Directing funds to an RRSP is a tax effective way to increase net worth during your lifetime. But it’s a different story when someone passes away without a surviving spouse or dependent child.

When a single person or surviving spouse dies, the largest tax bill on an estate is often the remaining balance of an RRSP or RRIF. CRA treats this balance as income in the year of death.

By making a charity a full or partial beneficiary of your RRSP or RRIF, you can effectively cancel some of the tax.

Benefits to you for naming Baycrest as the beneficiary:

• You will retain the use of the investment for the duration of your lifetime.
• It is easy to arrange.  Simply speak with an agent at your financial institution.
• No out-of-pocket cost factors.
• It is a tax effective way of supporting Baycrest.  Your estate may claim gifts in the year of death equal to 100% of your net income in that year and the preceding year.

How it works…

1. You can name Baycrest Centre Foundation as the direct beneficiary of an RRSP or RRIF.  Upon your death, the proceeds will be paid directly to Baycrest Centre Foundation.
2. You can name your estate as the beneficiary of your RRSP or RRIF and leave instructions in your Will to donate all or part of your RRSP or RRIF to Baycrest Centre Foundation.  You may specify a percentage or a specific dollar amount to be donated.  The donation qualifies for the charitable bequest donation tax credit for up to 100% of the income in the year of death and in the preceding year.

For more information contact Becki Willoughby, Planned Giving Director at (416) 785-2500 ext. 3895 or email: [email protected]

There are three options:

Use an existing life insurance policy

a) Designate “Baycrest Centre Foundation” as the owner and beneficiary of an existing policy that you no longer need. You will receive a charitable tax receipt for the cash surrender value.

b) Or if the premiums still need to be paid on the policy and Baycrest becomes the owner and beneficiary, you will receive a charitable donation receipt for all payments made after the policy is assigned to “Baycrest Centre Foundation.”

Donate a new policy
Purchase a new life insurance policy and designate “Baycrest Centre Foundation” as the owner and beneficiary.  You will receive a charitable tax receipt for the full amount of the annual premium payments.

What are the benefits to you?

• A gift of life insurance does not reduce the size of your estate.
• You make small premium payments now towards a substantial gift later on.
• You can save tax dollars today. For new policies, the premiums that you pay are tax deductible.
• A gift of an existing policy earns you an immediate tax receipt for the cash value of the policy.

Here’s what Baycrest’s donors have to say …

“Baycrest represents the best of how the Jewish community enriches all Canadians. It’s a shining example of the amazing things that happen when people of all backgrounds work together for the common good. I want to support this important work – care, education and research on brain health and aging – and that’s why my family donated an investment of life insurance that makes Baycrest the owner and beneficiary.”

– Elliott Michaelson

To learn more about gifting options, please contact Becki Willoughby, Planned Giving Director, Baycrest Foundation at (416) 785-2500, ext. 3895.
This is general information only and is intended for reference purposes.  You should consult with an experienced estate planner or professional advisor
to help you make decisions that suit your financial and estate objectives.

Charitable Gift Annuity

If you are age 70 or over, you may wish to consider a charitable gift annuity that will provide guaranteed income for life, usually with little or no tax.  At least 20-25% is counted as a donation to Baycrest, for which a charitable receipt is issued.

Charitable Remainder Trust

A charitable remainder trust (CRT) generates an income stream for life to you or other beneficiaries.  Essentially, you transfer property into a trust managed by a trustee (a financial institute, a lawyer, yourself or other individual).  Baycrest is named as remainder beneficiary.  After a prescribed period of time or upon death, the asset is transferred to Baycrest.  This allows the asset to remain with you during your lifetime, while providing you with a tax receipt.

Endowment

Consider naming your family endowment in your Last Will and Testament.  This fund will continue to provide stable, reliable support for vital programs and services at Baycrest – not just today but well into the future.

Get In Touch

To learn more, please call (416) 785-2500 ext. 6288.  One of our legacy staff members will be pleased to answer your questions.

We strongly encourage you to seek independent advice when executing gifts of property, securities, life insurance, charitable gift annuities, trusts, wills and other legal agreements.

Named in honour of the late Sam Ruth, former Baycrest executive director and Foundation president, The Sam Ruth Legacy Society reflects Sam’s years of service and dedication to caring for older adults in a compassionate and dignified way.

This prestigious society was designed to acknowledge donors who have made a meaningful commitment to Baycrest with a future legacy gift.

Benefits for members of the Sam Ruth Legacy Society include:

• A personal plaque on Baycrest’s prestigious Planned Giving Wall
• Acknowledgement in Baycrest publications
• Invitations to special receptions and programs

“I have found the Baycrest’s PA Seminar to be one of those rare events where timely and important topics are covered at a medium/advanced level.  We dive right in and I come out with new ideas and understanding.  In addition, the breakfast is great, and the location and parking are very convenient.”
– Meir J. Rotenberg, MBA, CFA | Senior Investment Advisor | TD Wealth Private Investment Advice

“I am a sole practicing lawyer who has consistently attended the Baycrest PA Seminars.  I have done so because I have found that the choice of speakers has always been excellent.  The speakers are knowledgeable specialists in their field.  The material has always been informative and of great value to me in my practice.  The breakfast seminar format allows the material to be presented in a casual and conversational manner which allows for better understanding. I highly recommend the Seminars.”
– Victor Wall, Barrister Solicitor | Wall Professional Corporation

Financial advisors, lawyers, accountants and wealth managers; join the Baycrest Professional Advisory group today for the opportunity to network, learn current issues and earn professional educational credits. To join or for more information please contact Becki Willoughby, Planned Giving Director, at 416-785-2500 ext. 3895 or [email protected]

The Professional Advisory Group Committee

Co-Chairs

Elisabeth Colson
Joshua Wise

Group Members

Brian Belmont, Melissa Elmaleh, Talia Feder, Irving Feldman, Bryan Gilmartin, Zak Goldman, Emily Hubling, Leon Kieselstein, Marc Levstein, Israel Mida, Elise Pulver, Allan Rakowsky, Jack Rotsztain, Elisa Swern, Errol Tenenbaum, Marissa Verskin

Professional Advisory Committee

The committee environment is nurturing and challenging, rewarding and enriching.  Members enjoy the freedom to participate in an open exchange of ideas and to learn from their committee colleagues and from excellent speakers, all in the context of doing good and meaningful work.

The Professional Advisory Committee consists of a group of dedicated professionals and business and industry leaders who meet multiple times throughout the year to discuss future seminars focused on topics of interest. Seminars are held twice a year, one in Spring and one in Fall. Committee members are driven by a desire to give back to the community, and aim to help improve the quality of life and resources available to older adults.

Members work together to articulate and promote the committee’s short and long-term goals.

Frequent and direct access to Baycrest’s extremely appreciative professional staff and leadership allows committee members to shape the content and format of Baycrest’s professional outreach seminars.  These sessions are informative.  They keep the professional community current and vibrant and place committee members front-and-centre.  They are also excellent networking opportunities.

New Advisors Welcomed!

Articles

• Legal-Safeguards-for-Parental-Contributions-Homeownership
• Informal Mediation – Management of Intra-Family Disputes During the Last Stages of Life
• Informal Mediation: Management of Intra-Family Disputes During the Last Stages of Life – Part 2