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Planned Giving/Giving in Wills
A planned gift is a special way to support Guelph General
Simply put, planned giving is a charitable gift that you arrange today for completion in the future. It is most commonly a planned gift in your will, but can also be a life insurance policy, or a charitable annuity or remainder trust.
By making such a gift, you’ll be leaving a legacy while providing you or your heirs with significant tax benefits.
We are honoured to recognize those who have shared with us their intention to make a planned gift, through our Heritage Society. Heritage Society members meet once a year for a recognition luncheon with a special hospital speaker. In addition, society members are able to attend hospital tours and educational seminars. Once a planned gift is confirmed, society members, with their permission, are recognized in Foundation publications. These extraordinary gifts are also recognized on our Donor Wall. All requests for anonymity are respected.
When making a planned gift, take your personal financial situation and needs into account. Your lawyer, accountant, financial planner or insurance agent can help you determine what kind of planned gift would be best for you, your family and your estate.
The information provided is general in nature and not intended to represent legal advice. We understand that each individual's financial circumstances are unique and you are advised to consult with a qualified professional advisor.
To speak with one of our staff about a planned gift The Foundation of Guelph General Hospital, please contact Suzanne Bone at 519-837-6422 or email@example.com.
This is one of the simplest and most popular ways of leaving a charitable legacy.
A planned gift is a thoughtful way to make a significant gift to Guelph General through a simple provision in your will.
- You retain full control of your assets during your lifetime.
- Your cash resources won’t be affected while you need them.
- The final taxes to be paid on your estate will be significantly reduced, which can be a big advantage for your heirs and a great comfort to you.
There are different types of planned giving, so you can choose the one that best suits your circumstances and wishes. You can designate a specific gift amount, or a specific piece of property, or contribute all or a portion of your estate’s assets.Planned gifts can be designated to a particular area of the Hospital but are most commonly written to support the area in greatest need at the time your gift is received.
For the purposes of planned giving, please designate the gift to “The Foundation of Guelph General Hospital”.
Upon receiving the gift in will, The Foundation of Guelph General Hospital will issue a donation receipt to your estate for the full amount of the gift.
If you’ve already included our Foundation in your will, or if you intend to do so, please complete our will confirmation form (requires adobe reader). You will then become a member of our Heritage Society.
For more information or to receive a free copy of our Personal Will Planner, please contact Suzanne Bone at 519-837-6422 or firstname.lastname@example.org. Any information exchanged will be held in strictest confidence. Thank you.
Life insurance is the most widely held investment in Canada and, because of special tax treatment to life insurance policies, it is an excellent gift planning choice.
You can make a gift of life insurance by naming our Foundation as your beneficiary in a new or existing policy.
- By paying small premiums during your lifetime, you can build a sizable gift for the future.
- It’s tax deductible. You can either receive donation receipts equal to the premiums you pay each year, or your estate can receive a donation receipt upon your death.
- Your estate is protected, since life insurance is considered separate from your estate.
It is always best to include your trusted advisors and family when make changes to your estate plan.
Gift of an Existing Insurance Policy
You can transfer an existing policy by naming the Foundation the owner and beneficiary. If the policy is paid up, you or the Foundation need pay no additional premiums. The tax receipt is issued for the cash surrender value of the policy plus any accumulated dividends and interest at the time of the transfer. If you continue to fund future premiums, these amounts will also be eligible for the donation credit.
Gift of a New Policy
Some donors choose to take out a new policy with the Foundation as owner and beneficiary. It is important that the Foundation is both the owner and the beneficiary. If the charity is not made the owner, Canada Revenue Agency states that no gift will have been made, and no tax receipt can be issued. Under this type of arrangement, each year you pay the premiums, and the Foundation issues an annual tax receipt for these premiums. The insurance proceeds will be paid directly to the Foundation upon your demise.
In addition, there are creative options for using life insurance proceeds as wealth replacement vehicles, replacing the value of a current gift in your estate so there is no impact on heirs.
RRSPs and RRIFs
Donations made through RRSPs and RRIFs provide donors with unique gifting options as they decide to make a charitable gift. You can name The Foundation of Guelph General Hospital as the beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). It is not necessary to designate us in your will - all you have to do is sign a declaration with your financial institution specifying The Foundation of Guelph General Hospital as a beneficiary. The value of your RRSP or RRIF will be taken out of your estate and may greatly reduce the tax owing on your final tax return.
A Charitable Gift Plus Annuity Plan combines your gift to The Foundation of Guelph General Hospital with an annuity which the Foundation purchases on your behalf through a licensed insurance company. Guaranteed annuity payments will continue throughout your lifetime, unaffected by changes in the economy or interest rates. The exact amount of the annuity payments will depend on your age, the size of the contribution, and the annuity rates in effect at the time of the gift. The portion of the contribution not required to purchase the annuity will be used by The Foundation of Guelph General Hospital for current equipment needs of the Hospital. This gift option is most advantageous for donors age 70+ and often, payments are tax-free for life.