Have you ever thought about making a larger donation to BBBST?
Legacy Giving can offer you a range of tax-efficient options.
A legacy gift is a simple and meaningful way to continue your commitment to help better the lives of Toronto’s children. Through this method of giving you have an opportunity to make a lasting difference. Legacy Giving is becoming a popular way for donors to ensure the sustainability of a cause that is close to their heart, or that has made an impact on their lives. A Legacy Gift is simple to make and can offer significant tax benefits.
A bequest to BBBST in your Will helps to provide sustainable funding for our many programs—all of which benefit Toronto’s young people.
How can I make a Legacy Gift?
There are a number of ways that you can make a Legacy Gift:
- A Bequest: Surprisingly, many of us neglect making a Will – one of the most important legal documents you will ever prepare. Without a will, decisions as to the disbursement of your estate will be made according to provincial laws, will be subject to heavy taxation, and may not reflect your wishes - least of all your philanthropic intentions. Including BBBST in your Will is simple, and can make a lasting difference.
- Life Insurance: Another simple way to make a Legacy Gift would be to include BBBST as a beneficiary of your Life Insurance Policy. This can be done by transferring an existing policy (premiums paid or owing) to BBBST, or by naming BBBST as a beneficiary of your current policy.
- Transfer of Stocks: Donations can be made by transferring stocks to BBBST. This is more tax-advantageous than cashing them in before donating, since direct transfer of stocks eliminates Capital Gains Tax (and you’ll receive a receipt for the entire amount, instead of the after-tax value of the stocks sold).
- RRSPS & RRIFs (Gifts of Retirement Plans): Perhaps you have spent almost a lifetime saving diligently into a RRSP or RRIF – yet, if these assets are not passed on to a surviving beneficiary, their final accumulated value become a taxable portion of your estate, increasing the tax bill that your estate executor will be left with. Canadian Law now allows you to name a charity as the secondary beneficiary of these assets.
- Charitable Gift Annuities: Setting up a CGA will ensure an irrevocable gift to BBBST and can provide you with a regular income for life. There is usually a minimum investment needed to create an annuity.
Your financial advisor or lawyer can best direct you as to how to make any of the above gifts. This information offers a glimpse into the kinds of options currently available and is not intended to replace professional advice. Leaving a legacy is tax-smart giving, and will help you achieve your far-reaching philanthropic vision.
If you would like to talk to someone about the impact that leaving a legacy could have on children and youth across Toronto, please contact Jessica Rode, Manager, Philanthropy at bigbrothersbigsisters.ca.