While a gift in a will is by far the most common way to include The Ottawa Hospital in your estate planning, it isn’t your only option. We suggest you work with your professional advisors to choose the giving vehicles that makes the most sense for you, your loved ones, and your estate.
Make a gift of life insurance
With a gift of life insurance, you can make small payments today that will add up to a very generous gift in the years to come. There are several ways to do this, including:
- Transfer an Existing Policy to The Ottawa Hospital Foundation: You can name the Foundation as the owner and beneficiary of a policy you already own. You will be eligible for a donation receipt for the cash value of the policy and for any premiums you continue to pay.
- Transfer a New Policy to The Ottawa Hospital Foundation: You can buy a new policy and name the Foundation the owner and beneficiary. You will receive a tax receipt for the premiums paid each year.
- Name The Ottawa Hospital Foundation as a Direct Beneficiary: You may retain ownership of your policy and name The Ottawa Hospital Foundation as the direct beneficiary. Upon your death, your estate will be eligible for a donation receipt equal to the proceeds of the insurance. You do not receive a tax credit for current premium payments.
Give the gift of registered funds
You may choose to designate The Ottawa Hospital Foundation as a beneficiary of a registered fund, like an RRSP or RRIF, or even a TFSA. Since income from those funds is taxable upon death, donating the funds creates a donation credit that can almost eliminate the taxes.
There are two ways to make this type of donation–designating The Ottawa Hospital Foundation as the beneficiary or donating the proceeds of the fund through your will. Ask your advisor which option is best for you.
Establish a charitable gift annuity
A charitable annuity guarantees you tax-free income for life in exchange for a charitable donation. You make a sizable gift to The Ottawa Hospital Foundation using cash, securities, or possibly other assets. In return, you receive a fixed stream of income from us for the rest of your life. Your initial donation will be eligible for a tax receipt as well.
Other life income options include charitable remainder trusts and a gift of residual interest.
We strongly recommend you consult with your financial advisor if you are considering a donation of life income gifts to the Foundation.
We’re here to talk about your planned gift.
Our team would be delighted to speak with you about your estate plans – whether you’re just starting to think about your will, looking to update an existing will, or in need of more information. Please call Graham Thompson, Manager, Philanthropy at (613) 798-5555 extension 19818, or enter your details below to receive a response by email.