Leave A Legacy

 

Include The GTHS In Your Estate Planning

Why Leave A Legacy

Since 1999, the Georgian Triangle Humane Society (GTHS) has been dedicated to providing homeless, abused, abandoned and neglected animals with a second chance at a forever home. It is through the kindness of our supporters that we are able to provide compassionate care and lifesaving services for thousands of animals each year. By leaving GTHS in your estate plans, you are saving animal lives through sheltering and adoption, veterinary care, emergency intakes and humane education. Your kindness to animals will make our community a better place to live.

Read the Story of Justin and Eileen Cork – GTHS legacy donors

How do I make a legacy gift to GTHS?

Naming the Georgian Triangle Humane Society (GTHS) in your Will or Living Trust can be done by designating a specific dollar amount, a percentage of your estate, or the residual remaining after other bequest wishes have been fulfilled.

You may name GTHS as the primary or secondary beneficiary of all or a portion of your personal or employer-provided life insurance policy.

Sample Will Materials

Other Planned Giving Options

Give a Gift Of Securities

An individual can make a donation of publicly traded securities to the GTHS and eliminate the capital gains tax. If a donor owns stocks or mutual funds that have grown in value, they will face a tax bill when sold. By donating them directly to the GTHS the donor can eliminate their tax bill and make a significant gift at the same time.

Benefits of a Gift of Publicly Traded Securities or Mutual Funds Include:

  • Opportunity – An opportunity to make a significant gift.
    Tax Advantages – By donating appreciated securities or mutual funds directly to the GTHS capital gains taxes are eliminated.
  • Simple and Convenient – Securities are easy to transfer. The donor’s broker transfers shares from their account to the GTHS brokerage account. The date of the donation is the date the securities are received in the GTHS’s account.
  • Recognition – The donor’s gift can be honoured during their lifetime.

How does it work?

A donation receipt is issued for the fair market value of the security on the date the securities are received in the GTHS’s account. The securities must be transferred to the GTHS and not sold by the donor. The gift will not qualify for the capital gains tax elimination if the securities are sold and the cash then gifted to a charity.

Visit www.donatestock.ca for detailed information on the donation process, tax benefits and the donation calculator.

Give A Gift Of Real Estate

A gift of Real Estate allows a donor to give an immediate gift and receive an immediate charitable tax receipt for the fair market value of the property. Gifts of Real Estate include principal residences, farms, land and commercial property. Giving a gift of real estate allows the donor to simplify their estate and give to the GTHS during their lifetime. This type of gift may be appealing if the donor is looking at ways to reduce their income tax now and are not in need of the dollar proceeds from the sale.

Benefits of a Gift of Real Estate Include:

  • Opportunity – The donor may not have liquid assets to fund a gift, however they may have real property. The property can be donated allowing the donor to make a larger gift than could be made out of cash flow.
  • Tax Advantages – The donor receives a charitable tax receipt thereby increasing their after-tax income.
  • Tax Advantages – The five-year carry forward tax provision allows effective tax planning while alive rather than the one-year carry back tax provision upon death.
  • Reduction of Fees – The asset has been removed from the donor’s estate thereby decreasing probate fees upon death.
  • Tax Advantages – If the donor’s principal residence is donated, no capital gains tax is triggered and a charitable tax receipt will be issued by the GTHS for the full fair market value of the property.
  • Recognition – The gift can be honoured during the donor’s lifetime.

How does it work?

An independent appraiser must appraise the property. The GTHS begins the valuation process. After the fair market value is determined, the donor signs and delivers a deed transferring the property to the GTHS. A charitable tax receipt is then issued for the fair market value as of the day on which the transfer takes place. Please note that some conditions apply to the acceptance of these types of gifts, for example, an environmental audit of the property may be required.

Please Seek Expert Advice: If a donor is thinking about transferring assets that have appreciated in value, they should seek expert advice from a tax specialist or financial planner. The GTHS strongly recommends professional advice to ensure that the donor’s financial goals are considered, their tax situation reviewed and their planned gift is tailored to their personal circumstances.

Charitable Annuity Trusts

A Charitable Gift-Plus Annuity allows a donor to make a gift to support the GTHS while at the same time receiving a guaranteed predetermined income for life. Income from a charitable gift annuity can have tax advantages. It is an ideal choice if the donor is concerned about the amount of tax that he or she is now paying on their interest-bearing investments. Annuities are high quality, guaranteed investments that provide regular payments to the donor and/or their spouse.

Benefits of Charitable Gift-Plus Annuities Include:

  • High Return – A charitable gift-plus annuity can provide the donor with a higher rate of return than those available on similar investments such as guaranteed investment certificates or Canada Savings Bonds.
  • Tax-Free Income – Each payment is a blend of capital and interest – the capital portion of the donor’s payment is non-taxable. The blend is structured so the donor pays very little tax.
  • Insured – The Canadian Life and Health Compensation Corporation insures the donor’s payments, which guarantees annuity payments up to $2,000/month in the event of an insurance company failure.
  • Worry free – The donor is free from investment management concerns.
  • Flexible – The donor can purchase an annuity now and defer the payments to a later date.
  • Convenient – The donor can choose the payment structure that suits them – monthly, quarterly, annually and their payment can be deposited directly into their bank account.
  • Tailored – The GHS works with financial advisors to explore the variety of options available in the marketplace and ensure that the donor’s gift is set up to meet their needs.
  • Reputable – After the details of the annuity have been decided, the GTHS purchases the charitable annuity from a reputable commercial institution on the donor’s behalf.
  • Immediate Gift – A gift-plus annuity enables the donor to give a lump sum to the GTHS for immediate use.
  • Recognition – The donor’s gift can be honoured during their lifetime.

How does it work?

