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Estate Giving

When you include St. Mary’s General Hospital Foundation in your estate plans you have the opportunity to make a powerful difference, improving the lives of future generations. Thank you for your consideration.

Here are some options to consider:

  • Wills & Charitable Bequests

    Bequests are gifts made through your will. You can leave a specific amount of money, a piece of property, all or a portion of your estate residue (the undistributed remainder of your estate). Your estate will receive a tax receipt that can reduce or eliminate estate taxes.

    Leaving a gift in your will to St. Mary’s is quite simple. Talk to your family and then speak with your lawyer about updating your will.

    Sample Will Wording

  • Gifts of Securities

    You may want to help the Foundation, but do not have the cash readily available. Donating securities (stocks, bonds, mutual funds, etc.) directly to St. Mary’s is a way to give that won’t affect your cash flow, and which also gives you a tremendous tax break… today!

    Here’s how it works:

    When shares of a listed company are transferred directly to our Foundation, the donor pays no tax on any capital gains, compared to the usual 50% taxability. A donation receipt is issued for the full value of the shares transferred, which, in most cases, will eliminate the capital gains tax and can be used to reduce other income taxes.

    The process for transferring securities is quite simple. Meet with your financial advisor to select the appropriate security to transfer, click here to download the Stock Transfer Form, and the transfer can be done electronically. Once the shares are received by the Foundation, a receipt will be issued for the market value on the day of the transfer.

    It is simple and, when done properly, will allow you to share your wealth AND reduce your taxes.

  • Gifts of Life Insurance

    A sizable donation to St. Mary’s is possible through a gift of life insurance.

    By paying a relatively small premium each year, it may be possible for you to make a major gift to St. Mary’s upon your death. You could receive a tax receipt now for premiums you pay, or on your final tax return which can mean considerable savings. You may even have an existing policy which you would like to donate.

    No matter how you do it, you can assist in a substantial way to St. Mary’s General Hospital Foundation.

  • Gifts of RRSP/RRIF

    Your retirement funds are amongst the most heavily taxed assets you own. Registered assets can only be rolled over to a surviving spouse, but are taxed if they are transferred to children or next of kin (unless the child has a disability).

    However, when St. Mary’s General Hospital Foundation is designated as a direct beneficiary of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF), the taxes are offset at the time of death. Your gift will be treated as a charitable donation in the year of death and we will issue a tax receipt for the full amount being transferred to it.

  • Gifts of Charitable Remainder Trusts

    You may wish to ensure a donation is made but also wish to retain the use of the property, or receive the income from the investment(s) during your lifetime. It is possible to make such a donation and receive a tax receipt for use against your income generated in the five years following through the creation of what is known as an inter vivos (living) charitable remainder trust.

    This can also be accomplished through your Will by a testamentary trust, which gives a receipt to your estate in the tax return filed at death. The gift can be real estate or tangible assets, such as securities or a work of art.

    Of course, there are tax consequences that must be considered.

    When the gift is made, a gain or loss can arise. However, if you have set up a charitable remainder trust in your lifetime there is no deemed disposition of the trust at death; nor is the property included for the calculation of court fees on your estate because the property does not form part of your estate. Revenue Canada has strict requirements that must be met:

    • Your gift must be made voluntarily with no expectation of rights or future benefits
    • You cannot take the gift back at any time or in any part (it is irrevocable)
    • You must establish that the Foundation will eventually receive full ownership of the property the size and value of the donated interest must be ascertained for tax receipt purposes

When you have identified your plan to contribute to the St. Mary’s General Hospital Foundation through a deferred gift, you will be recognized as a member of St. Mary’s Cornerstone Society; a dedicated group of supporters sharing a strong desire to ensure that St. Mary’s General Hospital will always be able to provide the same innovative and compassionate care that the hospital is recognized for.

Learn more about the Cornerstone Society

For more information about Estate Giving please contact:

Julie Powell
Director of Leadership Giving