Benevolence and Legacy Tribute

September 20, 2021
Tim Kerney

Benevolence and Legacy Tribute

Welcome to the Community Updates section, where we explore how benevolence and legacy contributions can make a lasting impact. At Legacy Place Society, we believe in empowering individuals and communities through thoughtful giving and compassionate support.

Supporting Benevolence in the Workplace

Each Service offers independent resources to address benevolence situations. If you’re part of a Service and wish to initiate support, inquiries should first go through your specific Service.

For scenarios like serious family health concerns where coworkers want to raise funds, please contact us to learn about the application process.


Legacy Gifts: Ensuring a Strong Future

Legacy gifts play a vital role in sustaining the mission of Legacy Place Society for years to come. By including Legacy Place Society in your estate planning, you contribute to ongoing support for first responders, veterans, and their families.

Here are some impactful ways to leave a legacy gift:


1. Gift by Will (Bequest)

A charitable bequest is the simplest and most common planned gift. You can leave:

  • A specific asset
  • A fixed sum of money
  • A percentage of your estate

Benefits:

  • Reduce estate taxes significantly.
  • Your estate may claim gifts equal to 100% of net income in the year of death and the preceding year.

2. Gift of Securities

Donating publicly traded securities (stocks and mutual funds) eliminates federal capital gains tax, allowing you to maximize your donation and tax benefits.

How to Donate:

  1. Visit our CanadaHelps page.
  2. Complete the details of your pledge online.
  3. Submit a Letter of Authorization to your financial advisor.

CanadaHelps will send you a tax receipt and ensure your donation reaches Legacy Place Society.


3. Gift of RRSPs and RRIFs

Your retirement funds (RRSPs and RRIFs) are heavily taxed, but naming Legacy Place Society as a direct beneficiary offsets taxes and ensures your funds are put to good use.

How it Works:

  • Designate Legacy Place Society as a beneficiary on your retirement account.
  • Upon passing, your gift is treated as a charitable donation, and a tax receipt is issued for the full amount.

4. Gift of Life Insurance

Life insurance can be a powerful way to make a lasting impact. Options include:

  • Donating a paid-up policy.
  • Transferring ownership of an active policy to Legacy Place Society and receiving tax receipts for premiums paid.
  • Naming Legacy Place Society as the beneficiary of a new or existing policy.

5. Endowments

Endowments are permanent investments where annual income supports education, training, or capital funding for Legacy Place Society.

Requirements:

  • Minimum $10,000 contribution over five years.
  • Name the endowment after yourself or a loved one to create a personal legacy.

Create a Lasting Impact

Whether through a benevolence initiative or a legacy gift, your support ensures that Legacy Place Society continues to provide vital services, including transitional housing, mental health support, and educational initiatives for first responders and their families.

Contact Us to Learn More:
Email: info@legacyplacesociety.com

Together, we can make a meaningful difference for generations to come.

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