Gifts of Residual Interest
A gift of residual interest usually involves donating your principal residence or other real estate, such as a cottage. You (and, if applicable, your spouse) continue to live in the residence during your lifetime(s) or for a fixed term. At the end of the term, Queen’s will sell the property when it is no longer required, and will use the proceeds for the designated purpose.
Benefits of a Gift of Residual Interest
- Retain the use of the property for a fixed term or your lifetime and, if you wish, for that of your spouse as well.
- Receive a charitable tax receipt for the net present value of the property when the gift is made.
- If the value of your gift exceeds 75 per cent of your net income in the year the gift is made, you may carry-forward the excess tax credit for up to five years.
- The gifted property is removed from your estate for tax purposes.
- Satisfaction of making a meaningful gift to benefit future generations of students and faculty at Queen’s.
Queen's should be consulted well in advance of establishing a gift of residual interest to discuss terms and conditions required for acceptance and receipting.
Please
contact us with your questions or for further information.
We strongly encourage you to consult with your lawyer, accountant, or other financial advisor before finalizing your planned gift.
Thank for your interest in our Gift Planning program.