Charitable Will Bequests
Many people support charitable organizations by making a future gift from their estates. A Charitable Will Bequest is a direction you make in your Will that instructs your Executor(s)/Trustee(s) to leave one or more of your assets to a charitable organization(s).
A Charitable Will Bequest is a way to direct a gift to Toronto City Mission which may provide financial benefits and tax savings for your estate.
A Charitable Will Bequest can reduce taxes owing upon death and, may at the same time, actually increase inheritances to loved ones. Everyone should have a Will, if for no other reason than peace of mind. With the help of an estate professional, you can make sure that your family and loved ones will have the resources they will need. If you don’t have a Will, you’ll have no say. Your assets will be divided in accordance with applicable provincial legislation.
The Benefits to You:
Tax Relief – A charitable bequest may be an effective method to reduce estate taxes.
Tax Planning – The Toronto City Mission will issue a tax receipt for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year.
Simple – A bequest is easy to arrange. Simply ask your lawyer to include a bequest to Toronto City Mission in your Will.
Flexible – Your bequest can be a specific amount, a percentage of your estate or the residue of your estate – which is a gift after your debts have been paid and other bequests made.
Control – You retain the use of the charitable gift for the duration of your lifetime.
Peace of Mind – You can make changes to your Will at any time.
Cost Effective – There are no extra out-of-pocket coststo add a bequest to your Will.
Convenient – A bequest can be made no matter how old you are and can be for any amount you choose. Your bequest can be cash, securities (stocks, bonds, mutual funds), real estate, or other tangible personal property.
Memorialize – Your bequest can symbolize a lasting memorial for you, your family or anyone you may wish to honour.
Seek Expert Advice
Toronto City Mission strongly recommends that you consult your lawyer and estate planner regarding specific information and wording of any Charitable Will Bequest.
Thank you for your interest in supporting Toronto City Mission which has existed since 1879 demonstrating God’s love and bringing hope to families impacted by poverty. For more information on our planned giving program or to request sample Charitable Will Bequest clauses, please call Carol Bain at 416.922.6223 x 101.