While there are many ways to make a legacy gift, Bequests and Gifts of Life Insurance are the most popular in Canada.
The following sample language is intended as a resource when making a bequest to the Canadian Olympic Foundation. There are several options in making a bequest; you should seek legal and/or financial counsel to ensure that your intentions are clearly defined in your Will and that the type of bequest best suits your financial situation and philanthropic goals.
I give the Canadian Olympic Foundation/Fondation olympique canadienne, located at 21 St. Clair E., Suite 900 Toronto, ON M4T 1L9 with the charitable registration number 81772 9346 RR001, the sum of $ to be used in a manner that the Canadian Olympic Foundation deem appropriate.
I give the Canadian Olympic Foundation/Fondation olympique canadienne, located at 21 St. Clair E., Suite 900 Toronto, ON M4T 1L9 with the charitable registration number 81772 9346 RR001, % of my estate to be used in a manner that the Canadian Olympic Foundation deem appropriate.
In gifting a bequest, donors should consider providing the COF with a copy of the clause in the Will pertaining to the bequest. This will be particularly helpful for receipting the estate at the appropriate time.
Life insurance is another way to make a legacy gift. By purchasing a life insurance policy, a donor can donate a larger sum while enjoying tax savings. There are several options in making a gift of life insurance; you should seek legal and/or financial counsel before proceeding with a planned gift.
The following four options exist to donate a life insurance policy:
Purchase a new policy. If you name the COF as the irrevocable owner and beneficiary of the policy, you will receive tax receipts for all the premium payments that you make.
Donate an existing policy. Old policies that are no longer needed by the donor or donor’s family can create current tax benefits. If you name the COF as the irrevocable owner and beneficiary of a paid-up policy, you will immediately receive a tax receipt for the cash surrender value of the policy.
Name the COF as the beneficiary of a new or existing policy. Your estate will receive a tax receipt for the face value of the policy when the gift is realized.
The benefits of donating Life Insurance include the pleasure of making a significant gift to the COF by making relatively small payments toward a life insurance policy over several years, the proceeds pass quickly to the COF free of taxes, fees and probate costs, and your gift does not reduce the value of your estate for your heirs.
For further information on bequests, life insurance or other planned giving opportunities, please contact Selga Apse, Business Manager, at 416 32 4 4297 or firstname.lastname@example.org.
Thank you for considering the Canadian Olympic Foundation.