There are many ways to give money to charities through your estate:
- Cash. This is simple and straightforward. You can stipulate a specific amount of money to go to a specific charity or several different charities through your Will.
- By source. For example, you could designate the money remaining in a bank account, or the net proceeds from the sale of your car. This approach is also simple and clear.
- By source with limits. This is similar to designating a source of funds but also applying a limit. For example, you could give the money remaining in your bank account, but not more than $10,000.
- By life insurance. Using life insurance policies to give to charity at death can be a great way to ‘supersize’ contributions and create a lasting legacy.
- Shares of public companies, mutual funds and segregated funds. Giving shares of these types of investments have an additional tax benefit. When you donate shares instead of cash, you will not pay capital gains tax and you will receive a charitable donation receipt for the full value of the investments. This means less income tax for you and more money for the charity or charitable foundation!
- RRSP or RRIF An amount equal to the funds remaining in your RRSP or RRIF. When you do this, you effectively give the amount of your RRSP or RRIF, and you get a charitable donation receipt that will offset the amount of income tax you must pay when the RRSP or RRIF is collapsed on your death. This can be done through the will or with a direct beneficiary designation on the RRSP or RRIF.
Giving money to charities through your estate can be a great way to give back to society and to a community. It’s also a contribution to your legacy.
We provide charitable tax receipts and need your financial support today and in the future.
As you may know, we have an impressive level of care in our home and our ability to provide medical care is second to none. While that’s great for most care homes, Eden Gardens is also committed to providing our residents with an exceptional quality of life.
The government funds our medical care, however we rely on donations, volunteers and caring staff to support our quality of life mission.