Gift In Your Will

Gifts made by Will

Bequests are gifts made through your Will. You can leave a specific amount of money, a piece of property or a portion of your estate residue. Since you can claim up to 100% of your income on your final tax return and carry back any excess to the previous year, the tax relief created by an estate gift can be significant. The cost for an experienced estate lawyer to create a well-drafted, valid Will is small, given the peace of mind provided by knowing it is done properly.

The most flexible wording is to leave your gift “to Timmins and District Hospital Foundation for its general purposes.” Alternately, you may designate your gift to a specific area, in which case we can work with your lawyer to create the correct wording. Most importantly, sharing your intentions will allow us to thank and recognize you now, while also allowing us to plan for the future.

Donations of RRSPs and RRIFs

When the Foundation is designated as beneficiary of your RRSP or RRIF, the proceeds are paid directly, bypassing your estate and avoiding estate administration taxes. The charitable tax receipt issued will eliminate most if not all, of the very significant tax generated by the realization of your registered plan on your death.

Life Insurance

Life insurance can benefit both the donor and Timmins and District Hospital when the Foundation is named beneficiary. Upon death, the proceeds pass outside your estate, providing both privacy and protection from estate administration taxes (formerly known as probate fees) and the charitable tax receipt issued will alleviate the tax burden on your estate. It is also possible to donate a new or existing policy during your lifetime, irrevocably making the Foundation both owner and beneficiary, in which case you will receive a charitable tax receipt from TADHF for the fair market value or cash surrender value on the policy when donated, as well as for any future premiums you pay.

Donations of Securities “In Kind”

Donating certain publicly traded securities “in-kind” (or in their current form, unsold) to the Foundation, either while you are alive or through your estate, will exempt you (or your estate) from paying tax on the capital gain triggered by the donation. In addition, you receive a charitable tax receipt for the fair market value of the gift, making this strategy an exceptional way to maximize your tax savings while supporting TADH in a significant way.

Charitable Gift Annuities

A Charitable Gift Annuity is an attractive option for older donors, allowing them to collect annuity payments for the rest of their life, while at the same time benefiting TADHF. Part of the donor’s gift (typically up to 25% of the total value) is an immediate donation to the hospital for which a tax receipt is issued. TADH then uses the remaining funds to purchase a commercial annuity on the life of the donor and that annuity pays the donor income, largely tax-exempt, for their lifetime.

Documenting your gift assists Timmins & District Hospital in future planning and helps us to record your wishes around recognition. You can share your intentions with us, download the form here.