Legacy giving
Creating a More Inclusive Tomorrow
Legacy giving
A will is a legal document in which a person sets out who will inherit their assets and what portion will go to each of the heirs.
In Quebec, there are three forms of wills:
1. A holographic will
2. A witnessed will
3. A notarized will
Advantages of legacy giving:
By planning to give to a charitable organization, you are taking part in the most familiar, accessible, and popular form of planned giving.
You can plan a legacy gift that represents a percentage of your estate.
The legacy gift can take different forms:
A specific amount of money
A specific asset
All or a percentage of your estate
Legacy gifts give rise to a tax receipt for a credit that reduces the amount of tax on the estate. Far from disinheriting your loved ones, a legacy gift offers tax benefits and supports a cause you care about.
Bequest
A bequest is a donation made through your will to support a cause you care about. If you would like to make a bequest to the Quebec Intellectual Disability Society, there are several ways to do so:
Charitable bequest: This is a bequest in the form of cash, real estate, or securities, such as publicly listed stocks, bonds, or mutual funds.
Donation in memory of a loved one: Do you know someone who lives with an intellectual disability, and would you like to donate in that person’s memory, through the Society?
Specific bequest: This is a bequest in the form of cash, a percentage of assets, or specific assets.
Residual bequest: With this form of bequest, you designate the Society as a beneficiary of all or part of the estate. This reflects the value of your estate after the attribution of the estate. In other words, the Society would receive the dollars remaining after the attribution of other bequests, debts, administrative fees, and taxes.
Conditional bequest: This form of bequest names the Society as a substitute beneficiary, i.e., your donation will be paid to it if all other designated beneficiaries predecease you.
Do you want to know more about legacy giving or bequests? Discuss them with your notary or contact our philanthropic development consultant, Matthieu Delaunay. He will be able to answer your questions.
Donation from an RRSP or a RRIF upon death:
Withdrawals from an RRSP or a RRIF are among the most heavily taxed assets upon death, so a donation will reduce your tax bill via an income tax receipt.
In Quebec, designating a charitable organization as a beneficiary of an RRSP or a RRIF can be done only through a testamentary disposition, or within a life insurance product.
If you would like to make a donation from your RRSP or RRIF (or from their balance), you should indicate this in your will.
Do you want to find out more about donations from an RRSP or a RRIF? Discuss them with your notary or contact our philanthropic development consultant, Matthieu Delaunay. He will be able to answer your questions.
Life insurance
A donation through life insurance is a simple way to give a larger amount at a lower cost.
Life insurance allows you to make a large donation to a charity in the form of an annual amount established based on your budget.
There are different ways to donate through whole life insurance:
- The purchase and transfer of ownership of a new policy to an organization that is the irrevocable beneficiary;
- The transfer, during the donor’s lifetime, of an existing life insurance policy to a charitable organization and the designation of this organization as an irrevocable beneficiary;
- The designation of an organization as a beneficiary of the death benefit.
Life insurance can also be used to protect your estate following a major donation.
Do you want to find out more about life insurance? Discuss it with your notary or contact our philanthropic development consultant, Matthieu Delaunay. He will be able to answer your questions.
Charitable annuity
By transforming your capital into revenue, you help the disadvantaged. In return for capital transferred definitively, we will pay you an annuity during your lifetime. This operates using the same principle as any annuity, but we offer you unique benefits related to the charitable annuity.
- Once the contract is signed, rates will not fluctuate and will be comparable to the market.
- The year of the donation, you will receive a receipt for tax purposes of at least 20% of the capital transferred.
- Your annuity revenue will be non-taxable or taxed at a very low rate.
- You will have the peace of mind of stabilizing your revenue, while improving the lives of the disadvantaged.
- Upon your death, the residual of the annuity will go directly to the cause(s) you have chosen, including our foundation.
Here is an example of rates currently in effect (June 2015). We strive to find you the best proposal, while respecting tax rules established in 2020.
Do you want to find out more about the charitable annuity? Discuss it with your notary or contact our consultant in philanthropic development, Matthieu Delaunay. He will be able to answer your questions.
Donation of publicly traded securities
You can transfer publicly traded securities directly to the Society. Your capital gains will be tax exempt and will be added to your donation tax credit, equal to the value of the securities on the day of the transfer. The official charitable donation receipt you receive for your securities can help reduce the tax due on your income.
Donations of publicly traded securities? Discuss them with your notary or contact our philanthropic development consultant, Matthieu Delaunay. He will be able to answer your questions.
Quebec Intellectual Disability Society
CRA charitable organization number: 106731698 RR 0001