Types of Legacy Gifts

You could name CANFRO as a beneficiary in your will. You could leave CANFRO a specific amount or a specific asset (such as personal property or securities). Alternatively, you could leave CANFRO a residual gift, meaning that after other designated gifts have been paid, CANFRO would receive the residue of your estate or a percentage of it. You might also leave a contingent gift, such that if a beneficiary named in your will does not survive you, their designated gift would go to CANFRO.
You do not have to write a whole new will. If you have already written your will and are essentially satisfied with it, your legal counsel can help you prepare a codicil—a document that alters or adds items you wish to change.

You could name CANFRO the beneficiary of a life insurance policy or your registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs) or registered tax-free savings accounts (TFSAs). Your insurance policies and registered funds are not considered part of your estate if you specify their beneficiaries, and so are not subject to probate fees.

If you purchase a new life insurance policy and name CANFRO as the owner and beneficiary, the premiums you pay qualify for a charitable tax receipt. Or, you could donate an existing policy to CANFRO now and receive a charitable tax receipt for the fair market value of the policy. If you name CANFRO as the beneficiary of your existing life insurance policy, upon your passing your estate will receive a charitable tax receipt when the proceeds are paid to CANFRO.

A gift of a life insurance policy or registered fund can help offset the significant tax burden on your estate. Please consult your tax advisor.