2. Planting seeds of hope.2
ATwinkle in the Eye
and a Lasting Legacy
I first met Ron Bremner when I was visiting Saskatoon in 2008. We
had previously talked over the phone as we discussed his desire to
set up a permanent endowment fund for The Presbyterian Church in
Canada. I was eager to put a face with the voice and meet the
man. We arranged to meet at St. Andrew’s Church, where he had
served on session and taught Sunday School for over fifty years.
What I remember most from our brief visit was the twinkle in his
eye that hinted at a deep, inner joy lying just beneath the surface.
Dr. Bremner passed away this past October 21, 2011, leaving
behind his wife of 62 years, Muriel, his daughter Margaret, his son
Murray, and three granddaughters. He also leaves behind an
extraordinary legacy of service, faith and generosity that extended
far beyond his professional work as a dermatologist. Ron was a co-
founder of the Saskatoon Nature Society and an active Rotarian.
He taught pro bono at the University of Saskatchewan’s College of
Medicine for seventeen years and traveled oversees to share his
medical expertise with doctors in developing nations.
Among his many hobbies and interests, Ron was an avid coin
collector. But I would submit that his greatest joy was not collecting
money, but figuring out how to give his money away. Ron
practiced his philanthropy with the same enthusiasm that he
practiced medicine and taught Sunday School. He understood
himself, not as the owner, but the steward of the many gifts God
had entrusted to him, and his greatest joy was sharing what he
had with others. Could it be that was the source of the twinkle in
his eyes?
I hope readers will be inspired by his example. I know I am. The
strategies that he and Muriel have used to leave a lasting legacy
are available to us all. People often ask me why I remain hopeful
for the church during this critical time of declining membership and
ever growing challenges. I remain hopeful because of the
unconquerable love I have discovered in Jesus Christ and because
of people like Ron Bremner through whom I have seen that love
shine; indeed, through the endowment the Bremers have
established, that love will shine for generations to come. I thank
God for Ron Bremner. He is truly one of the church’s
ProVisionaries.
Herb Gale
Associate Secretary, Planned Giving
For more
information
contact the
Planned Giving
Office.
The Presbyterian Church
in Canada
50 Wynford Drive
Toronto, Ontario M3C
1J7416-441-1111
1-800-619-7301
Rev. Dr. Herb Gale
Associate Secretary
extension 278
hgale@presbyterian.ca
Or
Sheryl Sutton
Program Co-ordinator
extension 265
ssutton@presby
The information provided in this
magazine does not constitute
legal or financial advice and
should not be relied upon as a
substitute for professional
advice. You should always seek
appropriate legal, estate
planning and financial advice
before deciding on a course of
action.
Provisionaries magazine #2, take 2 2012_Layout 1 08/05/12 4:26 PM Page 2
3. It’s always nice to hear Mr. Smith’s cheerful voice
on the other end of the line (Mr. Smith is not his
real name. “The Smiths” prefer to remain
anonymous.) He has been calling the Planned
Giving Office over the years to request a transfer
form to make their regular gift of stocks for the
church. But about a year ago,
his call wasn’t simply to
request a form to make their
annual contribution. He
wanted to make a substantial
legacy gift to the Presbyterian
Church in the small town in
which he and his wife were
raised. Mr. Smith explained
that although they have since
moved to the Toronto area,
they haven’t forgotten the
church community that
nurtured them in their faith:
“That’s where we were both
baptized and attended Sunday School. Our
wedding was there too. It still has a special place
in our hearts.” They have been blessed financially
and want to give back to God and the church.
Giving is an important part of their faith and it’s
deeply rooted in them. As children they saw how
intentional their families were about giving.
Beautiful memorial stained glass windows were
given to the same church from their respective
families. Mr. Smith told me that he and his wife
wanted to give $200,000 of their stock portfolio
to help maintain the church facility so that the light
of God’s love will continue to shine into the
community through those stained glass windows. I
remember saying, “How generous of both of you!”
A gift agreement contract was soon finalized and
signed between the Smiths and The PCC,
establishing a twenty-year fund to maintain the
church building and make needed renovations.
