Bequests

A bequest in your Will to our Church is an acknowledgment of your returning to God a portion of the gifts He has bestowed on you during your lifetime. Charitable bequests can have a favourable impact on your overall estate plan and positively affect gifts you make to your loved ones.

Bequests are NOT just for the “wealthy”! Consider including your parish or any of the archdiocesan charities or departments in your Will. Let you Will reflect your Catholic values.

A proper estate lawyer is the key to making an effective estate plan that fulfills your wishes, takes care of those you love and ensures your affairs are concluded in a fair and agreeable manner.

We have a free estate planning guide to help you make your plan. The Archdiocese of Toronto also maintains a list of advisors in our parish area who are available to assist in your estate planning and the preparation of a Will.

Please contact us via the information at the bottom of this page for our Estate Planning guide, or a list of Catholic estate advisors in your area. Remember the importance of using the correct legal names when arranging bequests or other planned gifts.

Endowments and gifts from Donor-Advised Funds and private foundations

An endowment is a gift that lasts  Usually involving a large initial gift, the original capital is preserved and the income is forwarded to a designated charity on a regular basis. An endowment fund can consist of cash, securities, paid-up life insurance policies as well as personal and real property.

Such an endowment can also be administered by a bank or financial firm and then it is called a donor advised fund. Some families and individuals prefer to arrange their charitable giving through their private foundations.

Many people can create a large fund by starting early, contributing in life and making the fund a beneficiary in their Will. Such a strategy allows them to create significant gifts like scholarships, special funds for parish projects or special programs focusing on vocations, youth or music every year...forever!

Creating a fund is the result of a desire to help – let's start the conversation today. For more details, contact us via the information at the bottom of this page.

Registered Retirement Funds (RRSPs, RRIFs)

Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) continue to be a significant part of Canadians’ assets.  Upon owner’s death, both are treated as income, determined at the fair market value and taxable at the deceased marginal tax rate.  However, there are certain categories of beneficiaries who get the proceeds tax-free.

Naming a charity as a beneficiary is another option. Although the value of the RRSP will be included in the final tax return, the income tax will be practically eliminated by a tax credit; thus, a charitable designation of the retirement funds is de facto tax-neutral.

For more details, contact us via the information at the bottom of this page.

Life insurance

Life insurance may be a useful and a low-cost way of making a charitable gift.  It often makes a larger gift affordable.  You can make a gift to your parish or any other charity of the Archdiocese of Toronto.

There are four ways to make a gift of life insurance:

• Donated Policy: Purchase a new life insurance policy and then name a charity as its owner and beneficiary. The premiums you pay are eligible for a charitable income tax credit each year and proceeds are paid from the insurance company directly to the charity upon your death. The proceeds are not reduced by the estatet taxes or fees.
• Making a charity a direct beneficiary: The premiums paid are not eligible for a charitable income tax credit, but when the proceeds are paid by the insurance company directly to the charity upon your death, your estate will receive a receipt for the full amount.
• Making a charity a beneficiary of the insurance policy in your Will: The premiums are not eligible for an income tax credit and the proceeds of the policy will be paid directly to your estate. Although the estate will receive a receipt for the full amount, that amount will become a part of the estate and will be accordingly reduced by taxes and fees.
• Gifting a paid-up life insurance policy: Anyone can make a current gift of a paid-up life insurance policy. To satisfy the requirements of Canada Revenue Agency, the value of the policy will have to be established and customarily the cost of such valuation is covered by the donor.

Many parishioners consider including a charity as a contingent beneficiary in the event of an accident involving the whole family.

If you need an insurance advisor, the archdiocese has a list of Catholic advisors in many areas of the GTA. For more details, contact us via the information at the bottom of this page.

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