Wills & Bequests
There is no greater gift to a charity than to leave a bequest in your will. We call it a Legacy Gift because it is realized after someone has died yet it allows them to continue to give long after they are gone. It’s a mark to say, “I was here and this was important to me”.
If you are considering leaving Margaret Bahen Hospice as a beneficary of your estate, thank you! We are honoured that you share our vision for exceptional end of life care.
If you have already included us in your will, please let us know so that we can celebrate your gift and show you how it will impact others. Simply call Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca.
We can set up a confidential meeting to understand your wishes and discuss ways that we may recognize your contribution.
If you already have a will but want to update to include Margaret Bahen Hospice, your lawyer can add a codicil to an existing Will and many donors choose this option to save time and money.
Benefits of a gift in your Will to charity:
- There is no immediate cost to you so you don’t have to worry that making a donation will impact your way of life. You can also change your mind if your circumstances change
- You can make a bigger gift than you could during your lifetime (we usually have most of our wealth in assets which we won’t need after we die)
- Gifts made in the Will can reduce or even eliminate final income tax that would otherwise reduce what you leave to your heirs
- Some people think of a charity as an additional child but with real tax benefits!
- You can name several charities in your Will or just one Charity of Choice
- You can receive wonderful recognition on the Legacy Circle Wall at Margaret Bahen Hospice or you can remain anonymous if you wish
Sample Bequest Wording
To give a specific amount
“I give to Margaret Bahen Hospice for York Region c/o The Better Living Foundation, 653 Queen Street Newmarket ON L3Y 2J1, the sum of fifty thousand dollars ($50,000) to be used for the benefit of Margaret Bahen Hospice for York Region.”
To give a percentage of the estate
I give to Margaret Bahen Hospice for York Region c/o The Better Living Foundation, 653 Queen Street Newmarket ON L3Y 2J1, twenty percent (20%) of the rest, residue and remainder of my estate to be used for the benefit of Margaret Bahen Hospice for York Region.”
To give a specific asset, such as shares in a company
“I give to Margaret Bahen Hospice for York Region c/o The Better Living Foundation, 653 Queen Street Newmarket ON L3Y 2J1, 500 shares of ABC Co. Inc, to be used for the benefit of Margaret Bahen Hospice for York Region.”
For a gift contingent upon a certain condition
“In the event that my brother does not survive me, I give $100,000 to Margaret Bahen Hospice for York Region c/o The Better Living Foundation, 653 Queen Street Newmarket ON L3Y 2J1 to be used for the benefit of of Margaret Bahen Hospice for York Region.”
To designate your gift for a specific purpose
“I give to Margaret Bahen Hospice for York Region c/o The Better Living Foundation, 653 Queen Street Newmarket ON L3Y 2J1, the sum of fifty thousand dollars ($50,000) to be used in support of grief and bereavement services.”
We suggest that you add a “Power to Vary” clause, for example “If at the time of my death it is impossible, impractical or inadvisable to apply the gift to this purpose, the Foundation may at their discretion direct the gift to a similar purpose.”
Our official name and address
Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation
653 Queen Street Newmarket ON L3Y 2J1
Charitable Organization Number: 89669 6804 RR0001
For further information about planning an Estate gift contact Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca.
Gifts of Life Insurance
There are several options to use Life Insurance for charitable giving
You can name Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation 653 Queen Street Newmarket ON as a beneficiary of a new or existing life insurance policy. Your estate receives a tax receipt for the proceeds of the policy and it sits outside of your overall estate reducing probate fees or administration costs. This gift has no effect on your estate assets that you are leaving to your heirs.
You can transfer ownership of a paid-up (or partially paid up) policy by naming Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation 653 Queen Street Newmarket ON as a beneficiary. You can receive a current tax receipt for the fair market value of the policy or defer the tax receipt for your estate.
You can take out a new policy naming Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation 653 Queen Street Newmarket ON as the owner and beneficiary of the policy and you will receive an annual tax receipts on the premium payments you make. This is an irrevocable gift.
