Planned Gift

Ways to Make a Planned Gift

Bequests

One of the most common and easiest ways to provide a lasting legacy is to include a bequest provision in your will. As it is a simple process to revise your will, bequests allow the most flexibility and security should your personal circumstances or plans change.

Types of Bequests:
Outright - funded with specified assets such as cash, securities, real estate or personal property;
Residual - provides a share of the remainder of your estate after your heirs have been provided for;
Contingent - distributes property only if you outlive your heirs;
Testamentary Trusts - provides one or more heirs with income for life, after which the assets are transferred to the Canadian Paraplegic Association Ontario.

Gifts of Life Insurance

One of the most convenient ways to make a planned gift is to name the Canadian Paraplegic Association Ontario as a beneficiary of a life insurance policy that may no longer be needed for you and your family. A gift of life insurance can provide a significant benefit to CPA Ontario in the future, at a modest cost to you today.

Charitable Gift Annuities

A charitable gift annuity is a contract between the charity you decide on and a donor specifying that, in return for a gift of cash or marketable securities, the CPA Ontario will provide the donor and/or another beneficiary, with fixed payments for life. The payment rate is based on the age of the beneficiary at the time the gift is established.

Endowments - Creating a Legacy

Some donors may choose to designate their planned gifts to establish a named endowment with a gift of $50,000 or more to the CPA Ontario. Endowment gifts support the mission and vision of the CPA Ontario in perpetuity since the capital amount is invested and only a percentage of the income is spent, thereby providing a lasting legacy.

To discuss your intentions, or for more information on making a planned gift, please contact:
Pamela Quirk, Director, Resource Development, at 416-422-5644 x 272 or Toll-free 1-877-422-1112, Pamela.Quirk@cpaont.org.

Wills and Bequests
Planning your will is one way of ensuring you provide for those you care about. In addition to planning for those you love and depend on you, your will also allows you to benefit charitable organizations such as the Canadian Paraplegic Association Ontario through a gift of money, property and other assets.

Many people are reluctant to plan their estates, and believe they won't need a will until years into the future. But death can come unexpectedly, and, unfortunately, the person you may wish to receive your estate and look after your family may be involved in the same tragedy.
If you already have a will - you are on the right track. You obviously understand the value of having a well-planned estate. A will makes it much easier for your family and friends to receive money and valuable possessions you leave behind. Without a will, provincial laws determine who receives what. If you do not have blood relatives, it is likely your provincial government will receive your estate, instead of the friends or organizations you wish to benefit. By preparing a will, you are in control and you get to decide how your estate is distributed.
Consider reviewing your current will
If you already have a will, you would be wise to consider updating it if any of the following statements are true:
-It has been 3 years or more since I last reviewed my will
-My will was drawn up when I lived in a different province or country
-There has been a birth in the family
-There has been a death in the family
-There has been a change in my marital or my health status
-The beneficiaries named in my will are no longer living
-The estate trustee and/or alternative named are no longer living
-I would like to add or subtract beneficiaries
-There have been changes in my asset base

Different Kinds of Bequests
A carefully prepared will can help make sure all reasonable provisions have been made for your dependants. Your will can be a convenient way to make a charitable gift to an organization that is important to you. A will also helps minimize taxes at the time of death.
Bequests can be in the form of cash, real estate, securities, tangible personal property or other assets. Here are some types of bequests, using a gift to the Canadian Paraplegic Association Ontario as an example:
Specific Bequest: CPA Ontario would receive a specific dollar amount from your estate, or a stated percent. The advantage of making a specific gift is that it can be precisely identified and is simple to administer.
Residuary Bequest: CPA Ontario would receive a percentage of the remainder of your estate. The actual value is sensitive to any changes in the value of your estate.
Sample wording -- Here is some suggested language to provide for CPA Ontario in your will. Similar wording would be used to designate others you would like to provide for in your will.

Unrestricted Bequests

I give to THE CANADIAN PARAPLEGIC ASSOCIATION ONTARIO $______ for use as it may deem appropriate.
I give to THE CANADIAN PARAPLEGIC ASSOCIATION ONTARIO ____% of my estate for use as CPA Ontario may deem appropriate.
I give to THE CANADIAN PARAPLEGIC ASSOCIATION ONTARIO all of the residue of my estate for use as it may deem appropriate.

Restricted Bequests

I give to THE CANADIAN PARAPLEGIC ASSOCIATION ONTARIO $_____ (or) ____% (or) all of the residue of my estate to be used for the following:______________________________________ OR to establish a named endowment* in the name of: ____________________ to support this broadly designated area of work: ______________________.
An outright distribution of cash or other property is a convenient way to remember friends, relatives or a charity such as the Canadian Paraplegic Association Ontario. You should consult your charity of choice to ensure that they are properly named and to make sure your bequest can be used as you intended it.
*If the value is over $50,000

Life Insurance Gifts

A gift of life insurance is a simple, thoughtful and often overlooked way to make a gift to CPA Ontario. Insurance allows you to make a more substantial gift without taking on a large expense.
By taking out a new life insurance policy and naming the CPA Ontario as owner and beneficiary, you will receive tax receipts for the annual premium you pay. Existing policies that have finished serving their original purposes can have the ownership and beneficiary designation transferred to the Canadian Paraplegic Association Ontario. A tax receipt will be issued for the cash value.
The advantages to you are several:

·A planned gift of life insurance saves you tax dollars today. Not only is this important to a donor who is looking for immediate tax relief, it also means that you can make sure that the tax-deductible limit is not exceeded.
·Your estate is not diminished to your heirs, because life insurance, by its very nature, creates an additional, separate 'estate'.
·Life insurance is not subject to probate costs or delays in settlement. The full proceeds are payable to the Canadian Paraplegic Association Ontario at maturity or death.
·Life insurance is not a matter of public record. You can plan, arrange and announce the gift yourself and you will know that it will occur just as you planned.
·Unlike a will, this type of gift cannot be contested.
·Allows you to contribute significantly to the programs and services that the Canadian Paraplegic Association Ontario runs.

We recommend you discuss your gift intentions with a life insurance agent to determine which type of insurance best suits your needs. When you are ready to proceed, the Canadian Paraplegic Association Ontario staff would be pleased to assist you in completing your gift.