BEQUESTS

The most common planned gift, a charitable bequest, is a donation made through your will. You can choose to leave Copernicus Lodge a specific piece of property, a pre-determined sum of money or a percentage of your estate. Planned today, a bequest benefits Copernicus Lodge after your death. By carefully planning your bequest, you can eliminate significant taxes payable upon your death. Your estate may claim gifts in the year of death equal to 100 percent of your net income in that year and the year preceding death. Through a bequest, you can leave a lasting legacy that will care for your family today and ensure the future availability of high-quality care for seniors at Copernicus Lodge.

THE ADVANTAGE OF MAKING A BEQUEST

A gift made through your will is a simple and impactful way of giving. Bequests allow you to leave a larger gift to Copernicus Lodge than would be possible during your lifetime. The benefits of making a bequest include:

• Satisfaction of providing a future gift while retaining control of your assets during your lifetime
• A charitable tax receipt to your estate
• Reduction or elimination of estate taxes through careful planning
• An opportunity to honour or commemorate yourself or a loved one by establishing a named endowment fund

STEP BY STEP

Making a bequest is simple:

1. Determine with your professional advisor which type of planned gift will make the most philanthropic and financial impact.
2. Speak to your lawyer about drafting your will, an essential step to protect your family’s future and to ensure that your assets are distributed according to your intentions or adding a codicil to your existing will to include a bequest to Copernicus Lodge.
3. Include the appropriate bequest wording in your will. Sample wording for a bequest to Copernicus Lodge could be: “My estate trustees shall pay the sum of $ (or transfer assets with an equal value) to Copernicus Lodge Foundation, Toronto, ON, with charitable registration #11905 7677 RR0001 for its own use absolutely.” Or for a residual bequest: “My estate trustees shall pay % of the residue of my estate to Copernicus Lodge Foundation, Toronto, ON, with charitable registration #11905 7677 RR0001, for its own use absolutely.”
4. Don’t forget to contact us at the Copernicus Lodge Foundation, 416-536-7122, ext. 392 to let us know about your bequest so that we can thank you.

Gifts of Appreciated Securities

Gifts of stock or publicly traded securities not only benefit the seniors we serve, but are also a tax-efficient method of charitable giving. When you donate a gift of stocks, bonds or other publicly traded securities directly to Copernicus Lodge Foundation, you receive a tax receipt for the full market value, and you avoid paying tax on any capital gains.

This means that your donation costs you less than if you were to sell your stocks in order to give cash, and offers potentially significant tax benefits to you as a donor.

*Assumes gift made in Ontario at a marginal rate of 53.5%

The Benefits of Giving Securities include:

• Satisfaction of seeing your gift put to good use today
• A charitable tax receipt for fair-market value of the donated securities, based on the closing value on the day the funds arrive in the Foundation account
• No capital gains tax

Your choices when giving securities include:

• Giving immediately or as part of your estate planning
• Donating part of your stock and using the remainder for your personal use

Donating Stock is as Easy as 1, 2, 3

1. Talk to your financial advisor.
2. Contact the Foundation to let us know you’d like to make a gift of securities.
3. Ask your broker to transfer your securities directly to the Foundation account via this Transfer Form.

GIFTS OF LIFE INSURANCE

A gift of life insurance is a creative way for you to build our long-term financial strength without diminishing your own – even a relatively small commitment can provide significant benefits for Copernicus Lodge. There are many ways for you to make a gift using life insurance:

• You may donate a paid-up life insurance policy that has outlived its original purpose by naming Copernicus Lodge Foundation the owner and beneficiary of your policy and receive an immediate tax receipt for the fair market value of the policy.
• For a policy on which premiums are still being paid, you can transfer ownership to Copernicus Lodge Foundation and receive tax receipts for all future premium payments.
• You may make a gift by purchasing a new life insurance policy, naming Copernicus Lodge Foundation as the owner and beneficiary and receiving tax receipts for all future premium payments. You may also choose to retain ownership of your policy and name Copernicus Lodge Foundation as the direct beneficiary and, upon your passing, your estate will receive a tax receipt for the value of the policy.

ADVANTAGES OF DONATING LIFE INSURANCE

A gift of life insurance is a worthwhile alternative to a cash gift. Flexible choices allow you to  decide how you can give, and provide you with a substantial tax incentive for donating life insurance.

The benefits of donating life insurance include:

• Allows you to make a substantial gift later by making small premium payments now
• A charitable tax receipt
• Tax savings in your lifetime or for your estate

STEP BY STEP

Making a gift of life insurance is simple:

1. Discuss with your financial advisor or insurance provider which method of donating life insurance will make the most philanthropic and financial impact.
2. Contact our Fundraising and Development Officer and your insurance provider if you wish to transfer ownership of a policy, create a new policy or change the policy beneficiary to Copernicus Lodge Foundation.

GIFTS OF RRSPS AND RRIFS

Support Copernicus Lodge by changing the beneficiary information on your RRSP or RRIF. Your retirement funds are among the most heavily taxed assets you own. However, when Copernicus Lodge Foundation is designated as a direct beneficiary of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF), these taxes are offset at the time of death. Your gift will be treated as a charitable donation in the year of death and Copernicus Lodge Foundation will issue a tax receipt for the full amount being transferred.

The gift is simple to make – you name Copernicus Lodge Foundation as a direct beneficiary on the plan document and advise the institution holding your retirement account of the change.

THE ADVANTAGE OF DONATING RRSPS AND RRIFS

A gift of RRSPs or RRIFs is a worthwhile alternative to a cash gift. You can donate all or a portion of your remaining retirement funds to Copernicus Lodge Foundation to support the future availability of high-quality seniors and long-term care.

The benefits of donating RRSPs and RRIFs:

• Satisfaction of providing a future gift while retaining ownership and use of the fund during your lifetime
• A charitable tax receipt
• Offsetting estate taxes and reducing probate fees
• Ability to donate and at the same time provide for your family by naming more than one beneficiary

STEP BY STEP

Making a gift of RRSPs or RRIFs is simple:

1. Request a change of multiple beneficiary form from your plan provider.
2. Change the beneficiary information on the plan document by naming Copernicus Lodge Foundation as the beneficiary of all or a portion of the RRSP or RRIF, and return the document to your plan provider.
3. Contact us to let us know about your gift so we can thank you.