How can you benefit from making a legacy gift?
Leaving a legacy gift can offer many benefits for you and your loved ones including:
- Your income today is not affected.
- Peace of mind knowing your estate is arranged and your heirs are taken care of first.
- Ensuring your values live on and that you are creating a legacy that will make a lasting difference to the causes you believe in.
Which type of legacy gift is right for you?
Future gifts can come in many forms. Find the gift that’s right for you:
Leaving a bequest in your Will is the most popular and easiest way to make a future gift. It has no effect on your current income and significantly reduces the taxes payable by your estate. Your gift can be a specific amount, stocks or securities, or a percentage of your estate. Here is sample wording.
You can designate Toronto General & Western Hospital Foundation as a beneficiary or co-beneficiary on an existing life insurance policy and your estate will receive a tax credit. Or transfer a new life insurance policy over to us and receive a tax receipt for your annual premiums.
You can designate Toronto General & Western Hospital Foundation as a beneficiary or co-beneficiary on your residual RRSPs and your estate will receive a tax credit.
By establishing a charitable remainder trust you can receive a steady income for life while saving on your taxes right away.
Looking for a simple, convenient and cost-effective alternative to creating a private family foundation? Donor Advised Funds provide all of the advantages of a family foundation without the upfront costs and administrative responsibilities. If you have a number of charities that you would like to support through your estate, you can create a Donor Advised Fund at Toronto General & Western Hospital Foundation. Your contribution is invested by the Foundation for a fixed period or in perpetuity, with the portion of the capital and/or investment income made available for granting to your favourite charities.