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Types of Legacy Gifts

Bequest

A bequest is a gift made through a provision in your Will, and is the most common type of legacy gift.  It can be a specified amount (specific bequest), a percentage of the residue of your estate (residual bequest) or contingent upon other beneficiaries surviving (contingent bequest). Planned today, bequests are not realized by HSC until you have passed on.

Making a bequest gift to HSC is simple.  A common approach is to include a codicil to your existing Will. Wording of such a codicil could be similar to the following:

I give to HillfieldStrathallanCollege located at 299 Fennell Avenue West in HamiltonOntario, the sum of $ ____ [or % share of my estate] to be used for its general purposes (or for the specific purpose which has been  mutually agreed upon with HillfieldStrathallanCollege)..

Life Insurance

To make a gift of life insurance, you can purchase a new policy or donate an existing policy.   Gifts of life insurance do not reduce the value of your estate for your heirs, and can make giving a larger gift more feasible.

To give a gift of an existing insurance policy, transfer the policy by naming HSC as the owner and beneficiary. A tax receipt will be issued for the fair market value of the policy plus any accumulated dividends and interest at the time of the transfer.

If you have a fully paid up policy, you can make HSC the beneficiary and you need not pay any additional premiums. When the policy is realized, the gift to HSC will fall outside your estate and avoid probate fees. Your estate will also receive a tax receipt for the full value of the gift which can be used to offset others taxes owing. If you continue to fund future premiums, these amounts will also be eligible for the donation credit.

Some donors choose to take out a new policy naming HSC as owner and beneficiary. It is important that HSC is both the owner and the beneficiary because this allows all premiums paid to be treated as charitable donations. 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 HSC issues an annual tax receipt for these premiums. The insurance proceeds will be paid directly to HSC when you pass on.

Retirement Benefits

Make a request at your financial institution to change the beneficiary on your RRSP or RRIF plan, and notify the institution holding the retirement account. It’s that easy!  It requires no legal documents or complicated agreement.  This type of gift allows you to make a substantial gift in the future without diminishing your assets today.  You will receive a tax credit that will help offset taxes owed, and since this gift would not pass through your estate, it is not be subject to estate costs.

Other Gift Opportunities

There are many other types of legacy gifts including trusts, gift annuities or gifts of residual interest. For information about these or any legacy gifts, please contact Marnie Helmy, Manager of Advancement at marnie.helmy@hsc.on.ca or 905-389-1367 ext. 107.

 
 
 

Hillfield Strathallan College. 299 Fennell Avenue West, Hamilton, ON L9C 1G3 | Tel: (905) 389-1367