WAYS TO GIVE
Gifts of cash
When considering a donation, the most common method by which Canadians give are cash gifts.
- For many individuals, there are a number of immediate advantages to donating cash; it is easy to provide and little planning is required.
- The MICs Healthcare Foundation receives an immediate benefit.
- No costs are incurred to make the donation.
- There is no obligation to commit future resources to the charity.
- The donor receives a tax credit that can be used in the current year or carried forward to a future year.
Your will is an important legal document that ensures your estate is distributed according to your wishes. It also represents an opportunity to make a gift to the MICs Healthcare Foundation. A bequest in your will can provide significant resources and will have a major impact on the continuing needs of the Foundation.
A bequest is very flexible as it allocates your assets to the Foundation but remains under your control until your death. The gift can be revoked at any time by simply changing your will. Bequests can take many forms such as: real estate, cash, securities, etc. Donors can stipulate that the donation be a percentage of the estate or a fixed dollar amount.
If you already have your will drawn up and would like to make a bequest, your lawyer can assist you in adding a codicil which is a simple attachment or amendment to your will. There should be no additional cost for this.
Gifts of life insurance
A gift of life insurance can enable you to donate a substantially larger, future gift to the MICs Healthcare Foundation. Not only will your gift make a difference, it will provide you, the donor, significant tax benefits.
The following are choices available to you when you give a gift of a life insurance policy.
- Purchase the insurance yourself and name the MICs Healthcare Foundation as beneficiary.
- Own the policy yourself and name your estate as beneficiary and provide direction in your will to gift the proceeds to the MICs Healthcare Foundation.
- Make the MICs Healthcare Foundation the owner and beneficiary of the policy. The donor is responsible for the premium payments.
- Donate an existing insurance policy to the MICs Healthcare Foundation, ownership is transferred and the MICs Healthcare Foundation is named the beneficiary.
Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs), Registered Annuities and locked-in plans differ from non-registered investments as a source of charitable donations.
You can name the MICs Healthcare Foundation as the beneficiary of your RRSP or RRIF. The donation qualifies as a charitable donation and thus allows the estate to receive a charitable donation tax receipt. Since the registered plan falls outside of the estate, it is not subject to probate. (Note this does not apply to registered pension plans or other registered plans.)
If you are converting a RRSP to a RRIF (as late as 69) you can withdraw a portion and donate it to the MICs Healthcare Foundation. The amount withdrawn is taxable which will be offset by the donation receipt. This allows you to witness the benefits of the gift during your lifetime.
If you directly designate the MICs Healthcare Foundation on your plan documents, your plan trustee will be able to pay out 100% of the value of plan assets to the MICs Healthcare Foundation.
Gifts in kind
From time to time, the MICs Healthcare Foundation receives non-cash gifts commonly referred to as gifts in kind. Examples include, real estate, stocks, artwork, special equipment and other tangible personal property. Generally, when a donor makes a gift-in-kind, an income tax receipt is issued for its current market value, determined by one or more independent professionals related to that field.
Gifts in Kind include:
- Stocks, bonds & other publicly listed securities
- Real estate and other capital property
- Certified cultural property
- Depreciable property such as equipment
- Corporate inventory or a license
We will of course, ensure that you receive all the appropriate income tax receipts and related tax benefits.
In memoriam donations
A donation to the MICs Healthcare Foundation in memory of a family member or friend is a meaningful way for you to express your sympathy. These contributions go on to help save and change the lives of patients’ right here in our community with the purchase of modern medical equipment for the departments of the Hospital.
The Foundation will send a card to the bereaved family acknowledging your thoughtful gesture and you will receive a tax receipt and a note of thanks for your generosity. The amount of your donation is kept strictly confidential.