Tyndale St-Georges Foundation

Why leave a bequest to TSG Foundation in your will?

Use your estate to leave a legacy that carries on the work you believe in!

Each year, thousands of people give a portion of their assets through a bequest to support charitable organizations. Gifts by will are becoming increasingly important for the long-term support of charitable organizations such as Tyndale St-Georges Community Centre – an important way to help ensure its financial stability.

A bequest in your will may be the most appropriate way for you to make a gift you can afford, to a cause you believe in. After providing for your heirs, you may choose to include the TSG Foundation as a beneficiary of your will to offer the level of support, which most appropriately expresses your commitment to the Centre.

Bequests to charitable organizations such as Tyndale St-Georges Foundation can give rise to substantial reduction in the Federal and Provincial taxes which would otherwise be payable on the winding up of your estate.

A bequest to the TSG Foundation can be made specifically in honour or in remembrance of a member of your family or of a loved one. Here are some examples of how it can be done:

• General Bequest where the TSG Foundation would receive a specific amount of a certain kind of asset, usually a sum of cash.
• Specific Bequest, where the TSG Foundation would receive a specific piece of property, such as a share in a company or artwork.
• Residual Bequest, where the TSG Foundation receives all or a percentage of the remainder of your estate after other special provisions have been fulfilled.

A Gift of a Life Insurance Policy to TSG Foundation

There are a number of ways to support the TSG Foundation with a gift of a life insurance policy in your name. It could be an existing policy or one purchased specifically for the occasion. Each of these gifts allows you to make a significant donation with little or no current cash paid out. It may also provide a considerable tax benefit to you. Two suggested types of life insurance gifts are:

Gift of an existing policy

You can transfer an existing policy by naming Tyndale St-Georges Foundation the owner and beneficiary. If the policy is paid up, you or Tyndale need to pay no additional premiums. A tax receipt is issued to you for the cash surrender value of the policy plus any accumulated dividends and interest at the time of the transfer. If you continue to fund future premiums, these amounts will also be eligible for the donation credit.

Gift of a new policy

Some donors choose to take out a new policy with Tyndale as owner and beneficiary. Under this arrangement, each year you pay the premiums, and Tyndale St-Georges Foundation issues an equivalent annual tax receipt for these premiums. The insurance proceeds are paid directly to Tyndale St-Georges Foundation at some time in the future.

Other options you may wish to consider

In addition to the life insurance opportunities noted, there are creative options for using life insurance proceeds as wealth replacement vehicles. These gifts aim to replace the value of a current gift in your estate so there is no impact on your heirs.