How can you support our legacy of caring at St. Joseph's Healthcare?
Charitable giving has evolved significantly over the past few years. While writing a cheque was once perceived as the only option for giving, amendments to Canada's tax laws, and the introduction of new, tax efficient gifting strategies, are creating new ways of giving that are as flexible and unique as the philanthropic individuals who employ them.
Our Legacy Tribune newsletter provides useful information on estate and gift planning for donors and friends of St. Joseph's Healthcare. Read on to see how you can support St. Joe's and ensure excellence in healthcare for generations to come:
Legacy Tribune, 2013, Edition 1: Wills and Bequests
Real Life Stories of Those Making a Difference
Throughout this page, you will have a chance to learn about your planned giving options and read the stories of donors who chose to give this way to benefit St. Joe's. One such couple, Albert and Hella Schmidt, chose to commemorate a lifetime of "luck" by including St. Joseph's Healthcare in their will. Now, their good fortune has been left to benefit the patients and staff at St. Joe's.
Read Albert and Hella Schmidt's story
Take a moment to watch our local LEAVE A LEGACY video to learn why more people are including charity in their estate plans.
Ways you can leave a Legacy for St. Joe's
Establish a Bequest in Your Will
Wills are the central pillar of estate planning. A gift by Will, known as a bequest, provides the opportunity to support a priority project or department at St. Joseph's that aligns with your interests. Upon your passing, your estate will receive a tax receipt equal to the value of your bequest. If you are considering a gift by Will, our Estate & Gift Planning staff can help you with recommended wording. Amending your Will can be as simple as creating a notarized letter (called a codicil) that is attached to your current Will and outlines your intention to donate a portion of your estate to St. Joseph's Healthcare Foundation. Read about Jeanne Scott’s gift
Give the Gift of Registered Retirement Funds
By donating retirement savings plans or funds (RRSP/RRIF), you can support St. Joseph's Healthcare Foundation after your needs, and those of your loved ones, have already been met. You can avoid estate fees by designating St. Joseph’s as the beneficiary of your retirement savings on your registered documents. Your estate will receive a tax receipt for the value of the investment at the time of your death which can be applied towards the estate’s final income tax return. Read about Peggy North’s gift
The Unique Gift of Life Insurance
An inexpensive way to create a significant investment in the care St. Joseph's has long provided is by gifting a life insurance policy to the Foundation. Such gifts can be made one of two ways:
- By transferring the ownership of a new or existing policy to St. Joseph’s, you will then receive an annual tax receipt for premiums paid after the date of transfer. Or alternatively,
- By naming St. Joseph’s the beneficiary of your policy which will result in a tax credit upon your passing, thereby reducing your estate taxes and increasing the after-tax value of your estate for other beneficiaries. Read about Robert Summers-Gill’s gift
What is a Charitable Gift Annuity?
A Charitable Gift Annuity is an agreement whereby you make an irrevocable contribution to St. Joseph’s Healthcare Foundation. In return, you receive guaranteed income for a set number of years, or for life. The Foundation retains a minimum of 20% of this contribution as a donation and the remainder is used to purchase an annuity. Contact the Foundation for a free, no-obligation quote today.
Benefits of Charitable Gift Annuities
An immediate tax receipt is available for the donation portion of the gift. The payments are guaranteed for life and depending on your age, all or part of the income may be tax-free. The return on investment is often larger than the interest received on a GIC, Savings Bond or a Savings Account. A Charitable Gift Annuity avoids probate taxes to the estate upon death. Moreover, your donation will make a significant impact on healthcare during your lifetime, rather than postponing your gift until after your passing. Read about Gladys Ferris’ gift.
A well-planned gift can touch the lives of patients at
St. Joseph's now and forever.
For more information contact:
Lisa Gonnering
Manager, Estate and Gift Planning
Tel: 905.522.1155 ext. 35978
lisa@stjoesfoundation.ca
Disclaimer: The information above is for illustration purposes only and does not constitute legal, financial or tax planning advice. We recommend that you consult with your own professional advisor in planning your donation.