What is planned giving ?
Planned giving lets you decide the best way to give while maximizing the tax benefit to you and your family. Secondly, it helps the Montfort Hospital Foundation plan its long-term resources more effectively in order to ensure its sustainability and pursue its mission.
You can choose an unrestricted donation. In doing so, you leave it up to the Foundation’s administrators to assign the funds where they consider appropriate, or to earmark your donation for specific purposes (a specific medical unit, endowment fund, equipment purchases or the Institut de recherche de l’Hôpital Montfort, etc.). Depending on your needs, you can make your planned giving immediately or postpone it until a later date.
Planned giving to the Foundation is an excellent means of helping our hospital pursue its mission. You are helping cement Montfort’s future operation on behalf of the communities that use its services.
Types of Planned Giving
A bequest is a planned donation. Included in a will, it specifies a wish to make a donation. Bequests are revocable while you are living and can be modified at any time. Your heirs will receive the tax advantages inherent in this type of donation.
Life Insurance Policy Donation
Life insurance policy donations are a form of planned giving. The Foundation is designated as owner and beneficiary of a new or existing life insurance policy. This approach allows donors to achieve their charitable goals while keeping their wealth intact. The amounts paid out are not subject to estate charges. This type of donation has attractive tax benefits.
Donations of securities are a planned donation. They are used to transfer stock, bonds and other securities to the Foundation. The gift of securities provides for extremely attractive tax breaks with the capital gains exemption available since 2007.
A donation in-kind is a planned donation of property, land, art work, medical equipment or other. These donations are eligible for tax receipts in the amount of their fair market value at the time of remittance. It is vital to have the goods appraised by a specialist. Often, provision must be made to cover professional fees.
RRSP or RRIF Donation
The gift of a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF) is a planned donation. It is used to transfer all or part of an RRSP or RRIF through a bequest to the Foundation, or to name the Foundation as beneficiary. This type of gift significantly reduces the amount of tax payable by heirs, since the value of the assets is subtracted from the estate.
Charitable Gift Annuity
A charitable gift annuity is a planned donation. It involves an immediate gift of money to the Foundation. In return, the Foundation pays out a set annuity generally on a tax-exempt basis for a given period of time. The donor receives a significant return during his/her lifetime, while helping to secure the Foundation’s future through the donation.
A trust donation is a planned donation that can be extremely attractive for people interested in contributing a large amount of money as they continue to receive income from the capital transferred to the Foundation, whether they name the Foundation as a beneficiary, leave it to their heirs or bequeath everything to the Foundation. Several types of trust donations are available, including the charitable remainder trust, the testamentary trust and the charitable remainder annuity trust.
An endowment fund is a lasting means of showing support for future generations. Through this long-term instrument, your successors will continue to receive quality healthcare and services.
The Montfort Hospital Foundation invests the capital of this fund in perpetuity. Only the income generated by the fund is used; the Foundation furnishes the hospital with funds to purchase equipment.
An endowment fund can bear the name of the donor or a member of the donor’s family. The donor may also name it in the memory of a loved one. If you wish to focus attention on a cause you hold dear and generously support, the Foundation may establish an appropriate awards program.
Anyone interested in making a planned donation should see a financial advisor. In this way, they can explore the type of donation best suited to their circumstances and goals.
For clarifications or more information about donations, you may contact management confidentially by the following means:
Montfort Hospital Foundation 713 Montreal Road Ottawa, Ontario K1K 0T2 Telephone: 613-748‑4920