Simply telephone us at 1-866-640-8783 and we will be pleased to assist you in opening your account, accepting deposits, or answering any of your questions.

Send a cheque payable to The Veritas Foundation with a covering letter identifying your account details to: 

The Veritas Foundation
3110 - 100 Wellington Street West
PO Box 80
Toronto, ON  M5K 1E7

An official donation tax receipt will be issued to you once received.

You may make a deposit at any time online by Credit Card or PayPal.  An official donation tax receipt will be forwarded to you by email.

Complete THIS FORM to remit a payment online by Credit Card or PayPal.

For existing accounts, you can transfer funds directly to your account online using the following instructions.  For new accounts, details are provided on the Account Opening Form.  An official tax receipt will be issued for the amount deposited.

Electronic Funds Transfer:
The Veritas Foundation
TD Canada Trust
161 Bay Street at Front St.
Toronto, ON  M5J 2S1  Canada
SWIFT code:  TDOMCATTTOR  
Transit Number: 05002
Institution code: 004     
Account Number:  5249713

Interac:
email address: info@theveritasfoundation.com.  Please be sure to advise us of the transfer and the answer to your authorization question.

Securities can be transferred 'in kind' from your existing investment account to your Veritas Giving Fund account at any time.  Simply complete the Transfer of Securities Form and send to us and your broker - we will take care of the rest.

Securities can include stocks, bonds, mutual funds, ETFs, segregated funds, or any other publicly listed investments. 

An official donation tax receipt will be issued for the fair market value of the securities on the date they are received by Veritas Foundation.  

Donated securities to the Veritas Foundation may be eligible for enhanced capital gains treatment.  There will be zero capital gains as income and therefore, no capital gains tax owing.  If you were to sell the securities and donate cash, the sale would be subject to capital gains tax which would reduce the amount of your charitable donation receipt and the cash deposited in your Veritas Foundation Giving Fund Account. 

Annual Contribution Limit: the contribution limitation for in-kind gifts that have appreciated in value is 75 per cent of your annual net income from all sources.  Any excess may be carried forward and claimed as a charitable donation deduction in any of the next five years.

Complete THIS FORM to transfer securities to your account.

The Canada Revenue Agency does not treat privately held shares the same way it treats publicly held shares. Private company shares are considered non-qualifying securitiesunless specific criteria are met.

The Veritas Foundation can only issue an official donation receipt to the donor of a non-qualifying security if the security is an excepted gift or, if within 60 months of acquiring the non-qualifying security, one of the following two conditions applies:

1. The security ceases to be a non-qualifying security (for example, a privately held company goes public and its shares become listed on a designated stock exchange)
2. The Veritas Foundation disposes of the non-qualifying security

A non-qualifying security is considered to be an excepted gift if it meets all of the following criteria:

1. It is in the form of a share
2. The donee that receives the non-qualifying security is not a private foundation
3. The donor deals at arm's length with the donee
4. The donor deals at arm's length with each of the charity's directors, trustees, officers, and like officials

The Veritas Foundation is a registered charitable Foundation, CRA, #73232 3126 RR000.

Private Share Transfer to DAF - Short-Form Steps

1. Pre-Clearance & Acceptance

• Donor contacts The Veritas Foundation with the share details (company name, class, number)
• The Veritas Foundation confirms shares qualify (arm's length, no donor advantage, going-public transaction, or otherwise)
• The Veritas Foundation verifies with its custodian, RBC Dominion Securities, it can hold the private securities.  The information required includes:
            o          Name of the company/issuer

o          Type of investment (shares/units)
• The Veritas Foundation provides conditional written acceptance and account details

• Donor opens account with the Veritas Foundation Giving Fund

2. Independent Valuation, if required by The Veritas Foundation

• Donor engages qualified valuator (CBV/CPA/CFA/ASA)
• Valuator establishes fair market value (FMV)
• Valuation report provided to The Veritas Foundation and RBC Dominion Securities, as custodian
• The Veritas Foundation reviews and approves the valuation for receipting

3. Legal & Corporate Due Diligence

• Donor provides: share certificates, articles/bylaws, shareholder agreement
• The Veritas Foundation confirms shares are fully paid, non-assessable, free of liens
• The Veritas Foundation is provided with any necessary board/shareholder resolutions authorizing transfer
• Donor signs representation letter (arm's length, no additional side agreements, charity discretion in acquiring the securities)

4. Transfer Documentation

• Donor signs Letter of Direction to company to transfer ownership to the DAF
• Complete stock transfer form is delivered to The Veritas Foundation
• Share certificate transfer is endorsed (if certificated)
• The Veritas Foundation has received certified corporate resolutions
• RBC Dominion Securities, as custodian, provides private security intake instructions.
-           An executed Power of Attorney is provided to RBC Dominion Securities.

