Types of Legacy Gifts

In your lifetime, you live by your values—and those values have an impact on others. By making a legacy gift to an organization that puts your values into action, you can ensure that they will continue to have effect long into the future.

There are various ways you can make a legacy gift:

Your Will

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.

Life Insurance Policies and Retirement Funds

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.

A Living Trust

You can make a legacy gift through a living trust, one that you establish while you’re alive rather than through your will upon your death. A living trust can be useful in avoiding the delays and fees associated with probating a will. However, creating one can be a complex process—legal counsel is essential.

No matter how you choose to make a legacy gift, we urge you to seek legal and financial counsel. Please note that neither CANFRO nor its representatives can act as executor of a donor’s will.

We also encourage you to let us know how you would like your gift to be acknowledged (you can remain anonymous, if you prefer) so that we can best respect your wishes.


Read some Frequently Asked Questions and some answers we have provided.