Simply fill out the Donor Confirmation Form and confidentially send it to:
Margaret Bahen Hospice for York Region
653 Queen Street Newmarket ON L3Y 2J1
Or
Contact Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca.
The benefits of using Life Insurance for charitable giving are great.
“We bought a charitable life insurance policy years ago and named a few of our favourite charities as beneficiaries. We have the option to change the beneficiaries without cost or much effort and we were making monthly donations anyway.
This policy costs us very little every month but will leave a far greater donation after we are gone. Our estate will receive the tax receipt which will reduce the taxes owing and it won’t affect what we leave for our boys or grandkids.
We can be recognized and kept informed of the good work of the charity while we are alive yet leave a little legacy to say that we believed in the mission of Margaret Bahen Hospice.” Debbie & Armenak Kesheshian
Gifts of RRSP
Did you know that retirement funds are among the most heavily taxed assets?
Registered assets can be rolled over to a surviving spouse or child with a disability but are taxed (a lot) if they are transferred to your children.
Donating your funds to the Margaret Bahen Hospice for York Region is a wise estate planning option.
- You can support your favourite charity
- retain ownership and use of the fund during your lifetime
- receive a tax receipt for the value of the plan
- avoid probate and administration fees by removing these assets from your estate
- reduce your overall taxes.
Simply request a “Change In Beneficiary form” from your plan provider and name Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation 653 Queen Street Newmarket ON as the beneficiary of all or a portion of your Fund and return the form to your provider.
But please do let us know so that we can thank you and keep you informed of the good work your gift will provide for the residents of Margaret Bahen Hospice.
Simply fill out the Donor Confirmation Form and confidentially send it to:
Margaret Bahen Hospice for York Region
653 Queen Street Newmarket ON L3Y 2J1
Or
Contact Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca.
Gift of Securities
One of the easiest and effective ways to support exceptional end of life care is to donation publicly traded securities.
Canadians have one of the greatest tax benefits to charitable giving in the world as you can give stocks, bonds, futures and options as well as shares in mutual funds and you pay no tax on the capital gains AND receive a tax receipt.
Example:
Joan has stocks worth $10,000 that she paid $5,000 for in 2010. If she sells those stocks then she will pay capital gains on the $5,000 she earned. If she donates the stocks to Margaret Bahen Hospice for York Region, she will eliminate the capital gains, receive a charitable tax receipt and have her name added to our donor wall if she chooses. It a very wise way of charitable giving!
Please talk to your financial advisor to see the best options for your personal situation and do let us know so we can thank you!
Please contact Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca.
Gifts of Property
Donations of property including real estate, jewelry or art are wonderful ways to make a real gift to Margaret Bahen Hospice. They are often more complicated however as the rules for tax receipting from the Canada Revenue Agency are strict.
If you are considering a gift of property you can visit the CRA website or call 1-800-267-2384. Or call Jennifer Adams at 905-967-1500 ext. 134 or email donations@myhospice.ca to discuss our Gift Acceptance Policy.
Charitable Gift Annuity
While gift annuities are not as popular as other methods of giving, they are very wise ways to make charitable gifts.
There are two parts: The donation to Margaret Bahen Hospice for which you receive a tax receipt and a guaranteed stream of income for you and your surviving partner.
For example you make a gift of $100,000 to Margaret Bahen Hospice for York Region: A Division of the Better Living Charitable Foundation 653 Queen Street, Newmarket ON of which 20% is immediately gifted and receipted. The remainder is used to purchase an annuity from an insurance company that will provide the guaranteed income.
Charitable Remainder Trusts (CRTs)
Again, CRTs are not used as often but make sense for many individuals. Basically a CRT allows you to continue to use your asset while you are alive and the Margaret Bahen Hospice becomes the remainder beneficiary in trust after you die.
For example you transfer a property like real estate into a trust that is managed by a trustee and after a prescribed period of time or upon your death the property is transferred to Margaret Bahen Hospice. This allows you to use the property during your lifetime, receive a tax receipt you can use today and leave a wonderful gift to charity.
**Please consult your professional advisor to receive personalized advice for your unique situation. As these are more complicated agreements we need to make sure both you and our organization receive the best possible professional guidance.
