Leaving a bequest or a life insurance policy to the Community Foundation of Halton North ensures that your generosity will benefit your community for generations to come. Across Canada, this is one of the more popular methods of giving to a Community Foundation.
Wills and Bequests
A charitable gift given through a will can make a huge impact as well as creating significant tax savings for the estate. For example, up to 100% of a taxpayer’s net income can be claimed as donations in the year a person passes away and the year preceding.
At the Community Foundation of Halton North we can help you leave a lasting legacy. A simple way to do this is for a donor to create a fund during their lifetime in anticipation of a future bequest gift. You will then know your charitable wishes are established and will be met. You can then state in your will that your bequest gift should be added to that existing fund. However a fund does not have to be established beforehand to give through your will. That is the flexibility of giving through a bequest gift.
Of course, with any kind of donation that is linked to a financial plan, the Community Foundation of Halton North advises potential donors to talk to their legal representative or financial advisor first.
Sample wording for bequests
A charitable bequest in your will can provide a specific dollar amount, a percentage of your estate, or a gift of the residue, which consists of whatever remains in your estate after gifts to your loved ones and all expenses have been paid. We will invest your donation wisely, and grant the annual income disbursements to charities in accordance with your wishes.
The following sample will clauses provide a few options for charitable giving to the Community Foundation of Halton North through your estate. There are many ways that your legacy can be structured. These examples are just samples – we encourage you to talk to your lawyer and your family.
- Legal name: Community Foundation of Halton North
- Address: 251 Main Street East Suite L02 Milton, Ontario L9T 1P1
- GIVE WHERE THE NEED IS GREATEST
The issues of today may not be the pressing concerns of tomorrow. You can trust CFHN to identify emerging needs and make thoughtful and impactful granting decisions.
To give where the need is greatest:
To pay [$____ / ____% / the residue] of my Estate to the Community Foundation Halton North, charitable registration # 86197 1257 RR0001, to establish a fund known as the ___________________, the income of which shall be paid for general charitable purposes in conformity with the objectives of the Community Foundation Halton North.
- GIVE TO THE FIELD OF INTEREST CLOSEST TO YOUR HEART
You may want to focus your giving, but do not want to name a specific charity. In that case, you may wish to choose a field of interest to dedicate your support. CFHN currently has the following Fields of Interest to choose from:
- Arts, Culture & Heritage
- Sport and Recreation
- Health & Wellness
To give to any one or more of these Fields of Interest, or to another that you first discuss with CFHN (to ensure that we will be able to carry out your wishes as you would wish us to do):
To pay [$____ / ____% / the residue] of my Estate to the Community Foundation Halton North, charitable registration # 86197 1257 RR0001, to establish a fund known as the ___________________, the income of which shall be paid to general charitable purposes, having regard to my interest in ____________________ [insert one or more of the above listed Field of Interest choices].
- GIVE TO AN EXISTING FUND
Donors can establish a Fund during their lifetime in anticipation of a future bequest gift, as it provides peace of mind and flexibility for their Estate planning. In addition, CFHN identified two new Funds this year, the Palliative Care Fund to help support the palliative needs in the community and the Mental Wellness Fund, which is focusing on Youth Mental Health. To make a gift to an existing fund, we recommend that you contact us in advance to confirm the proper fund name:
To pay [$____ / ____% / the residue] of my Estate to the Community Foundation Halton North, charitable registration # 86197 1257 RR0001, to be added to the ___________________ Fund [insert exact fund name.]
TALK TO US!
We encourage you to contact us to find out more about how the Community Foundation of Halton North can support your legacy vision.
Gifts of life insurance
Gifts of Life Insurance are another way to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime. A donor may already have a policy that was established for a purpose that is no longer necessary. If you make CFHN the owner and irrevocable beneficiary of your life insurance policy, you can receive a tax credit for the fair market value of your policy. If you continue to make premium payments on the policy, you will be entitled to receive tax credits for those payments. Contact us if you would like to know more.