A donor leaves $150,000 to the Alberta Society of Islamic Fellowship "ASIF" in her will. Assuming the total net income on her final tax return was $100,000, and her net income the previous year was $75,000:

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1. A donation of $100,000 can be claimed on her final tax return.

2. A donation for the remaining $50,000 can be claimed on her previous year's return.

3. Her estate receives a total tax credit of $75,000 between her final two tax returns. *

 

* Tax credit depends on donor's income and specific circumstances.

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When you name the Alberta Society of Islamic Fellowship "ASIF" in your will, you commit to the betterment of future generations. Your gift can include cash, securities, retirement funds, real estate or other property. Talk to your financial adviser about the options.

 

The most common types of bequests are:

 

Residual Bequests: 

Designate all or part of your estate to the Alberta Society of Islamic Fellowship "ASIF". The advantage is that there is no need to update that part of your will, even as your estate adjusts in size.

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Specific Bequests: 

Designate a fixed dollar amount or a specific property to the Alberta Society of Islamic Fellowship "ASIF". The advantage is that the size of the gift remains fixed and is the first to be distributed.