Ways to Leave a Legacy
Through legacy giving, your life can make an impact after you’re gone. Planning your legacy ensures that your loved ones are taken care of, that your estate is protected and that Communitas has ongoing support.
Gifts of RRSPs and RRIFs
All RRSPs and RRIFs can name multiple beneficiaries, including loved ones and charities like Communitas. To make a gift from your RRSP or RRIF, simply contact the financial institution managing your retirement plan and sign a declaration naming Communitas as either a primary or secondary beneficiary.
It’s not necessary to amend your will, and your own use of retirement funds is not affected. Your estate will receive a charitable donation tax receipt for the full amount of the gift.
Gifts in Your Will
No one should overlook the importance of making a will expressing your wishes for your property. Including a bequest in your will, a provision directing some of your assets to Communitas, can reduce the final tax burden on your estate. Discuss your plans with family and consult a lawyer to create a will.
There are several types of bequests:
- A Specific Bequest that provides a specific amount, percentage or asset to Communitas
- A Residual Bequest that provides what is left over after providing for other beneficiaries
- A Contingency Bequest that leaves a share to Communitas in the event of the prior death of a beneficiary
- A Residual Bequest Subject to Life Interest that leaves a share to Communitas after the death of a beneficiary who will have use of the assets during their lifetime
Gift of Life Insurance
A gift of life insurance allows you to arrange for a large future gift at a reasonably low annual cost while receiving tax benefits today. Consult your insurance agent to arrange a gift of life insurance.
Gifts of life insurance can be contributed to Communitas in two ways:
- Existing policies may designate Communitas as the owner and beneficiary. Communitas issues a tax receipt for the policy’s cash surrender value, or for any premium payments made after the policy is assigned.
- New policies may designate Communitas as the owner and beneficiary. Communitas issues a tax receipt for the full amount of the annual premium.
Let’s Plan Together
If you are interested in setting up legacy giving, or have already named Communitas as a beneficiary in your legacy, please get in touch. We’d love to discuss options and resources with you.