Legacy Giving: Remembering the Niagara Health Foundation in your Will

Healthcare in Niagara is built on generosity. In Ontario, hospital equipment is funded by the community, and our community understands the power of coming together to support exceptional care. All donors make a meaningful difference, and leaving a gift in your Will offers an opportunity to give generously in a way that creates lasting benefits for both yourself and healthcare in Niagara.

Whatever amount you choose to give, your legacy gift will help strengthen the long‑term financial security of our hospitals. In building on the resources accumulated through a lifetime of giving, your legacy will help ensure that current and future patients, and their families, receive the best possible care.

A legacy gift gives you the comfort of knowing your assets are available today while enabling you to leave a larger gift than might be possible in your lifetime and still taking care of your loved ones.

Legacies of all sizes make a real difference. Whatever you feel able to spare in making your will, your bequest will contribute to the future of healthcare in Niagara and help the ensure patients and their families continue to receive top of the line care.

The Niagara Health Foundation is a registered charity (Charitable registration number: 89940 2697 RR000), which means that there are financial benefits to leaving a legacy gift to us.

By remembering the Niagara Health Foundation in your will, you can reduce the taxable value of your assets. This reduces the amount of inheritance tax payable on your estate. Gifts can be in the form of money, property or other valuables.

Wording your Will
We suggest working with your lawyer to use the following wording when donating to the Niagara Health Foundation in your will: Sample Wording.

Contributions marked for ‘urgent patient care needs’ are welcomed. These increase the Foundation’s financial flexibility so that it can meet new challenges as they arise and maximise the benefit of its funds by directing them to areas of greatest need.

 

Bequests for specific departments and needs are also deeply appreciated, and we will be glad to discuss the terms of any proposed gift. Conversations about your gift ensure that we understand your wishes clearly so that we can faithfully fulfil them.

Taking care of your family first
We understand that you will want to provide for your loved ones in your will, and there are types of legacy giving that allow you to put your family first. Your solicitor can advise you on the best way to record your intentions. Should you wish to make a change to an existing will, your solicitor can also advise on using a codicil.

A Gift in your Will
A properly planned Will can reduce or eliminate the taxes on your estate.  It is the easiest, most effective way to ensure the people and causes you care about are provided for and your assets are distributed according to your wishes.  Leaving a gift in your Will, also called a bequest, is a powerful way to affirm your values and build a legacy.

Ways to leave a gift in your will:

  • A gift of all or a percentage of your estate after other legacies, debts, taxes and expenses have been paid. The advantage of a residuary gift is that it maintains its real value, regardless of inflation.
  • A gift of a specific sum of money in your will. While this is very welcome, the disadvantage of such a gift is that inflation may erode its value over the years.

Gift of Stocks and Securities
Donating publicly traded securities that have increased in value when you held them eliminates the capital gains tax you would have to pay if you sold the securities and then donated the proceeds. You will also receive a charitable tax receipt for your donation.

Securities can include stocks, mutual funds, segregated funds, bonds, flow-through shares and employee stock options. You can give now or as part of your estate and Will planning.

Consult your Financial Advisor to decide which investments will have the most financial and philanthropic impact. Then, ask your broker to transfer your securities to the Niagara

Health Foundation by completing the appropriate transfer form. Click here to download the Donation of Securities by Electronic Transfer PDF form.

Niagara Health Foundation can also provide IRS-compliant tax receipts to US donors through Charities Aid Foundation America (CAF). Make your donation to CAF America and specify that you are designating your gift to Niagara Health Foundation. You will receive a US tax receipt from CAF America, and the funds will flow to Niagara Health Foundation.

Gift of Life Insurance
Through a gift of life insurance, you can make small payments today that add up to a larger gift for greater impact in the future, at a fraction of the out-of-pocket cost. Depending on your gift structure, you will also receive tax benefits now or through your estate. Unlike charitable bequests, gifts of life insurance are not subject to probate.

Ways to donate life insurance:

  • Name Niagara Health Foundation as the beneficiary of a policy. Your estate receives a tax receipt for the proceeds of the policy.
  • Transfer ownership of a paid-up policy with Niagara Health Foundation named as the beneficiary. You can receive a current tax receipt for the policy’s fair market value or defer the tax receipt for your estate.
  • Transfer ownership of a partially paid-up policy with Niagara Health Foundation named as the beneficiary. You will get a tax receipt for the policy’s fair market value and annual tax receipts for your ongoing premium payments.
  • Take out a new policy with Niagara Health Foundation as the owner and beneficiary and receive annual tax receipts for your ongoing premium payments.

To make a gift of life insurance, contact us and your insurance provider to transfer ownership of a policy, take out a new policy, or change the beneficiary to Niagara Health Foundation.

Ready to talk?

A member of our team would love to answer any questions you may have.

For Lawyers, Estate Trustees and Financial Advisors

We appreciate and respect your client’s decision to make a meaningful impact on the future of local healthcare. Your help and careful planning will enable them to make a much larger gift than they could during their lifetime and reduce – or even eliminate – the tax burden on their estate.

Niagara Health Foundation accepts many forms of donations, including residual and specific bequests, life insurance, RRSPs and RRIFs, securities, and property.

We will be pleased to work with you to be the recipient of Endowment Funds and Donor Advised Funds, Charitable Annuities, or Charitable Remainder Trusts, each with its unique features and benefits.

With your help, your clients can achieve the legacy of their wishes.

Helpful Links and Resources:

Legal name: Niagara Health Foundation
Address: 1200 Fourth Ave., St. Catharines, ON L2S 0A9
Charitable Registration Number: 89940 2697 RR0001

Please contact us confidentially to discuss ways your client can effectively give tax, depending on their circumstances.