Plan Your Legacy

Lynn Turnbull

Plan a legacy that will have a lasting impact for generations to come.

“When we write our Last Will and Testament, we consider people and things we love. We leave gifts to benefit others, so that a little piece of us can live on. SCIO has been part of my family for a long time. My sister Barbara was a client, a fundraiser, a donor, and a much-loved community member of the organization. Through Barbara, I’ve seen first-hand the powerful impact SCIO’s services can have on a person’s life. For this reason, I too fundraise, donate and have made the decision to leave a gift in my Will so the charity SCIO can continue their life-changing work even when I’m gone.”

Lynn Turnbull

Reasons for planning Your Legacy

1

Make a gift with lasting impact for generations to come.

2

Create a larger legacy than you might have thought possible.

3

Significantly reduce income and estate taxes.

4

Ensure that Spinal Cord Injury Ontario can provide essential help today and in the future.

To talk about your legacy or for more information, please call Paul Livingston at 1-877-422-1112, or email [email protected]

We would love to know your reasons and assist you in whatever way you prefer. If you let us know of your intentions to give we will be able to:

• thank you and acknowledge your generosity properly, and in the way you prefer

• welcome you into the Jousse Langford Society to recognize your generosity and foresight in providing support for people with spinal cord injuries in the future

• inform you of the impact of your gift

• be certain of your intentions and ensure your gift is used according to your wishes

• plan future programs for people with spinal cord injuries

Tax Smart Giving

A gift in your Will, a gift of an RRSP, stock or life insurance … there are many ways you can make a larger gift than you might have thought possible and significantly decrease your tax burden at the same time.

Here some tax smart ways to help you create your legacy.

 

Click on the + sign beside each category to read more.

Your Will can ensure that those you care for are provided for according to your desires. Your Will also provides an opportunity to leave another legacy of your life, a gift to help others.

Setting up a gift in your Will can be simple, and you can make changes at any time. Your gift can take many forms and with careful planning you can eliminate significant taxes payable for your estate. Here are types of Bequests:

Specific Bequests designate an exact dollar amount, percentage or particular asset (such as the stock of a certain company), to be donated to Spinal Cord Injury Ontario.

Residual Bequests name Spinal Cord Injury Ontario as the beneficiary of all, or a percentage of your estate after all debts, taxes, administrative expenses and specific legacy bequests have been paid.  Because Residual Bequests leave a percentage, rather, than a fixed amount inflation will not reduce the value of your gift.

Contingent Bequests take effect when you name Spinal Cord Injury Ontario as an alternate beneficiary. Your gift is given to Spinal Cord Injury Ontario only if other beneficiaries in your Will are unable to receive your bequest.

If you already have a Will you can add Spinal Cord Injury Ontario to an existing Will simply by adding a Codocil. Sample Codocil wording is included in the PDF below.

Wording to make a gift in Your New Will, or Existing Will (Codocil) (PDF)

By designating Spinal Cord Injury Ontario as a beneficiary of your retirement fund, your gift will go directly to helping people with spinal cord injuries without being taxed, and your estate will receive a charitable tax receipt that benefits your estate by offsetting other taxes payable.

It’s easy, just obtain a change of beneficiary form from your financial advisor or plan advisor and name Spinal Cord Injury Ontario as beneficiary of a percentage or all of your RRSP/RRIF account. You will continue to retain full ownership and use of your retirement funds during your lifetime.

A gift of life insurance can help you to make a significant donation and benefit from considerable tax savings.

– Name Spinal Cord Injury Ontario as Owner and Beneficiary of an existing or new life insurance policy. You will benefit from tax savings during your lifetime. You will receive donation receipts for the savings that you have in the policy and the value of all future premiums you pay.

– Name Spinal Cord Injury Ontario as Beneficiary of a new or existing life insurance policy and your estate will receive a charitable tax receipt for the proceeds received.

You can also name Spinal Cord Injury Ontario the Beneficiary of a joint insurance policy or group insurance policy and benefit from the lower premium payments of those type of policies.

When you donate securities directly to Spinal Cord Injury Ontario you will pay no capital gains tax on the appreciated value of your securities. This maximizes the return on your investment and creates tax credits for use against other taxable income.

You will receive a charitable tax receipt for the market value of your contribution. Your gift will result in a tax credit that will reduce your income taxes in the year of your gift – or you can carry it forward for use up to five years. It’s easy, just complete the 1 page form and send it in.

A Gift in Kind, also called A Gift of Property, is a donation of a tangible asset like real estate, jewelry or art. You will be provided a tax receipt for the value of your gift based on a professional appraisal. To make certain your gift will meet your expectations, please let us know of your intent to give a Gift in Kind.

Some Gifts in Kind are taxable for the increase in their value since you purchased them. These taxes are often eliminated entirely by the tax credits produced by your charitable gift.

A Charitable Gift Annuity offers you a way to increase your income, reduce your taxes and make a substantial gift to Spinal Cord Injury Ontario.  A Charitable Gift Annuity is both a guaranteed income for life to you, as a donor, and a gift to Spinal Cord Injury Ontario.

The annuity rate (your guaranteed income) will be based on circumstances, but will often be higher than the investment return you would have otherwise received on the donated assets. In addition, a significant portion (in some cases all) of your annuity income will be payable to you tax-free.

Should you have an asset that you would like to donate to Spinal Cord Injury Ontario but you do not wish to part with your asset or the income it provides at this time, a Charitable Remainder Trust is a way of providing your gift, and experiencing the tax benefits, today.

A Charitable Remainder Trust is a deferred giving arrangement in which you transfer property (cash, securities, real estate…) to a trustee. You will retain the right to the income from the trust either for life or a specified term of years. Spinal Cord Injury Ontario will receive the remainder of the trust after a specified term agreed to in the trust document.

The Jousse Langford Society is named after Dr. Albin Jousse and Ken Langford, two of Spinal Cord Injury Ontario’s cherished founders, and was created to recognize the generosity of people who have the foresight to provide support for people with spinal cord injuries in the future with a planned gift today. Your membership in the Jousse Langford Society provides us with the opportunity to extend our gratitude to you for letting us know of your thoughtful gift intentions.

Your goals and circumstances are unique.

The best way to give, and optimize your tax savings, is unique to you. Please have your options reviewed by someone knowledgeable.

To talk about your legacy or for more information, please call Paul at 1-877-422-1112 x 801, or email [email protected]