Page 33 - Presbyterian Connection – Spring 2021

Connection
REFUGEE SPONSORSHIP
An Arrival Against All Odds
presbyterian.ca
SPRING 2021
By Klaas Kraay, Beaches Presbyterian Church in Toronto, Ont.
Since 2003, Beaches Presbyterian Church in Toronto, Ont., with the support of PWS&D’s refugee spon- sorship office, has sponsored 13 ref- ugees and co-sponsored four more,
A PCC charitable gift annuity of $25,000 for an 80-year-old woman provides her an immediate $7,190 tax receipt and a yearly tax-free income of $1,520.
By Jim MacDonald, Development Man- ager for Stewardship & Planned Giving
Did you know that there’s a way you can make a charitable gift to the church and ensure a guaranteed in- come for life?
When you purchase a charitable gift annuity through The Presbyterian Church in Canada, you can leave a legacy to any PCC ministry (Presby- terians Sharing, Presbyterian World Service & Development, PCC camps, theological colleges and/or your con- gregation). When you acquire the annuity, you’ll receive a guaranteed income for life and an immediate charitable donation tax receipt for at least 20% of the annuity’s value
There are two options: a single annuity, which provides an income for yourself, or a joint annuity, which provides life-long income for you and your spouse or sibling.
from the Congo, Colombia, Iran and Syria.
On the evening of Nov. 11, 2020, a Syrian refugee family of three ar- rived at Pearson Airport in Toronto, Ont. This moment marked the end of a long and incredibly arduous jour-
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A Syrian family sponsored by Beaches Presbyterian Church arrives in Canada in November 2020.
ney—and the beginning of their new life in Canada.
In spring of 2012, Hasan was a staff sergeant in the Syrian Army, leading physical fitness training and marching exercises for soldiers in his unit. When orders came to fire on un- armed anti-government protestors, Hasan deserted. As a result, he was arrested and spent two years in pris- on where he was severely tortured. Hasan was eventually freed and, against all odds, managed to reunite with his wife, Dua, and young son, Abdaljalil. The family fled to Turkey in early 2015, where the United Nations classified them as refugees.
In the fall of 2015, the Canadian government paired this family with Beaches Presbyterian Church in To- ronto, which was told to expect their imminent arrival. Alas, this was not to be. Years of bureaucratic twists and turns—far too many to summa-
rize—followed.
Hasan found part-time work and
Abdaljalil began school in Turkey, but the family continued to live in hope of coming to Canada.
Finally, they were approved to travel to Canada and had tickets for March 25, 2020. But disaster struck yet again when the borders were closed due to the worldwide coro- navirus pandemic. After another half year of uncertainty, the family finally arrived.
Since then, the family has been busy with the usual activities for newcomers: signing a lease, set- ting up a bank account, activating cell phones and attending medical appointments. Hasan and Dua have begun online English classes, and Abdaljalil is enrolled in Grade Two. Abdaljalil loves playing in the snow and has even tried ice skating—with great vigour!
Abdaljalil learns to skate his first winter in Canada.
Of course, the family is sad to have left friends and family behind, in both Turkey and Syria. But overall, they are thrilled to be safe and sound in Canada, at long last. And the congre- gation is delighted to welcome and support them as they begin this new stage of their lives.
PLANNED GIVING
Cheerfully Give and Then Receive
Here are a few examples: *
Barbara, an 80-year-old woman,
worked all her life and has a pension and some savings. Barbara would like to give a gift to her congregation but is concerned about her long- term income for the years ahead. She knows she could leave a gift in her will, but she discovers that buy- ing a PCC charitable gift annuity can allow her to achieve both her goals. Barbara purchases a single annuity for $25,000, designating her church as the beneficiary. She immediately receives a charitable tax receipt for $7,189.99 and every year for the rest of her life, she’ll receive $1,520.00. When she dies, the funds remaining in the annuity will go to her congre- gation. Barbara finds comfort in the knowledge that her gift can help her congregation pursue future ministry dreams.
Robert (78) and Patricia (75) have had a good financial year and they are looking to offset the taxes they will have to pay on some unexpected extra income. They had been talk- ing about making a major gift to the church in their will, but they heard how they can make a gift now with a PCC charitable gift annuity. Patricia calls for a quote and discovers that a $100,000 joint annuity will provide them with a charitable tax receipt for $21,697.42, and an annual income of $4,902 as long as one of them still
lives. Patricia and Robert are pleased that the church should receive at least $20,000 when they have both passed away, continuing to provide a place where people gather to grow spiritually and work together to share Christ’s love with their community and beyond.
Charitable gift annuities are de- signed to use the interest and capi- tal to pay you an income for life and leave a gift of at least 20% to the char-
ity. You can choose the annuity pay- ment frequency (monthly, quarterly, semi-annually, or annually) based on your spending needs. Whether or not tax is payable on the income depends on the age of the annuitant(s) on the day they first obtain the annuity. The income is often completely tax-free for older couples and the tax payable is quite small for younger couples. A couple, where the husband is 69 and the wife is 65 with a $50,000 annu-
ity, would receive a $10,000 receipt and an income of $1,864.68/year, of which the taxable portion is only $213.29.
By acquiring a gift annuity through The Presbyterian Church in Canada, you can experience the double-bless- ing of giving and receiving.
For a confidential annuity quote, contact Maggie Leung
at 1-800-619-7301 ext. 239, or plannedgiving@presbyterian.ca.
Sample PCC Annuity Quotes
Single Annuity
Female 80 Annual Payment: $1,520.00 Taxable Portion: $0.00 Annuity: $25,000.00 Annuity Rate: 6.08% Tax Receipt: $7,189.99
Joint Annuity
Female 75, Male 78 Annual Payment: $4,902.00 Taxable Portion: $27.58 Annuity: $100,000.00 Annuity Rate:4.90% Tax Receipt: $21,697.42
Joint Annuity
Female 65, Male 69 Annual Payment: $1,864.68 Taxable Portion: $213.29 Annuity: $50,000.00 Annuity Rate: 3.73% Tax Receipt: $10,000.00
*These quotes were valid until Jan. 26, 2021. Rates will vary depending on when the quote is obtained, the age and gender of the annuitant(s) and whether it is a joint or single annuity. The minimum amount for a PCC annuity is $10,000, and the annuitant must be 60 to acquire a single annuity and 55 for a joint annuity.
The PCC is a member in good standing of the Canadian Charitable Annuity Association, adhering to the standards and ethics required of members. The Association carefully sets annuity rates based on a professional actuarial firm’s calcula- tions and assumptions. Everyone is encouraged to seek independent financial advice before obtaining a gift annuity.