Benevolence and Legacy Tribute
Each of the Services have independent resources that support benevolence situations and inquiries should first go through the specific Service you work for.
If there is a scenario for example where there is a serious family health situation that co-workers would like to raise funds for, please contact us about the application process.
Legacy gifts are vital to ensuring the ongoing work of the Legacy Place Society now and for years to come. You have the potential to do something extraordinary. When you include a legacy gift to the Legacy Place Society in your estate plan, you can be confident that your gift is supporting important work in your community.
GIFT BY WILL (BEQUEST)
The most commonly planned gift, a charitable bequest, is a donation made through your Will.
You can choose to leave the Legacy Place Society a specific piece of property, a pre-determined sum of money or a percentage of your estate. Planned today, a bequest benefits the Legacy Place Society after your death.
By carefully planning your bequest, you can eliminate significant taxes payable upon your death. Your estate may claim gifts in the year of death equal to 100 percent of your net income in that year and the year preceding death.
GIFT OF SECURITIES
There are no federal government capital gains tax on donations of publicly traded securities (stocks & mutual funds). Donations of securities let you make a greater impact with your donation and receive a larger tax benefit.
A method to donate is thru Canada Helps. CanadaHelps lets you:
- Make your pledge on line
- Receive your donation receipt by email
Giving securities through CanadaHelps is quick, easy and secure. Here’s how it works:
Search for the Legacy Place Society (click here https://www.canadahelps.org/en/charities/legacy-place-society/and complete the details of your pledge.
- Print and submit the Letter of Authorization to your financial advisor.
- Securities are transferred to CanadaHelps by your financial advisor.
- CanadaHelps sends you a tax receipt.
- Securities are sold and the donation is forwarded to the Legacy Place Society.
GIFT OF RRSPs and RRIFs
Your retirement funds are amongst the most heavily taxed assets you own. However, when the Legacy Place Society is designated as a direct beneficiary of a registered retirement savings plan (RRSP) or registered retirement income fund (RRIF), these taxes are offset at the time of death. Your gift will be treated as a charitable donation in the year of death and the Legacy Place Society will issue a tax receipt for the full amount being transferred to it.
The gift is simple to make – you name the Legacy Place Society as a direct beneficiary on the plan document and advise the institution holding your retirement account of the change.
GIFT OF LIFE INSURANCE
A gift of life insurance is a creative way for you to build our long term financial strength without diminishing your own – even a relatively small commitment can provide significant benefits for the Legacy Place Society. There are many ways for you to make a gift using life insurance:
You may donate a paid-up life insurance policy that has now outlived its original purpose by naming the Legacy Place Society the owner and beneficiary of your policy and receive an immediate tax receipt for the cash surrender value of the policy.
You may gift an existing policy on which premiums are still being paid by transferring ownership to the Legacy Place Society and receiving tax receipts for all future premium payments.
You may make a gift by purchasing a new policy on your life, naming the Legacy Place Society as the owner and beneficiary and receiving tax receipts for all future premium payments.
You may also choose to retain ownership of your policy and name the Legacy Place Society as the direct beneficiary and, upon your passing, your estate will receive a tax receipt for the value of the policy
An endowment fund is like a charitable investment fund, where a donation is permanently invested and the income earned each year is used to support the Legacy Place Society.
Endowments require a minimum total contribution of $10,000 over five years and they may be established to support our education, training, or capital funding, all important parts of what makes the Legacy Place Society special. You may name them in your own name or to honor a loved one.
As part of your legacy, a named endowment is a deeply personal statement of who you are (or the impact a loved one has had on your life), what you believe should be supported long into the future.