A charitable gift annuity is a contractual arrangement with a commercial annuity provider. The GTHS works with financial advisors to explore the variety of options available in the marketplace. The following information about the donor is required to obtain quotations – age, the annual payment amount the donor would like to achieve from the annuity and the lump sum the donor wishes to transfer.

The quotations from the top annuity providers (life insurance companies) are received and forwarded to the donor. Once the details of the annuity have been decided, the donor transfers the lump sum to the GTHS. The GTHS then purchases a prescribed annuity from a reputable commercial institution on the donor’s behalf; Cash in excess of the amount required for purchase of the commercial annuity is retained by GTHS (usually a minimum of 20%) and used for charitable purposes. Annuity payments are then made directly to the donor.

Please Seek Expert Advice: The GTHS strongly recommends that the donor seek professional advice to ensure their financial goals are considered, their tax situation reviewed, and their planned gift is tailored to their personal circumstances.

Give The Gift Of Life Insurance

A gift of Life Insurance is a simple and easy way to support the GTHS. A life insurance policy enables the donor to leave a gift to the GTHS for a relatively small financial outlay while allowing them to make a significant gift. Many younger donors would like to make a significant contribution; however, they may not have the financial resources to make a large gift during their lifetime. A life insurance gift is the perfect answer. In addition, the donor can make a gift of either a new or existing policy.

Benefits of a Gift of Life Insurance Include:

  • Simple and Convenient – The transaction is simple. The donor’s life insurance specialist can advise them on the type of policy that would best fit their needs, custom design their program and carry through with the necessary paperwork.
  • Inexpensive – A way to make a larger gift than the donor might otherwise be able to afford, without depleting current assets now or their estate later.
  • Leverage – The ultimate value of the donor’s policy will be far more than the premiums paid.
  • Save Taxes today – Immediate tax relief in the form of charitable tax receipts for the premiums paid.
  • Estate Preservation – The donor’s estate to their family is not diminished because life insurance, by its very nature creates an additional, separate “estate”.
  • Eliminates Probate, Legal & Executor Fees – Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to the GTHS at maturity or upon the donor’s death.
  • Peace of Mind – The donor can plan, arrange and announce the gift themselves and they will know that it will occur just as planned.
  • Control – Life insurance is not a matter of public record and allows the donor to remain anonymous. And unlike a Will, the gift cannot be contested.
  • Recognition – The donor’s gift can be honoured during their lifetime.

How does it work?

There are a number of easy ways to make a gift of Life Insurance.

  • Transfer an Existing Policy – The donor can take an existing policy that has finished serving its original purpose and simply have the ownership and beneficiary designation transferred to the GTHS. This designation cannot be changed.A charitable tax receipt will be issued for the value of the policy at the time of transfer. Any continued premium payments also qualify for a charitable tax receipt. Please note that there are tax advantages to retaining existing policies. The GTHS strongly recommends that the donor discuss this matter with their insurance specialist before any transfer takes place.
  • Transfer a New Policy – The donor can purchase a new life insurance policy. After one premium payment has been paid, the GTHS is named as the owner and beneficiary. The donor continues to pay the premiums and receives a charitable tax receipt for those payments. Again, this designation cannot be changed.
  • Name the GTHS as a Direct Beneficiary It may be to the donor’s advantage to name their estate as the beneficiary of their life insurance policy, and then make a same dollar amount bequest in their Will to the GTHS. The donor will not receive a charitable tax receipt for any of the premiums paid during their life. However, the donor’s estate will be eligible to claim a donation for the full amount of the insurance proceeds.The donor can name the GTHS as the beneficiary on their individual or group life insurance. The donor retains ownership of the policy. The donor can change the beneficiary designation at any time. If the donor is a salaried employee and has a benefit plan that has a death benefit component to it, the donor can consider naming the GTHS as the beneficiary. However, the donor will not receive a charitable tax receipt for any premiums paid during their lifetime.

Please Seek Expert Advice: The GTHS strongly recommends that the donor seek professional advice to ensure that their financial goals are considered, their tax situation reviewed and that their planned gift is tailored to their personal circumstances. A life insurance specialist should review in detail what would best fit the donor’s needs. Before considering a planned gift of life insurance, the donor should already have satisfied any need for life insurance for the protection of their family.

Benefits Of Leaving A Legacy

Benefits of Charitable Will Bequests Include:

  • Convenient – A charitable Will bequest can be made no matter how old the donor is and for any amount they want.
  • Simple – A charitable Will bequest is easy to arrange. The donor needs to instruct their lawyer to include a bequest to the GTHS in their Will.
  • Cost-effective – There are no extra out-of-pocket costs incurred by the donor and the donor’s present income will not decrease.
  • Tax Relief – A charitable Will bequest is a highly effective way to reduce estate taxes.
  • Tax Planning – The GTHS will issue a charitable tax receipt for the full value of the bequest. This receipt will be used to reduce the tax payable on the donor’s final income tax return. If the bequest exceeds 100% of the donor’s net income, the excess may be carried back to the previous tax year.
  • Flexible – A bequest can be for a specific amount, a percentage of the donor’s estate, or the residue of their estate – that is a gift after the donor’s debts have been paid and other bequests made.
  • Control – The donor retains use of the charitable gift asset for the duration of their lifetime.
  • Peace of Mind – A donor can make changes to their Will at any time.
  • Satisfaction – Planned gifts are made for personal reasons in addition to ensuring that the GTHS continues its commitment to helping animals in need through its rescue, rehabilitation and adoption programs. As well, a bequest can create a lasting memorial for the donor, their family or anyone they may wish to honour.

Who can I talk to about estate giving to benefit GTHS?

Please contact our Campaign Manager at 705-445-5204 ext: 224 or kelly@gths.ca