Then they simply instructed their broker to transfer
the stocks to The PCC’s broker. After The PCC
received the stocks, I mailed the Smiths a tax
receipt for the full market value of the stocks; and
since the stocks were given directly to the church,
all capital gains taxes on the
securities were completely
eliminated. The proceeds from
the sale of the shares totaled
over $210,000, so the extra
money was sent to the
congregation for its immediate
needs and the remaining
$200,000 invested in The
PCC’s Consolidated Portfolio.
In January 2012, it was my
happy task to send the church
treasurer the first year’s
installment of $10,000. The
Fund’s annual disbursements
over the next twenty years will help ensure that the
congregation continues to have a vital presence in
the community so that future generations of
children can grow in faith and God’s love will
continue to shine brightly on them through the
beautiful stained glass windows!
Sheryl Sutton,
Planned Giving Program Coordinator
ssutton@presbyterian.ca
Gifts of publicly traded securities are a tax smart
way to make a gift to the church. Donors giving
publicly traded securities directly to charity, pay no
tax on the capital gains while also receiving a
donation tax receipt for the full market value of the
securities. If your congregation does not have a
stockbroker, you can use the services of The PCC’s
stockbroker. Contact Sheryl for more information.
A Generous Gift of Stock
Establishes Twenty-Year Fund
For generations to come. 3
Provisionaries magazine #2, take 2 2012_Layout 1 08/05/12 4:26 PM Page 3
4. 2
We are all familiar with the song made popular by
the Barenaked Ladies, “If I Had a Million Dollars.”
In their tongue-in-cheek song, the group lists the
myriad of things they could buy if they had a
million dollars. The list ranges from the practical
(e.g. a Chrysler K- Car) to the zany (e.g. an Emu)
to the bizarre (e.g. the remains of John Merrick,
the Elephant Man).
What would you do if you had an extra million
dollars? Well, Ron and Muriel Bremner didn’t
imagine all the things they could buy. Instead, they
imagined all the things they could share. As Muriel
says, “We don’t need a lot of things. I don’t need
30 pairs of shoes. I’d rather share with others.”
And so Ron and Muriel decided that they would
establish a million dollar endowment through The
Presbyterian Church in Canada in memory of
Ron’s parents, Dr. J. Murray and Catharine
Bremner. And it cost a whole lot less than a million
dollars to do it! The purpose of the endowment is
to provide annual income in perpetuity “for
emergency needs or emerging opportunities within
The Presbyterian Church in Canada.” Here’s how
they did it:
1. They made an initial donation of $50,000*
which was invested in The PCC’s
Consolidated Investment Portfolio to establish
the endowment.
Net cost to donate $50,000 after utilizing tax
credits: $28,000
2. A $300,000* Donor Advised Fund provides
annual income for the purposes of the
endowment until both Muriel and Ron are
deceased. The capital in the fund will then be
forwarded to The PCC to become part of the
capital in the endowment. (Donor Advised
Funds are growing in popularity in Canada
and are offered by many financial institutions
and community foundations. Donors receive
tax receipts for contributions they make to the
fund, and they can direct the annual income
to any registered charity in Canada. After the
death of the donors, the capital in the fund
can either be disbursed to specified charities
or bequeathed to their heirs through their
estate to continue the philanthropic tradition.)
Net cost to donate $300,000 after utilizing
tax credits: $168,000
3. $500,000 from a joint, last-to-die life
insurance policy owned by the Saskatoon
Community Foundation with The PCC as the
sole beneficiary will also be added to the
endowment after both Ron and Muriel are
deceased. (See opposite page for how life
insurance offers a creative way to leave a
substantial legacy for the church with a
comparatively small out-of-pocket investment.)
4. Any additional money needed to reach $1
million will be contributed to the endowment
through the Bremners’ estate.
Most of us may not be in the financial position to
establish a million dollar endowment (although, as
the Bremners learned, we can establish such an
endowment with a whole lot less than a million
dollars), but we can all use the strategies that Ron
and Muriel used to grow our gift and multiply our
generosity. (By the way, Ron also acquired a
$30,000 gift annuity. See pages 5-6 for details.)
