Our budgets would not balance without the generous financial donations from our patrons. Donations to the AGNS are fully tax-deductible, and can be made in a variety of ways. Certainly cash, cheque or credit card donations are always gratefully accepted. But have you considered these options?
Bequests: Leave your legacy by remembering the Art Gallery of Nova Scotia in your will.
Endowments: Put money aside in an investment vehicle of your choice (or give it to us to invest with our existing endowments). The capital is preserved, and the income is used for designated Gallery purposes as specified by you.
Life insurance: Consider making the Art Gallery a named beneficiary in your life insurance policy
Charitable Gift Annuities: A charitable gift annuity is a donation of a capital sum to a charitable organization in return for regular payments at a specified rate for life. This transaction is set up so that a minimum of 50% of the principle amount of the annuity is available to the charity (e.g. the AGNS) following the death of the annuitant(s).
Charitable Remainder trusts: Charitable remainder trusts are irrevocable, separately administered trusts established by an individual. Trust payments are provided to the individual and/or other named beneficiary (ies) for life or a term of years, whereupon the remaining assets would be distributed to the AGNS.
Many variations on the above are also possible, and the advice of a financial professional would certainly be advisable should you consider one of these options.
Donation of Art works: Acquiring and displaying works of art are what the AGNS is all about. In addition to the works that we purchase every year, we receive many more valuable works of art by donation – up to 1,000 pieces a year! The AGNS enjoys “Category A” designation with the Canadian Cultural Property Export Review Board (CCPERB). This means that your donation of art would not only qualify for a tax receipt (for the fair market value of the donated work), but, if it meets the CCPERB criteria, it would be free of the annual income and carry-forward limits that regular donations are subject to. Better yet, any capital gain on the transfer of title is not taxable, while any capital loss is tax-deductible. For more information on the process of donating art work to the AGNS, check out our collection acquisitions page.
Donation of securities: If you are short on cash but have holdings of shares or other securities, these can be considered for donation also. While there are tax advantages to be gained, capital gains taxes on disposal are also a consideration, although there are ways to minimize this
impact as well.
Air Miles: Do you have air plan points that you don’t think you will ever use? Consider giving them to us! There are tax benefits to doing this, since these points have a cash value. But leaving the points unused has no value.