Leaving a gift for healthcare, leaving a gift for loved ones: can I do both?
May is LEAVE A LEGACY™ month in Canada, an important time to highlight the impact that legacy giving can have on the Collingwood Hospital Foundation without harming your loved ones.
A testamentary gift – also known as a bequest – is a donation to a charity or nonprofit in your will that can be property, money, or a percentage of your estate. Testamentary donations play a key role in supporting charities, but many people don’t know how they work or the tax benefits associated with them.
Be part of an evolving healthcare system in a meaningful way.
Southern Georgian Bay has a growing contingent of weekend veterans and new retirees, who join generations of longtime residents to build a vibrant and caring community like no other in the province.
There are tremendous opportunities for innovation and the need for solutions that will put Southern Georgian Bay in the best possible position to meet the challenges of the future. Leaving a gift is a meaningful way to reflect your values and beliefs in a better future of healthcare for generations to come.
Making a gift in your will is simple to make and leaves a lasting impact.
Including a bequest to the Collingwood G&M Hospital Foundation is easier than you think. If you already have a will, a simple amendment or drafting of a codicil may suffice. Generally, making a small change to add a gift to your will is much less expensive and takes much less time than making it again. It’s always a good idea to call your attorney to discuss the best option for you.
Tax Benefits of Charitable Gifts in Wills.
Leaving a bequest does not mean there will be less to give to your loved ones.
A charitable gift in your will can reduce taxes owed and in some cases even eliminate them while leaving the same amount of money for gifts to friends and family. The Canadian government has created valuable tax incentives to encourage more donations to charities. When you leave a bequest, your estate receives a tax credit for the full value of the bequest, which adds a tax credit to your final tax return. This can help maximize the value of your residual wealth for your beneficiaries.
“It was important for us to include a charitable donation as part of our estate planning to reduce taxes when transferring to our sons. The advantage of starting at a younger age gives us the opportunity to buy a life insurance policy with lower premiums today than in the future.”
– Brad Miller, Treasurer, CGMHF Board of Directors
Over 90% of all medical equipment and technology is funded through donor support.
Legacy donations made to the CGMH Foundation are endowed, ie the donation is invested in perpetuity and only the proceeds of the donation are spent. Through the endowment, you can create a permanent legacy supporting Collingwood Hospital, providing an ongoing source of funding for its highest priority needs now and for generations to come.
If you share the CGMH Foundation’s vision for exceptional healthcare, please consider making a gift in your will. If your will already includes a gift to CHMGF, or if you would like to learn more, please contact [email protected] or 705-444-8645.
Sponsored by Barriston Law.