Estate Gifts: Making Your Legacy Count
Charitable Bequests in Wills & Gifts of Insurance
A personalized Canada Gives donor advised Foundation Account makes it easy to achieve all of your estate planning goals; by establishing Canada Gives as the beneficiary of your testamentary charitable gifts, you can leave bequests to your heirs/children while continuing to ensure your philanthropic endeavours carry on your legacy.
How it works
By making Canada Gives the beneﬁciary of the gift in a will or insurance policy, all of the charitable funds will be directed to a speciﬁc Foundation account where the donor will have established a list of their chosen charities. The total bequest or insurance gift can be tax receipted to the estate by Canada Gives, and then the funds will be disbursed to the individual charities selected by the original donor.
Canada Gives will ensure that these estate gifts are directed properly, to the organizations the donor wished to support and in the amount they requested. And the Canada Gives Foundation account holder can change his/her list of charities anytime during their lifetime, without any need to make changes to the will or insurance policy.
Gifts in Wills
Tax Efficiency that Best Suits You
With a financial planning approach to major gifting, an individual may see a larger tax benefit by making major gifts in annual installments during his/her lifetime; claiming a tax benefit up to 75% of net income each year, with the opportunity to carry forward any excess amounts for up to five years.
However, the limit for tax benefits of charitable gifts is increased to 100% of net income in the year of death and any excess can be carried back to the prior 2 years’ income.