Planned Giving

Leave a legacy gift to the Victoria Symphony in your estate plan.

Planned giving is a form of stewardship for the future and a way of impacting causes you care about, even after you are gone. Leaving a gift to our orchestra in your estate plan nurtures the future of the Victoria Symphony while providing meaningful tax relief and economic advantages.

If you decide to leave a gift in your estate plans, you have a choice for your gift:

We invite you to help foster the growth of the Victoria Symphony as a leader and collaborator in our community’s rich cultural landscape. With your support, we can ensure the unique live experiences that Victoria has treasured since 1942 will play on for future generations to enjoy.

Each legacy gift pledge will be acknowledged as a member of the Tribute Circle. If you have already included the Foundation for the Victoria Symphony in your estate plans, please fill out our Tribute Circle Confirmation Form to ensure your support is properly acknowledged and that the purpose of your gift is understood.

Types of Planned Giving

There are many options to consider when creating a will or estate plan for the future. Many people decide to leave gifts (bequests) to causes they are passionate about, allowing them to steward their support long into the future.

Bequest in a Will

Bequests are gifts of cash, property or other investments designated in a will. They are the most simple and common form of planned giving – more than 80% of planned gifts are bequests. By including a charitable gift in your estate plan, you are given a tax receipt (credit) that can result in a reduction of income tax payable on your estate. There are three types of bequests to consider:

  • Specific. Leave a fixed dollar amount or specific property for The Foundation for the Victoria Symphony in your will.
  • Residual or proportional. Designating either your entire estate or a percentage of the estate after all other specific bequests are distributed. This means that the amount of your gift will fluctuate and adjusts depending on the size of your estate over the years.
  • Contingent. The Foundation for the Victoria Symphony will only be given the bequest details in the event of the death of a primary beneficiary names in the will.

Below are samples of ‘bequest language’ meant to serve as a guide for you and your advisor while drafting or adding a codicil to your estate plans:

General Bequest of a stated sum of money may be worded:
“I give the sum of $(insert exact dollar amount here) to The Foundation for the Victoria Symphony.”

Specific Bequests of a certain asset from your estate may be worded:
“I give my (insert description of specific property here) to The Foundation for the Victoria Symphony.”

Residuary Bequest, after other bequests and expenses have been paid, may be worded:
“I give all or (insert percentage here) of the residual and remainder of my estate to The Foundation for the Victoria Symphony.

Gift of Life Insurance

The gift of life insurance is the second most widely used type of planned gift in Canada. A deferred gift of life insurance names the charity as the beneficiary of the policy. (CRA nolonger allows the transfer of policy ownership to a charity.)

Life insurance enables you to make a substantial gift without reducing assets intended for other members. You can make a sizable gift to The Foundation for the Victoria Symphony or Victoria Symphony Society with a small investment of monthly premiums.

Gift of RRSP, Charitable Annuity, Charitable Trust

Donors can make a charitable gift of all or any portion of any retirement funds remaining after their passing. Surviving beneficiaries would be permitted to maintain securities in a tax-deferred plan. At the mandatory age for redeeming your RRSP, you can donate the securities, or a portion of them, to The Foundation for the Victoria Symphony and receive a tax receipt for the gift.

Alternatively, you can make a planned gift to our orchestra’s future by designating The Foundation as the beneficiary (or one of the beneficiaries) in the event that you pass away before the mandatory redemption age.

Charitable remainder trusts involve the transfer of property (real estate or other investments) to a trustee that holds and manages it. As the donor, you retain the income generated by the property for life, but leave the residual interest to your charity of choice. Upon the death of the donor or beneficiaries (or end of the term), the charity would receive the amount that remains in the trust.

Meet One Inspiring Tribute Circle Member: John McEown

Growing up in Saskatoon, John awoke many winter mornings to classical piano music being practiced by one of his older sisters. Another early exposure helping to foster his appreciation of classical music came when string ensembles from the nearby University of Saskatchewan gave concerts at his school.

John’s career in insurance included many years in New York City, where his philanthropic company matched employee contributions to major cultural organizations three to one.

With such a background, it was natural for John to pursue his interest in the performing arts community when he moved to Victoria. He served on the Victoria Symphony Board for six years including one term as its Vice President. The highlight of that era was the inauguration of the annual Victoria Symphony Splash in the inner harbour.

In recent years, the McEown family has annually underwritten Symphony concerts. The family has now taken steps to continue such funding for many years to come by setting up a gift from the John. H. McEown Family Trust Fund.

We are inspired by this major contribution to the continued well-being of the Victoria Symphony. We take great pleasure in welcoming John to membership in our Tribute Circle.