Legacy Giving Options

Bequests allow donors to leave a specific amount, a piece of property, or a portion of their estate residue to a charity of choice. Since you can claim up to 100% of your income on your final tax return and carry back any excess to the previous year, tax savings can be significant. When you leave your gift to the Windsor Regional Hospital Foundation, the most flexible suggested wording is a gift for general purposes. You may also designate your gift to a specific area, in which case we will work with your lawyer to create the correct wording. Most importantly, sharing your intentions will allow us to thank and recognize you now, while also allowing us to plan for the future.

Life Insurance
Gifts of life insurance can benefit both the donor and Windsor Regional Hospital when the Foundation is named beneficiary. Upon death, the proceeds will pass outside your estate providing both privacy and protection from estate administration taxes, and the charitable tax receipt issued will alleviate the tax burden on your estate. If you donate a new or existing policy during your lifetime, irrevocably making the Foundation both owner and beneficiary, you will receive a charitable tax receipt from the Foundation for any cash surrender value on the policy and for any future premiums you pay.

Donation of Securities
Donating publicly traded securities to the Foundiaton, either while you are alive or through your estate, will exempt you from paying tax on the capital gain triggered by the donation. In addition, you receive a charitable tax receipt for the fair market value of the gift, making this strategy an exceptional way to maximize your tax savings while supporting Windsor Regional Hospital in a significant way.

Donations of RRSPs and RRIFs
When the Foundation is designated as beneficary of your RRSP or RRIF, the proceeds are paid directly, thus bypassing your estate and avoiding estate administration taxes. The charitable receipt issued will eliminate a considerable amount of the significant tax generated by the realization of your registered plan on your death.

Charitable Gift Annuities
A charitable gift annuity is an attractive option for donors who are usually in their seventies and older. It benefits a charity and pays income at the same time. Part of the donor's gift (typically 25%) is an immediate gift to the charity for which a tax receipt is issued. The hospital purchases a commercial annuity on behalf of the donor with the remaining funds, which pays the donor income, largely tax exempt, for their lifetime.

Tax Free Savings Account
Starting in 2009, the Government of Canada provided a new way for Canadian residents, 18 years or older, to set money aside tax‐free over their lifetimes through a tax‐free savings account (TFSA). The income earned on the account is tax‐free, although annual contribution limits are set at $5,000 and indexed to inflation thereafter with clearly defined rules for how funds can be contributed and withdrawn over time.

For individuals with philanthropic values, outright donations, which are eligible for a charitable tax receipt, can be made from your TFSA during your lifetime. Beneficiary designations upon death can also be directed toward your favourite charity. Designating a charitable beneficiary of TFSAs upon death removes those assets from the deceased’s estate, exempting them from probate, legal and executor fees, while also providing a tax receipt to the estate which helps offset other estate fees. In order to qualify, the transfer to the charitable organization must take place within 36 months of the TFSA holder’s death.