Are you currently doing a regular review of your will or are one of 50% of Canadians who do not have a will and whose biggest beneficiary of your legacy will the government? As part of your planning please consider Ostomy Canada Society when establishing the beneficiaries when your assets are finally distributed.
The funds received from these bequests will go towards promoting the mission of Ostomy Canada Society for the long term benefit of people living with ostomies.
What is a bequest? Is it something you may want to do?
To bequest is to leave assets for others after your death, to give a gift of personal property by means of a will.
Bequests in wills are the largest source of charitable giving. They are growing in popularity, as people want to help by leaving a legacy to charities that may have helped them or members of their families. Also people appreciate the tax break that is available for bequests made through distributions from an estate.
Bequests can be made in either specific amounts or a percentage of the estate. The charitable bequest in a will can be applied to 100% of the income on the final two lifetime tax returns. A large charitable bequest can potentially have the effect of cancelling out any income tax payable as result of death especially if you have capital gains in real estate or an unregistered investment account or RRSP or RRIF investments all of which are deemed to have been sold upon your death.
It is best to get professional advice about bequests and charitable giving to ensure the gift goes to the intended beneficiary or charity and also to ensure the maximum tax advantage to your estate.
If you would like to leave a legacy gift to help people living with an ostomy, here is how to do it:
You will need our legal name, address and our Registered Charity Business number.
Ostomy Canada Society Inc., 5800 Ambler Drive, Suite 210, Mississauga, ON L4W 4J4
Registered Charity number: 11927 7093 RR0001
Then contact your accountant, or lawyer to ensure your legacy gift is in accord with your charity giving goals and clearly expresses your wishes.
Ostomy Canada Society is grateful to be part of bequests received in the past and would be appreciative of being a part of your legacy plans.