The gift of real estate: You can donate a family residence while continuing to use it for the rest of your life. The Foundation will issue an income tax receipt of the commuted value of the asset at the time of the donation. At time of death, the Foundation will obtain the use of your residence. If real estate assets other than the primary residence are donated, 50% of the capital gain is taxable.
A charitable remainder trust: Allows you to make a substantial donation, while still receiving the income generated from the asset you are transferring. The trust manages the allocated capital until time of death, at which time the capital is transferred to the Foundation. Setting up such a trust entitles you to a donation receipt of the commuted value of the transferred assets.
An endowment fund: The donor transfers an important sum to the Foundation and earmarks one of Space for Life’s museums or programs as the recipient of the income generated by the Fund. To comply with Canada Revenue Agency rules, a contract is set up between the Foundation and the donor to ensure that the capital remains intact for a minimum of ten years (the Foundation is subject to an annual 3.5% disbursement quota).
As an example, John and Rosalie Martin want to create a $500,000 endowment fund in memory of Mrs. Martin’s late father, whose passion in life was astronomy. They decide to donate the funds to the Rio Tinto Alcan Planetarium’s Exoplanets project for a ten-year period. They will receive an annual report of their Fund signed by the Director of the Planetarium and the Director of Foundation.