Planned Gifts
Wills & Bequests
Gifts by Will are becoming more popular as an increasing number of people include Moorelands Community Services as a beneficiary. It’s one way to support Moorelands when it might not be financially possible during your working or retirement years. A bequest is a revocable gift that can be amended at any time. Charitable gifts made in a Will are deemed made in the year of death. The charitable tax credit is therefore received by the estate and can offset any tax owing from the estate.
If you are about to draft a Will or make changes to your current Will, your lawyer can include a bequest to Moorelands Community Services. You can leave a specific amount, a particular asset, a percentage of the value of your estate or the residue of your estate after all other bequests have been made.
Gifts of Life Insurance
Giving a gift of life insurance is a wonderful way to show you care. This type of gift often allows a person of modest means to make a donation much larger than they might have been able to make during his or her lifetime. Instead of contributing annually to Moorelands, a donor directs funds to insurance premiums. As such you would receive a charitable receipt for each premium payment made. A gift of this type generates immediate and future tax relief for a donor and does not diminish your estate.
You can transfer ownership of an existing policy to Moorelands. Donors considering the transfer of a life insurance policy should obtain professional advice concerning the income tax consequences of such a transfer.
You can take out a new policy, making Moorelands Community Services the owner and/or beneficiary. If Moorelands is named both the owner and beneficiary, you will receive a charitable receipt for paid premiums; if Moorelands is named beneficiary only, your estate will receive a charitable receipt for the full value of the gift.
Gifts of Shares and Securities
Tax changes have made donating publicly listed securities such as stocks, bonds and mutual funds an attractive option for many individuals. Effective May 2, 2006 the Federal Budget reduced the Capital Gain Inclusion Rate from 25% to 0 on the donation of publicly traded shares to Charities.
Based on a $1,000 donation of shares to the Charity, the total tax assistance derived by donating stocks results in significant savings to the donor:
The table above assumes a nil adjusted cost base for the donated shares and a combined federal and provincial top-marginal tax rate
Other legacy gift options include:
- Charitable Gift Annuities
- Charitable Remainder Trusts
- Gifts of Real Estate
- RRSPs or RRIFs
For further information on a legacy gift, please contact Robert Tomas in confidence at (416) 466-9987 ext. 307 or e-mail legacy@moorelands.ca
