Charitable Remainder Trusts

A Charitable Remainder Trust (CRT) is a powerful planning tool for individuals planning to make a charitable bequest. A CRT is a  way of giving assets during your lifetime, while providing you with the use of the gift for the remainder of your life. One could think of it as a farmer giving away his cow but receiving the milk from the cow for the rest of his life.  You may choose a CRT because you have an asset that you eventually like to give, but you need the income it now provides. CRT’s can be established for Citadel Foundation by contributing cash, bonds, stock securities, mutual funds or real estate.

CRT’s have the following benefits:

  • Trust assets are not considered part of your estate and are not subject to the cost and delay of probate, therefore there are no probate fees and other estate costs.
  • Ensures privacy. By transferring assets to a trust, your decision is private.
  • As a donor, you can receive immediate tax relief by transferring assets to a trust that names Citadel Foundation as the capital beneficiary.
  • Allows you to retain your assets and  any income they generate, until death, at which point Citadel Foundation will receive the remainder of the property in the trust.

You receive a donation receipt for the present fair market value of the remainder interest calculated by Revenue Canada