Other Ways to Give
Make a planned gift
Most people would like to be remembered for making a contribution to the life of their community. It is possible to arrange your financial affairs so that you can take care of the needs of your family as well as make a lasting contribution to the Saint Elizabeth Health Care Foundation. Gift Planning is a creative approach to charitable giving that benefits you, as well as Saint Elizabeth Health Care.
Gift Planning means structuring your gift to maximize tax benefits and achieve personal financial goals while giving vital support to a cause you believe in.
A planned gift to the Saint Elizabeth Health Care Foundation (SEHCF) may be “outright” (for the Foundation’s immediate use) or “deferred” (arranged now for completion at a future time). Some planned gifts are designed to combine support for the Saint Elizabeth Health Care Foundation with life income to the donor. Each type of planned gift offers particular benefits to the donor, and each supports the mission of the Saint Elizabeth Health Care Foundation.
Look over this information and find the way of giving that best meets your situation and goals. Then request further information which you can review with your financial advisor. When you’re ready to proceed, we’ll be pleased to assist you in completing your gift.
Gifts for the present
An outright gift of cash is the simplest way to give and can often be the best way. Your gift goes to work immediately. You receive a donation receipt for the full amount you give, resulting in immediate tax savings for you.
For example, if your combined federal and provincial tax credit equals 45 percent, a $5,000 cash gift to the Saint Elizabeth Health Care Foundation will result in tax savings of $2,250, so the actual cost of the gift to you is only $2,750! (The amount you may claim in charitable donations in any one year is limited to 75 percent of your net income for that year. Any excess may be carried forward for up to five years.)
When you make an outright gift of listed securities, you receive a special tax benefit: you will not be taxed on any of the capital gain. For gifts of other types of appreciated property, 50 percent of the gain will be taxed. In either case, your tax credit will always exceed the tax on the gain, resulting in net tax savings, because 100 percent of the taxable gain is creditable.
Gifts for the future
The most common type of deferred planned gift is the charitable bequest. It can be as simple as a sentence or two in your will, or a codicil appended to your present will. Your bequest may specify a certain sum of money: “I give to the Saint Elizabeth Health Care Foundation the sum of $ to be used for its general purposes.”
If you prefer, you may give a particular asset (“my shares of XYZ stock”) or a portion of the residue of your estate after other bequests have been paid (“50% of the rest, residue and remainder of my estate”). In consultation with the Foundation you may designate a particular purpose for which your bequest is to be used. Your estate will be entitled to a donation receipt for the full value of the bequest, which may reduce significantly the tax payable with your final income tax return.
A gift of life insurance can provide a significant future gift to the Saint Elizabeth Health Care Foundation at a very modest, present cost to you. You may make such a gift with either an existing policy or a new one.
You may give the death benefit of an existing policy simply by naming the Saint Elizabeth Health Care Foundation as the beneficiary. However, to receive a current tax benefit, you must also transfer ownership of the policy to the Foundation, which entitles you to a donation receipt for the cash value of the policy. When you make the SEHCF the owner and beneficiary of a new policy, you receive a donation receipt for every premium you subsequently pay. At your death, the Foundation will receive the proceeds.
Gifts that give back
Some planned gifts “pay you back” by paying you income or allowing you to enjoy the use of your property even after you have given it to the SEHCF.
A gift annuity provides both a gift to the Saint Elizabeth Health Care Foundation and guaranteed payments for life for you or you and your spouse. The annuity rates depend on your age, but they will normally be higher than current GIC interest. Moreover, a portion of your annuity payments (100 percent in some cases) will be paid out tax-free. All donors will also receive a donation receipt for a portion of their original contribution.
A charitable remainder trust is a deferred giving arrangement under which you irrevocably transfer property (cash, securities or real estate) to a trustee. You retain the right to the income from the trust, either for life or a specified term of years, and at the end of that time, the trust principal becomes your gift to the Saint Elizabeth Health Care Foundation. You receive a donation receipt for the present value of this remainder interest. In consultation with the Foundation staff, you may designate your gift for a particular program.
A gift of residual interest “gives back” in a different way. You may donate your residence but retain the right to occupy it for life, or give a valued artwork and continue to enjoy it during your lifetime. In each case you receive a donation receipt for the present value of the “residual interest” you have given to the SEHCF.
INTRIGUED? Then we invite you to request more information . . .
For further information
Please contact Judy Wong at (905) 940-9655, ext 6516 or judywong@saintelizabeth.com.
If you have already arranged for a future gift to the Saint Elizabeth Health Care Foundation, please let us know so we can thank you!
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This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. The Saint Elizabeth Health Care Foundation encourages you to seek professional legal, estate planning and financial advice before deciding on a course of action.
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