Read through this magazine and discover how,
with wise planning and by utilizing the tax benefits
implemented by Revenue Canada, you can leave
a much larger gift than you may have imagined
possible – a gift that can leave a lasting legacy for
generations to come. Ron died October 21st,
2011, but the endowment he and Muriel
established will continue to provide annual income
for needed ministries long after they have passed
away.
If I had a million dollars . . .
Planting seeds of hope.4
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5. Life insurance is a great way to give a planned
gift. There are so many advantages, and yet it is
one of the most overlooked methods of charitable
giving out there. The main feature of using life
insurance is that your gift can be multiplied several
fold.
A small monthly premium can mean that tens of
thousands of dollars will be paid to the church
from your policy. The proceeds can be paid to the
church or directly to your congregation. Since
there are several different types of policies
available, another benefit would be that the
growing cash values in the policy can be used by
the church while you are still alive. This could be
used to fund capital projects for your congregation
if you choose.
A great example of this was shown recently by Dr.
Ronald Bremner who passed away in October of
2011. Half of the one million dollar endowment
that his estate will leave to The Presbyterian
Church is through a joint, last-to-die insurance
policy for him and his wife.
There are tax advantages to using life
insurance for planned giving as
well. Your policy will be assigned
to the church and in return, you
will receive an annual tax
receipt for the premiums you
pay for the policy. You also
have the choice of your estate
receiving a tax receipt for
the total death benefit paid
to the church instead.
To use a life insurance
to make a planned
gift, you must be
insurable to apply
for the coverage.
However, in most
cases you can determine the amount of benefit the
church will receive and/or how much premium
you want to pay on a monthly or annual basis. If
you already have a policy in force, you can set it
up as a planned gift and receive a tax receipt for
any cash value you have built up in the policy.
Life Insurance
Dr. Ronald Bremner
For generations to come. 5
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6. When the congregation I served first joined the
ProVisionaries Network and started to invite
members to consider making a planned gift, two
of our members acquired gift annuities in the first
six months! Both of the donors were thrilled to give
these gifts and also guarantee themselves a better
income for the rest of their lives.
For many retired people, their first financial
concern is making sure they have enough to last
throughout their retirement. They would love to
provide a generous legacy for the future of the
church, but the income they receive on their
investments is paramount. What they may not
know is that it is possible to receive a healthy
income while also leaving a generous gift after
they pass away.
A Charitable Gift Annuity is one of the most
effective tools for charitable giving because it
allows you to take one pot of money and receive
a healthy income from it and - at the same time -
make a substantial gift to a ministry you believe in.
The gift annuity is an ancient financial tool that
goes back to the Babylonian Empire. Monasteries
in the middle ages used to raise money by
accepting donations in exchange for a promise to
pay the donor an income for as long as they lived.
Today, the math is more sophisticated but the
principle remains the same.
What’s new with modern annuities is the great tax
advantage they enjoy. The income you receive
from an annuity is at least partially tax free and
may be totally tax free, depending on your age.
The older you are when you acquire the annuity,
the more annual income you collect tax free.
Donors also receive a one-time tax receipt when
they make the gift for an amount that is based on
their age and life-expectancy.
The tax advantages together with the better
guaranteed return rates provides for a substantially
higher income than a conservative interest-
producing investment like a GIC.
It is important to remember that with gift annuities,
the money you give to acquire the annuity is no
longer yours. If you think you may need the capital
in the future (e.g. for a major purchase or to leave
to a loved one through your estate), then a gift
annuity may not be the most appropriate gift
planning tool for you. But if retirement income is a
primary concern and you do not anticipate
needing the principal amount, then a gift annuity
Gift Annuities
Giving and Receiving All At Once
Planting seeds of hope.6
For example, Helen is a 78 year old widow
and her income comes from her RRIF along
with CPP and Old Age Security. To
supplement her income, she counts on the
modest returns she gets from a small
investment account she holds in GICs. After
attending a planned giving seminar, Helen
discovers that she can more than triple the
income she is currently getting from her GICs
by acquiring a gift annuity with the
Presbyterian Church. Helen decides to give
$10,000 she has had invested in GICs
(currently yielding just $172/year after taxes)
to acquire a gift annuity, which she
designates for her home congregation and
Presbyterians Sharing. In return for her gift,
Helen receives a one-time charitable tax
receipt for $3,250 and guaranteed annual
income of $556 completely tax-free for as
long as she lives. Helen is thrilled to know
that she will be leaving a significant gift to
the church after she passes away while also
receiving additional tax-free income for the
rest of her life!*
Provisionaries magazine #2, take 2 2012_Layout 1 08/05/12 4:27 PM Page 6
7. may be a perfect win-win solution – a win
for both you and the church.