5. Execute Legal Transfer

• Company updates corporate share register to show The Veritas Foundation as legal owner
• Deliver certificates/confirmations to RBC Dominion Securities

• Date share register updated = donation date for CRA

6. Confirmation & Tax Receipt

• RBC Dominion Securities confirms shares held in The Veritas Foundation's custodial account
• The Veritas Foundation verifies legal ownership transferred and excepted gift conditions met (if relevant)
• The Veritas Foundation issues an official donation receipt at the lower of the Fair Market Value (FMV) or the Adjusted Cost Base (ACB), with the legal transfer date and asset description

7. Post-Transfer Administration

• The Veritas Foundation has full discretion over timing and terms of share sale
• Donor has no control over sale timing, buyer selection, or price
• Proceeds credited to donor's DAF account for grantmaking

Key Timing Notes

• Transfer must be completed (share register updated) by December 31^st for the year in which the charitable tax receipt is required.

• Best to allow 8-12 weeks for standard transfers; 3-4 months for complex situations

• Start by early November for year-end donations

• RBC custody alone is insufficient—corporate records must show The Veritas Foundation as the owner of the securities

Critical Requirements

✗ Independent valuation may be required

✗ Must be an arm's length relationship between the donor and The Veritas Foundation

✗ No donor benefit or advantage can be conferred

✗ The Veritas Foundation must have full discretion after the transfer of securities

✗ The Corporate Share Register must be updated, indicating a legal transfer to The Veritas Foundation

Notes

Donated private shares that qualify as excepted gifts will have an inclusion rate of 50% compared to publicly listed shares, which have an inclusion rate of 0%.

A comparison between selling all the shares and a split of selling and donating shares is presented in Appendix A.

The alternative minimum tax (AMT) is a parallel tax calculation that runs in conjunction with the regular tax calculation. AMT targets high-income earners who earn income that is preferentially taxed, such as capital gains, or claim significant tax deductions, such as tax credits.

A comparison of the regular tax calculation and the alternative minimum tax calculation is provided in Appendix B.

CRA references links can be found in Appendix C.

Appendix A

Below is an example comparing two options. Option A sells all the shares. Option B donates half of the shares and sells the other half.

Appendix B

Below is an example comparing the regular tax calculation and the Alternative Minimum Tax calculation.

Appendix C

Non-qualifying security:

https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/policies-guidance/non-qualifying-security.html

Determining fair market value of non-cash gifts:

https://www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/issuing-receipts/determining-fair-market-value-gifts-kind-non-cash-gifts.html

Gifts and income tax:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/p113/p113-gifts-income-tax.html

Your RRSP or RRIF can be gifted to your account which will entitle your estate to a charitable receipt for the value of the RRSP or RRIF. This charitable receipt can then be used to offset the tax liabilities incurred at your death. 

You can designate the charitable organization as the beneficiary directly with the RRSP or RRIF holder. This is generally the preferred manner, as the gift of the RRSP or RRIF then becomes completely independent of your will and results in a very simple process. Upon receipt of your death certificate, the RRSP or RRIF holder is automatically authorized to pay the funds in the RRSP or RRIF to your account with the Veritas Giving Fund and Veritas is authorized to provide your estate with a charitable receipt.

The gift is simple to make. Just request a Change In Beneficiary form from your plan provider and name The Veritas Foundation and your account name as beneficiary of all or a portion of the RRSP or RRIF and return the document to your provider.  

The important things to remember when donating a RRSP/RRIF are:

• It is appropriate for any committed donor with RRSP/RRIF, regardless of age;
• The most recently signed documents normally overrule previous instructions, so it is important that the charity be named beneficiary on plan documents and that this is outlined in the Will too;
• The tax credit on donor’s final income tax return is based on value of gift from the plan ;
• The amount of the gift creditable on final tax return is 100% of income (not 75% like when donor is alive);
• There is a one year carry-back if the gift is in excess of 100% final year income;
• A direct designation gift is good for donor advised fund endowment donations such as the Veritas Foundation Giving Fund;
• The gift is not subject to probate;
• It is most appropriate on death of 2^nd spouse (RSP rollover tax free between spouses).

With the donation of Life Insurance, there are two options to consider:

1. Donating the ownership of the life insurance policy to The Veritas Foundation immediately
2. Retaining the ownership and naming The Veritas Foundation as the beneficiary of the policy

The difference between the two options is when you receive their charitable donation receipt.

Option 1: Donating Ownership of the Life Insurance Policy Immediately

This gift planning option works best if you require a donation receipt immediately.

