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Legacy Gifts

Planning a legacy gift to the Canadian Olympic Foundation (COF) demonstrates your passion for sport, your generosity to Team Canada athletes, and your dedication to the future of the Canadian sport system. Your commitment will celebrate Canadian excellence in sport for future generations of athletes.

Not only will you be leaving a lasting impact that will help propel Team Canada athletes to the podium, a gift in your Will to the COF, has many personal benefits as well. Legacy gifts do not affect your current income and provide a charitable receipt and tax advantage to your estate.

While there are many ways to make a legacy gift, Bequests and Gifts of Life Insurance are the most popular in Canada. Please note that the information below is intended to provide you with general information about legacy giving, and should not be taken as legal advice.

BEQUESTS

The following sample language is intended as a resource when making a bequest to the Canadian Olympic Foundation.  

I give the Canadian Olympic Foundation/Fondation olympique canadienne, located at 250 Yonge St. Suite 3000 PO Box 19 Toronto ON M5B 2L7 with the Canadian charitable registration number 81772 9346 RR001, ___% of the residue of my estate (or the sum of $ ) to be used in a manner that the Canadian Olympic Foundation deems appropriate.

If you choose to leave a gift in your Will to the COF, we encourage you to share a copy of the bequest clause with us, or simply advise us. This helps us carry out the intended impact of your legacy and will assist us in preparing the necessary estate receipts at the appropriate time.

LIFE INSURANCE

Life insurance is another way to make a legacy gift.  By purchasing a life insurance policy, you can provide a generous gift while enjoying tax savings. 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. 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.

These are three impactful ways you can donate a life insurance policy:

  • Purchase a new policy. If you name the Foundation 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 Foundation 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 Foundation 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.

LIFE INSURANCE

In addition to the methods above, there are many other ways you can establish your legacy. This includes, but is not limited to:  

  • Charitable Remainder Trusts: By transferring your assets to a trust, you and your beneficiaries received income during your life or a set term, with the remainder going to the COF
  • Registered Retirement Funds (RRSPs and RRIFs): A straightforward way to directly name the COF as a beneficiary to your  Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs). 
  • Gifts of security: Donate publicly traded stocks, bonds, or mutual funds. For more information, please look here. 
  • Charitable Gift Annuity: By donating cash or securities to the COF, you are provided with a fixed annual income for life or a set term, with the remainder going to the COF. 

For further information on bequests, life insurance or other legacy giving opportunities, please contact Erin Matthews, Director, Fund Development and Operations, at 416 324 4121 or ematthews@olympic.ca.

You can set the stage for Team Canada’s success now, and for the future—thank you for considering the Canadian Olympic Foundation and Team Canada in your legacy.   

Disclaimer: The material shared is intended to provide general information and should not be construed as legal or other professional advice.  The above should not be used without first reviewing it with your own legal or other professional advisors to determine its suitability for your unique estate planning situation