Other Forms of Giving

Leave a legacy

More and more Ontarians are considering estate planning as another way to give to Progress Place Clubhouse. A legacy gift is a gift with lasting meaning – a gift of time that awards future generations of Ontarians with the support for their family, friends, and colleagues who have been diagnosed with mental illnesses. Leaving a legacy gift is one of the most valuable ways you can help Progress Place continue to support our members well into the future. Your legacy gift would be a lasting statement of your generosity and care for members of the community and their future. A gift of which, you and your family can take great pride.

Not only is giving a purely philanthropic gesture, it can reduce your taxes, add to your income, and increase benefits to your estate and its beneficiaries. Deciding what legacy gift is right for you is just as important as your decision to leave a legacy. Click on the menu to learn more about the many different ways you can give.

bequests

LEAVE A LEGACY THAT LIVES ON

A properly prepared Will provides you with the security of knowing that your possessions and estate will be distributed in line with your personal values and wishes. When planning your Will, it’s important to decide your personal goals and the needs of your beneficiaries. Once decided, a bequest in your Will is one of the easiest ways to make a legacy gift. With the help of an advisor, you can include language in your Will specifying what gifts are to be made to family members, friends or Progress Place as part of your estate plan.

YOUR BEQUEST OPTIONS

Charitable Bequests can take many forms and consist of cash, real property and/or securities like stocks, bonds, and mutual funds.

Residual Bequests name Progress Place as the beneficiary of all, or a percentage of your estate after all debts, taxes, administrative expenses and specific/legacies bequests have been paid. Because this type of gift leaves a percentage rather than a fixed amount to Progress Place, inflation will not reduce the value of your gift.

Specific/Legacy Bequests designate an exact dollar amount, percentage or particular asset, such as the stock of a certain company, to tbe donated to Progress Place.

Contingent Bequests take effect when you name Progress Place as an alternate beneficiary. Your gift is given to Progress Place only if other beneficiaries in your Will pass away before you. Your legal advisor can help you prepare a Will that addresses your individual wishes and requirements.

Click here to download official bequest language to give to your lawyer/estate planner.

Giving To remember

Donate in honour

If you would like to make a donation to honour someone special, their birthday, a thank you gift, or to mark any important occasion, we can help and are very grateful for your kindness. Many people make a donation to Progress Place in memory of a loved one or colleague/friend and we will be happy to accept your donation as above and let their family know that the donation has been received.

Click the ‘in honour’ or ‘in memory’ button on our DONATE page, and we will send a card to you, or to them on your behalf. There is a section for you to write a message so that we can follow your instructions. You will receive a charitable tax receipt for all donations over $20.00.

GIFTS OF RETIREMENT PLAN SAVINGS

gifts OF RETIREMENT PLAN SAVINGS (RRSP & rrif)

Making a gift of your retirement plan savings – RRSPs or RRIFs - can help to reduce the taxes on your estate and protect its value for your heirs. It also enables you to make a significant impact on the life-saving work of Progress Place.

If you are not survived by a spouse and you have no dependent children or have already made arrangements for your dependent children, leftover retirement funds can make an excellent charitable gift because the resulting tax credit will help to make up for the taxes otherwise payable on the transfer or distribution.

GIFTS OF life insurance

gifts OF life insurance

A gift of life insurance allows you to make a significant donation to Progress Place at a relatively low cost while protecting the value of your estate for your heirs and possibly saving on taxes.

Option 1: Name Progress Place as Policy Owner and Beneficiary
When you name Progress Place as the owner and beneficiary of a new or existing policy, you’ll receive a donation receipt for the current value, if any, of the policy today (known as the “fair market value”). Also, you will receive donation receipts for the premiums you continue to pay.

Option 2: Name Progress Place as a Beneficiary Only
When you name Progress Place as a beneficiary only, you continue to retain the ownership rights of the policy and at your death, your estate will receive a donation receipt for the full value of the insurance benefits paid to Progress Place.

CHaritable gift annuities

Charitable gift annuities (cga)

A Charitable Gift Annuity (CGA) offers you a way to increase your income, reduce your taxes and make a substantial gift to Progress Place. CGAs deliver both a gift to Progress Place and a guaranteed income for life to you as a donor. The annuity rate (your guaranteed income) will be based on the age of each beneficiary, but will often be higher than the investment return you would have otherwise received on the donated assets. In addition, a significant portion of your annuity income payments – in some cases 100% - will be payable to you tax-free.

GIFTS OF PROPERTY

GIFTS OF property

A gift of property, also called a ‘gift-in-kind’, refers to donations of such tangible assets as real estate, special collections, cultural property and works of art.

A gift of property may be kept and used by Progress Place or it may be sold. The donation receipt is issued for the fair market value of the donated property determined by appraisal. Please note that these gifts require Progress Place approval in advance of acceptance.

GIFTS OF charitable remainder trusts

gifts of charitable remainder trusts (CRT)

A Charitable Remainder Trust (CRT) is a deferred giving arrangement under which you would transfer property (cash, appreciated securities, or real estate) to a trustee. You (and/or other beneficiaries) would retain the right to the income from the trust either for life or specified term of years. Progress Place will receive whatever remains in the trust after that specified term or after the death of the last beneficiary, whichever has been agreed to in the trust document.

Donors who establish a CRT will receive a generous donation receipt today for the present value of their gift (the ‘charitable remainder’) which the Progress Place will receive when the trust terminates.