Make a Planned Gift
A planned charitable gift to Wellspring Niagara can be made after careful consideration of your personal and family needs, and tailored to fit your current and future financial situation. Donating to Wellspring Niagara can provide you with significant tax advantages and will allow you to make an important difference in the lives of individuals and families coping with cancer.
Your gift to Wellspring Niagara can:
- Be designated for a specific program
- Be given for general purposes or for Wellspring Niagara’s highest
priorities. - Be directed to the establishment of an endowment fund which
will continue to support Wellspring Niagara House in perpetuity.
Bequests
Bequests are an important part of your personal legacy, representing your life and values. They are relatively easy to establish and maintain, and provide an ideal opportunity to create a lasting gift to Wellspring Niagara. Your bequest can be for a specific amount or a percentage of your estate.
Benefits of Making a Bequest
- A bequest is a cost-effective way to establish a substantial gift to Wellspring Niagara while maintaining financial security.
- You can make a commitment to support Wellspring Niagara now but retain your funds during your lifetime.
- A bequest is a tax-effective means of supporting Wellspring Niagara: Your estate may claim gifts in the year of death equal to 100% of your net income in that year and the preceding year.
- A bequest is revocable and can be changed if your financial situation changes.
- It is a great way to leave a lasting testimony and fulfill your personal wishes for Wellspring Niagara.
Establishing a Bequest
- Please use Wellspring Niagara’s full registered name “Wellspring Niagara Cancer Support Foundation” in your bequest clause. Wellspring Niagara’s charitable registration number is 86414 6162 RR0001..
- Wellspring Niagara would be pleased to assist you and your legal counsel by providing sample wording to ensure that Wellspring can accept your gift as you intend. Please contact Ann Mantini-Celima at ann@wellspringniagara.ca or call 905-684-7619 for more information.
Retirement Funds
You may name Wellspring Niagara as a direct beneficiary of your Registered Retirement Savings Plans (RRSPs) or your Registered Retirement Income Fund (RRIF). Gifts of RRSPs/RRIFs help provide Wellspring Niagara with the necessary support to maintain and enhance outstanding supportive care to cancer patients and their families.
RRSPs/RRIFs are among the most highly-taxed assets in your Estate. If the beneficiary of your retirement funds is someone other than your spouse or dependent child, the proceeds of the RRSP/RRIF will be taxed as ordinary income in your estate. However, if you name Wellspring Niagara as the beneficiary, the total amount of the RRSP/RRIF will be given directly to Wellspring Niagara and your estate will receive a charitable tax receipt for the total gifted amount.
Benefits of Naming Wellspring Niagara as Beneficiary of Retirement Funds
- Naming Wellspring Niagara as beneficiary of RRSPs/RRIFs is a tax-effective means of supporting Wellspring Niagara and preserves the capital in these plans to ensure that 100% of the money is received by Wellspring.
- You have full and complete use of your retirement savings while you are alive.
- RRSPs/RRIFs gifts are revocable and can be changed if your financial circumstances change.
- You can designate your gift to a specific Wellspring Niagara initiative or program that meets your interest.
Establishing a Gift of Retirement Funds
- If you have already named a beneficiary of your RRSP/RRIF but would like to include or change the beneficiary to Wellspring Niagara, simply call your financial advisor or financial institution and ask to change the beneficiary designation.
- Please use Wellspring Niagara’s full registered name “Wellspring Niagara Cancer Support Foundation” in your beneficiary designation clause. Wellspring Niagara’s charitable registration number is 86414 6162 RR0001.
Life Insurance
Making a gift of life insurance is an easy and affordable way to establish a significant future gift to Wellspring Niagara.
Benefits of Making a Gift of Life Insurance
- Donating by means of a life insurance policy allows you to make a larger gift to Wellspring Niagara than you may have thought you could afford, at a relatively low cost. You can make a substantial and meaningful future contribution with modest tax deductible premium payments.
- A gift of life insurance does not reduce the value of your estate for your loved ones.
- You can immediately become a major benefactor to Wellspring Niagara and be eligible to receive appropriate recognition during your lifetime.
- A gift of life insurance allows you to structure your tax credits to suit your financial situation – you can receive an annual tax credit or your estate can receive a tax credit in the year of death.
- You can designate your gift to a Wellspring Niagara program of choice or establish an endowment fund to extend your gift beyond your lifetime in areas of interest.
Establishing a Gift of Life Insurance
- You can make Wellspring Niagara the beneficiary of an existing life insurance policy, or a new one. For the cost of a monthly premium (a tax deductible expense), you can leave a major bequest.
- You can donate an existing policy and receive a tax receipt for the cash surrender value and any subsequent premiums paid, simply by designating Wellspring Niagara as the irrevocable owner and beneficiary.
- Or, you can donate a new policy to Wellspring Niagara. You will receive a tax receipt for the full amount of premiums paid after the date of transfer, again by designating Wellspring Niagara as the irrevocable owner and beneficiary.
- You can also name Wellspring Niagara as the beneficiary of a life insurance policy from your employer. A donations tax deduction for the estate will be available when the death benefit proceeds from the policy are paid directly to Wellspring Niagara.