Planned giving: putting your head where your heart is
FOR A BETTER FUTURE
Generation after generation, our parents, grandparents and all who went before them worked to build a society in which life is good. They had faith in the future. We owe them a great deal. The best way of thanking them is to have the same faith in tomorrow, and preserve an unbroken chain by giving in our turn. Planned giving is a way of doing our part to build a better world.
A bequest is a simple and effective way of perpetuating your generosity. Once your heirs are provided for, including Centraide Outaouais in your will can generate worthwhile tax benefits for your estate.
- People without heirs who want to do something meaningful with the wealth they have accumulated during their lives.
- People who do have heirs but want to treat Centraide and their community as another "child".
- People who want to retain their enjoyment of their property and the control of assets they would like to donate after death.
- Your estate receives a charitable receipt that can reduce or eliminate any income tax payable.
- You can change your donation at any time.
- If you bequeath shares, any capital gains are tax-exempt.
- Stocks and shares
- Registered plans: RRSPs, RRIFs
- Property: house, cottage, land, artworks, jewellery and so on
- Individual bequest : a specific amount or asset; for example: "I donate and bequeath to Centraide Outaouais (11884 2459 RR0001) the sum of _________________________ dollars ($_______)."
- Residual bequest : all or a percentage of what remains after payment of any debts and individual bequests. For example: "I donate and bequeath to Centraide Outaouais (11884 2459 RR0001) _____________per cent (_____%) of net assets in my estate, after payment of individual bequests."
- Universal legacy : all assets, sometimes divided among a number of beneficiaries. For example: "I donate and bequeath to Centraide Outaouais (11884 2459 RR0001) all property (house, land, cottage, building and so on) in my possession at my death."
- Conditional legacy : designation of Centraide Outaouais as a subsidiary beneficiary. For example: "Should my above-named beneficiary, ________________________, predecease me or die at the same time as I do or within 30 days of my death, or if for any reason he/she renounces the bequest in whole or in part, I bequeath the assets in question to Centraide Outaouais (11884 2459 RR0001)."
Did you know?
In the absence of a spouse or on the death of a surviving spouse, substantial tax may be payable because of the deemed disposition of assets at fair market value. Careful estate planning can include a charitable donation that reduces or eliminates the tax to be paid out of your estate. We suggest you check with your tax adviser on how your estate can benefit from a receipted charitable donation.
In the case of a management corporation, the donation must be made within 60 days of death, and it can be either prearranged by the terms of the will, or made at the executor’s discretion.
Consult your financial adviser
Centraide Outaouais does not provide financial or legal advice. These examples are provided for illustration purposes only. We suggest you consult your financial or legal adviser to ensure that the option you choose is consistent with your specific circumstances and the legal and tax considerations applicable to your situation.