• You irrevocably transfer the ownership of an existing life insurance policy to The Veritas Foundation. The Veritas Foundation owns the policy going forward.
• You receive a charitable donation receipt for the fair value (FV) of the policy on the date of the ownership transfer.
• In some circumstances, the FV of the life insurance policy on the date of the ownership transfer might be higher than the cash surrender value (CSV). The age and health of the lives insured are two considerations that could impact the policy valuation and donation receipt. An actuarial assessment is required to determine if a charitable donation receipt in excess of the CSV could be issued.  The Veritas Foundation will pay for this actuarial assessment once ownership of the policy is transferred to The Veritas Foundation.
• If there are ongoing premiums to be paid on the policy, The Veritas Foundation is responsible for those payments as the owner of the policy.
• If you choose to continue making the premium payments on the donated policy, you will receive a charitable donation receipt for any life insurance premiums paid.
• When the policy matures, the life insurance proceeds are paid directly to The Veritas Foundation, as the owner of the policy. No donation receipt is issued to the donor’s estate for the proceeds from the matured policy.

Tax Planning Tip

• You will realize taxable income for the difference between the policy adjusted cost base (ACB) and the policy CSV.
• If the policy has a FV in excess of the CSV, the donation receipt will be issued for the FV.
• The difference between the policy CSV and the FV is not considered taxable income for you, which results in a donation receipt in excess of your taxable income from the donation of the policy.
• This excess donation receipt amount can be used to offset other taxable income.

Option 2: The Veritas Foundation is named a Beneficiary of a Life Insurance Policy

This gift planning option works best if you need a donation receipt in your estate (to offset other estate income, for example), not immediately or during your lifetime.

• You name The Veritas Foundation as a beneficiary of the policy.
• You retain ownership of the policy; the charity does not own the policy.
• You could choose to divide the policy among several beneficiaries. One could be a charity and the other beneficiaries could be family members.
• If the beneficiary designations are revocable, you can change the named beneficiaries in the future if your life circumstances change.
• You continue to pay the policy premiums going forward. A charitable donation receipt will not be issued for premium payments because the charity is not the owner of the policy.
• When the policy matures, any life insurance proceeds The Veritas Foundation receives, as a beneficiary of the policy, will generate a charitable donation receipt for the Estate of the policy owner.

Tax Planning Tip

• Your  Estate receives a charitable receipt to help offset taxes owing
• The life insurance proceeds are paid directly to The Veritas Foundation and do not flow through the Estate:
  • Not subject to probate or estate administration fees
  • Payments received by The Veritas Foundation more quickly
  • Not exposed to Estate creditors

Your account can be named as the beneficiary of a charitable bequest, qualified retirement plan (RRSP or RRIF), charitable remainder trust or a private foundation.  The Veritas Foundation should be identified as the recipient for all such deferred contributions and directed specifically in writing to your account.  

When setting up a deferred contribution such as this, you should consult with your tax, legal and investment advisors.  Be sure to complete the Account Opening Form as part of the process. 

Bequest Examples:

Sample Bequest Language (Where the Donor Expects to Change Selection of Charities During Their Lifetime)
To pay or transfer the residue of my estate to the Veritable Foundation Giving Fund, BN/Registration Number 732323126 RR0001, to my donor advised account (indicate Veritas Foundation account number and name).  If a don advised account has not been opened by me at the time of my death, I direct my Executors and Trustees to open such an account in the name of (your choice of fund name)("the Fund").  The regulations for the investment of the Fund and the use of the income and capital of the Fund for charitable purposes shall be determined in the absolute discretion of the Board of Directors of the Veritas Foundation.  It is my wish that the Board of Directors of the Veritas Foundation apply monies from the Fund to those charitable organizations selected on an annual basis in the absolute discretion of the Board of Directors of the Veritas Foundation or to any registered charities which I may select in accordance with any memorandum that I may leave with this my will.

Alternative Bequest Language (Where the Selection of Charities is Known and Binding in the Will)
To pay or transfer the residue of my estate to the Veritas Foundation Giving Fund, BN/Registration Number 723223126 RR0001, to my donor advised fund account (indicate Veritas Foundation account number and name).  If a donor advised account has not been opened by me at the time of my death, I direct my Executors and Trustees to open such an account in the name of (your choice of fund name) ("the Fund").  The regulations for the investment of the Fund and the use of the income and capital of the Fund for charitable purposes shall be determined in the absolute discretion of the Board of Directors of the Veritas Foundation.  It is my wish that the Board of Directors of the Veritas Foundation, in their absolute discretion, apply monies from the Fund on an annual basis in equal shares to (list as many registered charities as you wish along with their BN/Registration numbers).