Skip navigation

Estate Giving

Leaving a gift in your will or as a part of your estate plans to St. Mary’s General Hospital Foundation is a simple and meaningful way to make a lasting impact by supporting lifesaving care in your community.
Why give? A legacy gift helps you to:
  • Achieve you and your families philanthropic goals 
  • Invest in the future of your community by supporting a hospital important to you
  • Meet your personal and financial goals
  • Offset your income tax and/or eliminate your estate taxes (*note: this does not replace the use of your professional advisor)

There are many ways to leave a legacy gift to the hospital:

  • Leave a gift in your will, either a specific dollar amount or a portion of your estate
  • A gift of a publicly traded stock, bond, mutual fund or security
  • Name St. Mary’s General Hospital Foundation as a beneficiary of your life insurance policy
  • Designate St. Mary’s Hospital Foundation as the beneficiary of your RRSP/RRIF or other pension plan

For further information on these options to consider, review the list below. Before we encourage you to speak to your advisor and your loved ones about your charitable legacy. Once you’ve decided how you’d like to go forward, contact your lawyer to update your will.

Here are some options to consider:

  • Leave a gift in your will

    Leaving a gift in your will to St. Mary’s Hospital Foundation is one of the simplest and most meaningful ways to leave a lasting impact on the healthcare in your community, and it could ensure that you do more with your money after your death than just go to taxes.

    Leaving a gift in your will (or what’s called a charitable bequest) allows you to make a future gift to St. Mary’s. It can come in a variety of forms: a specific planned amount, a percentage of your estate, all or a portion of your estate’s residue (the undistributed remainder of your estate).

    Once the gift is made, your estate will receive a tax receipt for 100% of your gift and this can reduce or eliminate estate taxes.

    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 St. Mary's General Hospital Foundation.
    3. Include the appropriate bequest wording in your will - SAMPLE WORDING FOR YOUR WIL
    4. Contact us at the Foundation to let us know about your bequest so that we can thank you and add you to our Cornerstone Society.
  • Gifts of Stock

    Do you have a stock that you purchased years ago and if you were to sell it today you would pay capital gains tax?

    Donating securities (which includes stocks, bonds, mutual funds, etc.) directly to St. Mary’s Hospital Foundation is a tax-efficient method of charitable giving.
    When publicly traded stocks or shares are transferred directly to our Foundation, you as the donor will no longer pay tax on the capital gains. It will not affect your cash flow and it gives you a significant 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.

    1. Meet with your financial advisor to select the appropriate security to transfer
    2. Download the Stock Transfer Form
    3. Return the stock transfer form and the transfer can be processed electronically.
    4. Once the securities are received by the Foundation, a receipt will be issued for the market value on the day of the transfer.
    You can also donate securities (stocks, bonds, mutual funds) in your will.
     
    Example
    If you purchased $1,000 of securities several years ago and they are currently valued at $10,000, here is what your donation will look like:
     
      Sell securities and donate the after-tax proceeds Donate securities through St. Mary’s
    Original Cost of Securities $1,000 $1,000
    Current Market Value $10,000 $10,000
    Capital Gains $9,000 $9,000
    Tax on Capital Gains $4,500 $0
    Donation Amount After Tax $5,500 $10,000
    Your Charitable Tax Credit $2,530 $4,600
     
    The above chart assumes a 46% marginal tax rate. This is for illustrative purposes only and does not constitute legal or financial advice. Seeking professional advice before deciding upon your donation strategy is recommended. 
  • Gifts of Life Insurance

    A Gift of Life Insurance provides a great opportunity to turn modest premium payments into a significant gift for St. Mary’s General Hospital as well as benefit you in your lifetime or through your estate.

    There are many advantages to choosing to donate your life insurance policy:

    • You will receive a charitable tax receipt either for the fair market value of the policy or receive receipts annual for the policy payments you make.
    • This means you will see tax savings during your lifetime or to your estate.
    • You will be making a smaller investment today that will provide a larger future gift.
    • Recognition during your lifetime through St. Mary’s Cornerstone Society.

    Before taking the next step to donate a policy, you will need to decide if you seek tax relief during your lifetime or for your estate.

    There are a few ways to donate Life Insurance:

    1. Name St. Mary’s General Hospital Foundation as the beneficiary of a life insurance policy and your estate will receive a tax receipt for the proceeds (or annual premiums) of the policy.
    2. Start a new policy with St. Mary’s General Hospital Foundation named as the owner and beneficiary and receive annual tax receipts for the premium payments.
    3. Transfer ownership of a paid up policy, with St. Mary’s General Hospital Foundation named as beneficiary.  You will receive a tax receipt for the fair market value of the policy.
    4. Transfer ownership of a partially paid-up policy with St. Mary’s General Hospital Foundation named as the owner and beneficiary.  You continue to pay the premiums but you will receive a tax receipt for the fair market value of the policy and annual tax receipts for the ongoing premium payments.

    Steps to donate:

    1. Discuss with your financial advisor or insurance provider which method of donating life insurance makes the most sense for you.
    2. Contact St. Mary’s General Hospital Foundation and your insurance provider if you wish to transfer ownership of a policy, create a new policy or change the policy beneficiary to St. Mary’s General Hospital Foundation
  • Gifts of Retirement Funds

    Your retirement funds are among the most heavily taxed assets you own - in some cases, over 50%. By donating your RRSP’s, RRIF’s or other pension funds to St. Mary’s General Hospital Foundation, you can reduce your estate taxes.

    Retirement funds are often a great way to grow wealth during your life but they are one of the worst ways to transfer wealth because they are heavily taxed. The tax burden can be considerable. In order to reduce your taxes, you can name St. Mary’s General Hospital Foundation as a full or partial beneficiary of your RRSP, RRIF or other pension plan.

    The advantages include:

    • Providing a future gift for the hospital but still retain ownership and use of the fund during your lifetime.
    • Offset your estate taxes and reduce probate fees.
    • Ability to donate and still provide for your family by naming more than one beneficiary.

    Making a gift of RRSP’s or RRIF’s is simple:

    1. Talk to your financial advisor to learn more and see if this is a good option for you.
    2. Request a change of beneficiary form from your plan provider.
    3. Change the beneficiary information on the plan document by naming St. Mary's General Hospital Foundation as the beneficiary of all or a portion of the RRSP or RRIF, and return the document to your plan provider.
    4. Contact us to let us know about your gift so we can thank you

When you have identified your plan to contribute to the St. Mary’s General Hospital Foundation through a legacy 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, compassionate and lifesaving care that the hospital is recognized for.

Learn more about the Cornerstone Society

For more information about Legacy Giving please contact:

Susan Dusick
President & CEO
sdusick@supportstmarys.ca
519-749-6878