Leave a legacy

A charitable bequest is the most common type of legacy gift. It involves including the Canadian Cancer Society in your Will.

The power of your gift

Your Will reflects what you value in life. In writing a Will, your lasting words will echo through the generations, and will ensure that your final wishes become a reality.

“Creating a gift in my Will was easy to do and it honours the memory of Liz. We have to join together to fight this disease and it’s one of the best investments I could make for a cancer free future.” — Frank Noneley

Why leave a bequest?

• a Will is the easiest and most effective means to ensure that you fully provide for your family and that your assets are distributed according to your wishes
• your bequest to the Society will go directly to the fight against all cancers – we do everything  possible to prevent cancer, save lives and support those living with cancer
• other than the cost of preparing your Will, there is no additional cost for you to make a generous gift
• a bequest provides the comfort of knowing your assets are still available for you today if needed
• a gift in your Will allows you to make a tax-effective gift, often eliminating the taxable impact on your beneficiaries

Ways to leave a bequest

• give a percentage bequest – this option leaves a percentage of your estate to the Canadian Cancer Society and makes sure that loved ones and outstanding expenses have been taken care of
• leave a specific dollar amount
• provide for the needs of your loved ones (either through an outright gift or subject to a trust) and give the remaining balance of your estate to the Canadian Cancer Society

We suggest you work with your financial advisor and lawyer who can help to plan a bequest that best fits with your financial and estate situation. Please note that when writing your bequest, you may wish to designate your gift to a Canadian Cancer Society support program or cancer research fund that holds special meaning to you and your family.

For generations cancer has been feared. Today, because of the work done by the Canadian Cancer Society, we lead the fight.

To avoid any misunderstandings with your estate, when drafting your bequest, please use our full legal name and address: Canadian Cancer Society, Ontario Division, 55 St. Clair Avenue West, Suite 500, Toronto, Ontario M4V 2Y7.

Sample bequest clauses

The following clauses are commonly used in wills for making a gift to the Canadian Cancer Society. Your lawyer can use them to arrange a bequest in your will to the Canadian Cancer Society.

PERCENTAGE GIFT CLAUSE

To leave a portion of your estate to help fight cancer, the following wording can be used:

“I direct my trustees to transfer ____ percent (or share) of the residue of my estate to the Canadian Cancer Society, Ontario Division to be used for its general purposes.”

SPECIFIC GIFT

Include these clauses when you wish to leave a specific amount or asset to combat cancer:

“I direct my trustees to transfer the sum of $ ____ to the Canadian Cancer Society, Ontario Division for its general purposes.”

“I direct my trustees to transfer (identify the personal property to be given, e.g. 500 shares of XYZ stock) to the Canadian Cancer Society, Ontario Division for its general purposes.”

DESIGNATED OR RESTRICTED GIFTS

You can make a bequest to the specific area of work you are most passionate about, such as research, prevention or support programs that help those living with cancer.

“I direct my trustees to transfer the sum of $____ (or ____ percentage share of my estate) to the Canadian Cancer Society, Ontario Division to be used for the following purpose(s) _________. In the event that circumstances make the specific use of this gift no longer practical or desirable, the Board of Directors of the Canadian Cancer Society, Ontario Division is hereby authorized to make changes in its use consonant with the spirit and general intent of the gift.”

Designating the Canadian Cancer Society as the beneficiary of your life insurance policy provides valuable tax savings to you today and will help people with cancer in the future.

The power of your gift

A gift of life insurance enables you to fund support programs like our transportation service which make life a bit easier for cancer patients by providing rides to and from their treatment appointments.

“I was reluctant to speak about our gift because for me it’s a private matter. But after a while I decided to talk about it openly because it seemed that if more people realized the benefits of giving, they would get involved.” — Joyce Gibbard 

Why leave a gift of life insurance?

