May is LEAVE A LEGACY™ month in Canada, an important time to highlight the impact legacy giving can have on the Collingwood Hospital Foundation without taking away from your loved ones.
A legacy gift — also known as a bequest — is a gift to a charity or non-profit organization in your will that can be a piece of property, cash or a percentage of your estate. Legacy gifts play a key role in supporting charitable organizations, but many people don’t know how they work or the associated tax benefits.
Be part of a changing health care system in a meaningful way.
South Georgian Bay is a growing contingent of former weekenders and new retirees, joining generations of long-time residents in building a vibrant, caring community unlike any other in the province.
There is tremendous opportunity for innovation and the need for solutions that will place South Georgian Bay in the best possible position for sustaining the challenges of the future. Leaving a gift is a meaningful way to reflect your values and beliefs in a better future of healthcare for generations to come.
Leaving a gift in your will is simple to do and leaves a lasting impact.
Including a bequest to Collingwood G&M Hospital Foundation is easier than you think. If you already have a will, a simple amendment or the drafting of a codicil may be all that you need. Generally, making a small change to add a gift in your will is far less expensive and time-consuming than redoing it. It’s always a good idea to call your lawyer to discuss the best option for you.
Tax benefits of charitable gifts in wills.
Leaving a legacy gift does not mean there will be less to give to your loved ones.
A charitable gift in your will can reduce the taxes owed and, in some cases, even eliminate them while leaving the same amount of money for gifts to friends and family. The Canadian government has created valuable tax incentives to encourage more giving to charity. When you leave a bequest, your estate receives a tax credit for the full value of the bequest, which adds a tax credit to your final income tax return. This can help maximize the value of your residual estate for your beneficiaries.
“It was important for us to include a charitable gift as part of our estate planning to reduce taxes in the transfer to our sons. The benefit of starting at a younger age gives us the ability to buy a life insurance policy with lower premiums today than in the future.”
- Brad Miller, Treasurer, CGMHF Board
Over 90% of all medical equipment & technology is funded through donor support.
Legacy gifts made to CGMH Foundation are endowed, meaning the gift is invested in perpetuity and only the income from the gift is spent. Through the endowment, you can create a permanent legacy supporting the Collingwood Hospital, providing an ongoing funding source for its highest priority needs now and for generations to come.
If you share the CGMH Foundation’s vision of exceptional health care, please consider leaving a gift in your will. If your will already includes a gift to CHMGF, or you would like to learn more, please contact firstname.lastname@example.org or 705-444-8645.
Sponsored by Barriston Law.