Will your legacy include caring for the residents of the Osgoode Care Centre? It does not require great wealth. It only requires the desire to have a long-term impact on the Centre and the residents who live here.
Thanks to federal tax rules, a charitable bequest in your Last Will and Testament can significantly reduce taxes owing upon death. If you haven’t yet drawn up a will, we urge you to do so, if for no other reason than peace of mind. You can make sure that your family and loved ones will have the resources they need after you are gone.
If you don’t draw up your will, you’ll have no say in the distribution of your assets – it will be left completely up to the provincial courts.
The Benefits of a Charitable Gift in Your Will
- Convenient – A charitable gift in your will can be made no matter how old you are and can be for any amount you want.
- Simple – A charitable gift in your will is easy to arrange. Simply instruct your lawyer to include a bequest to the Osgoode Care Centre.
- Cost-effective – There are no extra out-of-pocket costs. Your present income will not decrease.
- Tax Relief – A charitable will bequest is a highly effective way to reduce estate taxes.
- Tax Planning – Osgoode Care Centre will issue a charitable tax receipt for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year.
- Flexible – Your bequest can be for a specific amount, a percentage of your estate, or the residue of your estate – that is a gift after your debts have been paid and other bequests made.
- Control – You retain use of the charitable gift asset for your lifetime.
- Peace of Mind – You can make changes to your will at any time.
- Satisfaction – A charitable gift in your Will is made for personal reasons in addition to ensuring that the Osgoode Care Centre continues its commitment to caring for and enhancing the lives of our residents. As well, your bequest can create a lasting memorial for you, your family or anyone you may wish to honour.
For the greatest flexibility in meeting urgent needs, the Osgoode Care Centre prefers bequests to be unrestricted. However, if you wish to designate your gift for a particular purpose, we are happy to discuss that option with you.
Sample bequest language:
I give, devise and bequeath to the Township of Osgoode Care Centre the sum of $XXX.XX to be used for any purpose(s) approved by its Board of Directors.
Please Seek Expert Advice: Osgoode Care Centre recommends that you seek independent professional advice to ensure your financial goals are considered, your tax situation is reviewed, and that your estate gift is tailored to your circumstances.