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Planned giving ensures that your legacy has an impact on what is most important to you.
Posted on February 15th 2012 by Teen Challenge Canada
How can you support our legacy of caring at Teen Challenge Canada?
Charitable giving has evolved significantly over the past few years. While writing a cheque was once perceived as the only option for giving, amendments to Canada's tax laws, and the introduction of new, tax efficient gifting strategies, are creating new ways of giving that are as flexible and unique as the philanthropic individuals who employ them.
Establish a Bequest in Your Will
Wills are the central pillar of estate planning. A gift by Will, known as a bequest, provides the opportunity to support a priority project or department at Teen Challenge that aligns with your interests.
Upon your passing, your estate will receive a tax receipt equal to the value of your bequest. If you are considering a gift by Will, our Estate & Gift Planning staff can help you with recommended wording. Amending your Will can be as simple as creating a notarized letter (called a codicil) that is attached to your current Will and outlines your intention to donate a portion of your estate to Teen Challenge Canada.
Give the Gift of Registered Retirement Funds
By donating retirement savings plans or funds (RRSP/RRIF), you can support Teen Challenge Canada after your needs, and those of your loved ones, have already been met. You can avoid estate fees by designating Teen Challenge as the beneficiary of your retirement savings on your registered documents. Your estate will receive a tax receipt for the value of the investment at the time of your death which can be applied towards the estate’s final income tax return.