• your gift will care for people living with cancer by funding essential services that ease the burden of cancer
• proceeds are paid directly to the Canadian Cancer Society and are not subject to probate fees
• you can receive an annual tax credit for the premium payments or a tax credit for your estate in the year of death when you make the Canadian Cancer Society the beneficiary of your life insurance policy
• a gift of life insurance will not reduce the overall value of your estate
• these gifts can make a big impact on the quality of life for people with cancer, can have a relatively low cost to you and may also provide tax relief for your estate

Ways to give a gift of life insurance

• purchase a new life insurance policy and name the Canadian Cancer Society as the beneficiary
• purchase a new life insurance policy and name the Canadian Cancer Society as the owner and beneficiary and receive a tax receipt annually for the amount of premiums paid
• donate an existing life insurance policy by designating the Canadian Cancer Society as the owner and beneficiary and receive a tax receipt for the value of the policy at the time of the transfer and any premiums you pay

Transferring securities such as shares, mutual funds, and stock options to the Canadian Cancer Society is a powerful way you can fight cancer.

“Donations to the Canadian Cancer Society are more than a memorial to loved ones. They are hope for the future and a hope for all families.” — Chris Baldock

Download the Notification of Gift of Securities form for more information on how to initiate a gift of securities transfer. For assistance, please contact Sharmilla Reid at 416-323-7108 or 1-800-268-8874 ext. 7108 or by e-mail at sreid@ontario.cancer.ca.

 

Why give a gift of securities?

• immediately start watching your gift fight for the lives of people living with cancer
• you pay no tax on the capital gains when you transfer your securities to the Canadian Cancer Society
• receive a tax receipt for the closing price of the securities on the date they are received by the Canadian Cancer Society

How to donate securities

• when deciding which securities to donate, your financial advisor can determine which investments will make the most impact given your financial portfolio
• instruct your broker to transfer the shares directly to the Canadian Cancer Society. 
• Download the Notification of Gift of Securities form for more information on how to initiate a gift of securities transfer. For assistance, please contact Sharmilla Reid at (416) 323-7108 or 1 (800) 268-8874 ext. 7108 or by email at sreid@ontario.cancer.ca.

A charitable gift annuity is a “gift that gives something back”. It allows you to make a meaningful gift in the fight against cancer now and receive a guaranteed income for life that can be largely or entirely tax-free.

“I feel good about myself, frankly, because the Canadian Cancer Society gets a fair portion of the amount of money I give, and I get a larger income than what I’d get on the interest for a normal investment because it’s virtually tax-free. A charitable gift annuity is the best of both worlds.” — Peter Kurita

 

Why create a charitable gift annuity?

• your gift will be put to use immediately in the fight against cancer
• earn guaranteed income for life which may be partially or completely tax-free
• a tax receipt will be issued to you for the gift portion of the annuity

How to create a charitable gift annuity

• work with a member of our Legacy Giving team to determine the right charitable gift annuity that meets your current financial needs and creates impact now in the fight against cancer

Designating your RRSP or RRIF to the Canadian Cancer Society bypasses taxes and fees, ensuring that your savings are used to their maximum potential. Your commitment today means the fight will continue until we create a world where no Canadian fears cancer.

The power of your gift

Your legacy will live on long after you are gone. By planning ahead, you can ensure that your wishes are upheld in the future. By supporting the Canadian Cancer Society, you are supporting the fight against cancer for generations to come.

Why leave an RRSP or RRIF gift?

Naming the Canadian Cancer Society as beneficiary of a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF) is a simple way to leave a gift that will help fund the next generation of Canadian Cancer Society researchers who are finding new ways to prevent and treat cancer.

• make an enduring difference for your family, friends and neighbours who have faced a fight with cancer
• naming the Society as a direct beneficiary in your Will allows your RRSP or RRIF to flow outside of your estate’s assets, meaning your RRSP or RRIF is not subject to estate probate fees and taxes

How to include an RRSP or RRIF in your Will

• simply name the Canadian Cancer Society as the beneficiary of a RRSP or RRIF
• advise the institution holding your retirement account of the change.

The Legacy of Hope Society will esteem those who have made provisions for a legacy gift to support the future achievements of the Canadian Cancer Society.

The Society includes donors of bequests under a Will, life insurance, charitable remainder trusts, charitable gift annuities, endowments, gifts of real estate, donor advised funds or the proceeds of a RRSP/RRIF. Every donor of any planned gift is invited to become a member. There are no membership dues or other obligations. Instead, some benefits that Legacy of Hope Society members can look forward to are:

• No obligation consultations with experienced financial advisors
• Insider reports about exciting advances in cancer research
• Invitations to exclusive Canadian Cancer Society events
• An honorary Legacy of Hope Society pin.

