier) and possibly increase the amount that you donate to the charity. In this case, you'll get a tax receipt for the premiums paid now, rather than upon your death. Which strategy would be best [is] based upon your own personal tax situation. "Finally, if you have an old insurance policy that you are considering cancelling, you could consider naming your favourite charity as the beneficiary or donating the policy to the charity and getting a tax receipt for the premiums you are paying. It can benefit both you and the charity." n Clay Gillespie is a financial advisor and managing director of RGF Integrated Wealth Management. The views expressed are those of the author and not necessarily those of RGF Integrated Wealth Management, which makes no representations as to their completeness or accuracy. RGF Integrated Wealth Management. Ltd. | RGF Wealth Management. Ltd. | Member – Canadian Investor Protection Fund Bernie Hanby dives recreationally in 1981 alongside a Chum salmon in Anderson Creek, Pender Harbour. If you are interested in learning more about PSF and our Planned Giving Program, please contact Margaret Buttner at 604.664.7664 ext.128 or DIVING DEEP, GIVING BACK Lifelong PSF supporter Bernie Hanby comes by his love of salmon honestly. He began fishing in the U.K. when he was five years old, and upon moving to the West Coast in 1960, he embraced the lifestyle quickly. In addition to continuing his love of fishing, he became a sport diver and underwater photographer whose photographs have appeared in many publications, most notably the book Marine Life of the Pacific Northwest. "I've seen for myself the role that salmon play in the ecosystem in the Salish Sea," says Hanby, "and I am confident in the ability of the Pacific Salmon Foundation to steward and protect this species for future generations. Leaving PSF a gift of life insurance as part of my estate is one way that I can help ensure their success in this important mission." Thank you, Bernie! n

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