Planned Giving

Making money and good investments concept

 

The following information is not intended as specific financial planning or legal advice. If considering a planned gift we recommend seeking advice from your professional advisors: accountant, financial planner, insurance specialist or lawyer and family members to choose the best gift planning options for your individual circumstances.

For more information or if you have questions about this process, contact our office and speak to Terry Bartol.

Remembering the Ontario Brain Injury Association in your Will ensures you can continue to help enhancing the lives of those living with the effects of acquired brain injury. By leaving a gift in your Will, your personal legacy of caring and compassion carries on. In addition, your estate receives a tax receipt for the full value of the bequest- a significant tax benefit on a final tax return.
With life insurance, you can give the gift of a charitable legacy – ensuring your support continues even after your death. Not only does it benefit the charity, but you also receive a sizable tax savings either during your lifetime or thereafter, depending on how you structure the arrangement.
The charity owns the policy One way to set up a charitable donation through life insurance is to buy the policy on your life and assign the policy to the charity as owner and beneficiary. The premiums you pay for the policy each year qualify as a tax-deductible donation on your annual income tax return – giving you the advantage of immediate tax savings. If you already have a life insurance policy, you can transfer policy ownership and the beneficiary designation to the charity. Although you won’t get any tax relief on the premiums you’ve paid to date, if the policy has a cash surrender value, the charity can issue a tax receipt equal to this amount. You’ll also be able to claim the charitable donation credit each year for the premiums you pay after the policy ownership transfer takes place.
You own the policy If you prefer, you can own the life insurance policy on your own life and either (1) name the charity as beneficiary; or (2) make your estate the beneficiary and designate the proceeds as a bequest to the charity as part of your Will. With this structure, you aren’t entitled to a charitable donation tax credit for the premiums you pay, but upon your death the charity can issue a tax receipt for the proceeds it receives from the policy.
Consider making a gift outside regular income sources by donating publicly traded securities, bonds or GICs. Changes made to the Federal Budget in 2006 allows individuals and corporations to donate securities such as stock or mutual funds- and receive a tax receipt – without having to include any portion of the resulting capital gain in their income.