BCBusiness

September/October 2022 - ENTREPRENEUR OF THE YEAR

With a mission to inform, empower, celebrate and advocate for British Columbia's current and aspiring business leaders, BCBusiness go behind the headlines and bring readers face to face with the key issues and people driving business in B.C.

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C R E A T E A L E G A C Y to receive a gift and make annual payments of income to your chosen registered charities or support your selected area of focus. "This simplifies the distribution of your estate for your executor and ensures that the charities receive steady, ongoing support in perpetuity," Hikida says. "Donors who can't decide on a charity or cause can rely on Vancouver Foundation's community expertise to fund charitable projects across BC, ensuring your legacy always funds current and emerging needs." Jennifer Shang, director, donor relations for Variety BC, says another option is leaving a gift of assets other than cash to save capital gains and estate taxes, and therefore make a bigger impact than you previously thought possible. "Examples of other types of gifts you can leave are stocks and securities, life insurance, RRSPs or RRIFs, Annuities and more," she says. Or consider establishing a donor- advised fund through which you can donate a lump sum now but spread it among various charities or distribute it over several years. "This effectively creates a pseudo foundation for a fraction of the cost of setting up a private foundation," Shang says. "You receive the tax receipt when you make the donation and can then allocate the funds to any of Canada's registered charities." ESTATE PLANNING WITH FAMILY Marcie Flom, executive director, Jewish Community Foundation of Greater Vancouver, says a critical part of legacy giving and estate planning is consulting with and involving family members. It is also critical to have realistic expectations about your family's interests and capacity. "It's important to understand whether they are interested in participating," she says. "Is there PHOTO: JEWISH COMMUNITY FOUNDATION Continued on page 48

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