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Gifts of Residual Interest & Securities

The college welcomes gifts of real estate, books, art, special collections or other property. These gifts are a valuable resource to Conestoga.

A gift of residual interest is a legal arrangement that allows you to give property to the college now and continue to use the property throughout your lifetime. For example, you might give a residual interest in a home and continue to live there or donate a residual interest in a painting and retain possession of it.

For gifts of residual interest, the terms of the gift and the responsibilities for expenses will be specified in a deed of agreement prepared by a lawyer.

If the item you are giving to the college has increased in value since you bought it, you may incur a capital gain that is taxable. However, you will also receive a tax receipt that will likely fully offset the tax owing. (Note: this does not apply to real estate that is your primary residence.)

Tax Benefits

You will receive an immediate tax receipt for the college’s remainder interest based on the fair market value of the asset or property and the ages of the life beneficiaries. The value of the tax receipt can be as high as 70 per cent of the face value of the asset or property for donors in their 80s. Also, a gift of residual interest removes the property from your estate, which will reduce probate and other estate fees. Upon your death, the college may retain the property or sell it and use the proceeds to benefit the area of your choice.

Statement of Intent

If you have made arrangements to make a gift to Conestoga, we request that you send us a completed Statement of Intent form (pdf) so that we may ensure proper administration of your gift.

More Information

Please contact the Development Office for more information about establishing a Gifts of Residual Interest at Conestoga.

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