A few years ago my calling shifted from
pastoral ministry to a ministry of
stewardship and financial planning. One
thing that hasn’t changed is that I still
spend lots of time listening to people who
trust me to care and help them. As a
financial advisor, I experience a deep
reward from helping folks live more
abundantly through careful saving and
generous giving. Planned giving makes
that possible and a Charitable Gift Annuity
is one of the excellent tools for doing so.
If Helen’s example sounds appealing,
contact the Planned Giving office and your
financial advisor to find out if a Charitable
Gift Annuity is right for you.
*Example based on a $10,000 GIC @
2.45% return vs. $10,000 gift annuity at
5.56% for 78 year-old female at a 30%
marginal tax rate.
Bruce McAndless-Davis is a Presbyterian
pastor and a financial advisor.
Understanding Maturity
To be young is to study in schools
we did not build.
To be mature is to build schools
in which we will not study.
To be young is to swim in pools
we did not dig.
To be mature is to dig pools
in which we will not swim.
To be young is to sit under trees,
which we did not plant.
To be mature is to plant trees
under which we will not sit.
To be young is to dance to music
we did not write.
To be mature is to write music
to which we will not dance
To be young is to worsip in churches
we did not build.
To be mature is to build churches
in which we many not worship.
Attributed to Ernest Campbell, senior minister of
Riverside Church in New York City from 1968-76
For generations to come. 7
Dr. Ron Bremner acquired a $30,000
single life gift annuity in July, 1999
through The Presbyterian Church in
Canada. He received a one-time tax
receipt for $7,083 AND monthly
payments of $165.17 (100%tax free) for
a total of $24,534 AND $24,880 was
left in the annuity account for PWS&D
after he died in October 2011!
(The above example is for illustrative purposes
only. Annuity rates and the residue available
for disbursement vary.)
Provisionaries magazine #2, take 2 2012_Layout 1 08/05/12 4:27 PM Page 7
8. Planting seeds of hope. For generations to come.8
ProVisionaries
Congregational Network
Planned gifts can provide a whole new stream of
revenue to enable congregations to expand their
long-term ministry objectives far beyond what
would be possible through the annual operating
budget. But many congregations aren’t sure how
to move forward in this vital area of stewardship.
To help congregations develop a more intentional
planned giving ministry, The Planned Giving Office
has established the ProVisionaries Congregational
Network. The Planned Giving Office provides a
toolkit of resources, training for volunteers and
regular email updates for congregations in the
network. As of the spring of 2012, there are forty-
three congregations on board from Vancouver
Island to Nova Scotia. The newest member of the
network is Mimico Presbyterian Church in Toronto.
One story from the Church of St. David in Halifax,
a member of the ProVisionaries Network, illustrates
the power of planned giving in the life and
ministry of a congregation. Helen Watson, a
nurse, left a $300,000 bequest to St. David’s
which was designated for “mission work in Nova
Scotia.” Over the past decade, money has been
disbursed from the Watson Fund to: the Out of the
Cold Shelter at St. Matthew’s United Church,
Camp Geddie for a mission outreach animator
position, Coverdale Centre (for women who have
trouble with the law), Phoenix House (for
vulnerable youth), a drug addiction centre, etc.
The congregation gives away $12-15,000 each
year (there is a cap of $5,000 per project). Over
the last nine years, $112,000 has been distributed,
and there is still $380,000 left in the fund!
For those interested in learning more about the
ProVisionaries Network and how to develop an
intentional ministry of planned giving in their
congregations, the Planned Giving office has
prepared a step-by-step guide entitled,
“Developing a Vital Planned Giving Ministry in
Your Congregation”. The booklet contains a
checklist to help gauge the vitality of your
congregation’s planned giving ministry.
Complementary copies can be ordered from the
Planned Giving Office or downloaded from The
PCC’s Planned Giving website.
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