A planned gift to YMCA of Southwestern Ontario allows you to make arrangements today to provide for a charitable donation in the future. This is an incredibly meaningful way to fulfill your financial and charitable wishes.

For instance, you could choose to support the YMCA’s endowment fund. With an endowment, the capital is invested in perpetuity. Endowment returns are a cherished resource for a charity because they provide a stable source of funding, year over year.

By including the YMCA as part of your estate planning, you’ll help ensure that the Y is igniting potential for people in your community for years to come.

Gift in Will

A bequest made through your Will is a truly meaningful gift – no matter how large or small. Some of the benefits of this type of giving include:

• There’s no immediate cost to you, so you don’t have to worry that the gift will reduce what you have to live on.
• You can make a larger gift than you could during your lifetime.
• There are tax benefits that can reduce or even eliminate the final income tax that would otherwise reduce what you leave to your heirs.

Would you like to see some sample bequest wording to help you get started? Click here. Our legal name is YMCA of Southwestern Ontario, and our charitable registration number is 107641649 RR 0002.
 

Gift of Life Insurance

Life Insurance policies are another great way to support the YMCA because of the minimal investment up front. It’s a great way to leverage tax benefits to make a larger gift than you thought possible.

One of the following situations may make a gift of Life Insurance suitable for you:

• Have an existing policy you no longer need? Naming the YMCA as the beneficiary can offer a variety of tax advantages to you, while providing a significant future gift to the Y.
• Or why not transfer the ownership to the YMCA? You’ll receive income tax receipts for the remaining premium payments.
• Have a paid-up policy? You can donate it to the Y and possibly get a larger income tax receipt to use right now.
• Want to purchase a new policy? You could make YMCA of Southwestern Ontario the owner and beneficiary, and receive a tax receipt for your premium payments. The income tax refund you get will make the premiums cost much less!

RRSPs and RRIFs

At the time of your passing, your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are considered as income and taxed quite heavily.

By designating YMCA of Southwestern Ontario as a beneficiary of your retirement funds, you’ll receive a charitable tax receipt to offset any taxes owed. The gift would go directly to charity without being taxed or even needing to go through probate.

Further Reading

Be sure to check out the planned giving resources available on the website of our trusted partner, Will Power: 

• Calculate Your Legacy to Support Causes and Loved Ones - Will Power 
• How to Write a Will in Canada: A friendly estate planning guide 
• Will Power Library - Resources and Stories on Legacy Giving - Will Power