Of course, you may remain anonymous if you wish, and the details of your gift are kept strictly confidential.

 

Five reasons to let us know about your Legacy gift to the Canadian Cancer Society:

1. We have knowledgeable staff that can help you find a gift to meet your needs and optimize your tax savings.
2. We can help you with Will wording or designation questions so that we are clear about your estate and gift wishes. 
3. Help the Canadian Cancer Society plan and prepare for future income or shortages.
4. We want to be able to recognize and thank you, publically or privately.
5. We want to be able to include you on special research updates and advances as we continue to fight cancer on all fronts.

Please complete and return the confirmation form, if you have included the Canadian Cancer Society in your plans.

The Canadian Cancer Society has opportunities to create your own Fight-Back Fund, investing money in future support for people living with cancer and driving research to discover new ways to prevent and treat cancer.

Endowment Funds

The creation of an endowment fund is a very special and meaningful opportunity for you to provide a significant contribution to the fight against cancer, while creating a lasting personal legacy or tribute for a loved one.

An endowment fund gives you the flexibility to focus on an area of cancer treatment that is meaningful to you, or to designate your gift to be used where it is needed most.

 

How to Create an Endowment Fund

You can designate the endowment for general use by the Canadian Cancer Society or specifically for cancer research. An endowment fund can be funded by current or deferred gifts. You can also leave an endowment in your Will.

A General Endowment Fund consists of many endowed gifts designated to be used for the general purposes of the Canadian Cancer Society. The minimum gift amount required for this fund is $5,000.

To make a gift to our General Endowment Fund, use the following clause: “I direct my trustees to transfer the sum of $____ (or ____ percentage of my estate) to the Canadian Cancer Society, Ontario Division General Endowment Fund to be held in trust and kept invested, and the income from such sum shall be used for its general purposes.”

A Named Endowment Fund is established in your name or that of a loved one. You can designate the income from this fund for a purpose such as a specific cancer research fund, a Society support service (such as our transportation service) or simply to be used for the general purposes of the Canadian Cancer Society. The minimum gift amount for this fund is $100,000 and can be funded over five years with cash, securities, paid-up life insurance policies, or other assets.

To direct your gift to a specific area of cancer research or service to support people living with cancer, establish a Named Endowment Fund with a minimum gift of $100,000, use the following clause: “I direct my trustees to create the ____________ (example John Smith) Endowment Fund for the purpose of ___________ in accordance with the endowment policy of the Canadian Cancer Society, Ontario Division.”

 

Charitable Remainder Trusts 

A charitable remainder trust is a gift in the fight against cancer that provides tax benefits immediately and income for life.

 

Advantages of Creating a Charitable Remainder Trust

• Your gift to the Society will make a significant impact in the fight against all cancers – we do everything we can to prevent cancer, develop new treatments and support those living with this terrible disease.
• You will receive an immediate tax receipt for your gift.
• Earn income for life from your gifted assets.

How to Create a Charitable Remainder Trust

• Assets (cash, securities, royalties, etc.) can be transferred into a trust with the Canadian Cancer Society as the irrevocable beneficiary.
• There are legal costs involved in setting up a trust. We recommend a minimum of $500,000 in assets to not make the costs prohibitive.
• You receive an immediate tax receipt. The size of the receipt depends on your life expectancy. We recommend a minimum age of 55 in order to maximize your tax receipt.
• The assets are invested in a way that provides you income, while protecting the principal.
• The Society receives access to the gift at your passing.
• Please consult with your financial advisor and tax specialist to make sure this gift vehicle is right for you.

Canada Revenue Agency

This government website provides detailed information for donor on the Charities Listings, making a donation, claiming charitable tax credits, registered charities and the government’s role as a regulator.

http://www.cra-arc.gc.ca/

Leave a Legacy

This is a nonprofit national organization that provides donors with information on a variety of giving methods, personal stories of giving, and assistance in locating a financial advisor in their area. 

http://www.leavealegacy.ca/

Department of Finance Canada

This website offers current federal information that may affect your taxes through budget updates, policy revision and tax bulletins.

http://www.fin.gc.ca/