Other Charitable Gifts and Legacy Giving
Meals on Wheels welcomes all donations through our website by clicking the donate now button at the top right. All cash donations are automatically entered in our system and receipts are issued. Although, there are many types of ways in which one can give to Meals on Wheels London that may suit varying needs and financial circumstances, it is important to remember that all types of gifts do come with tax incentives and we suggest speaking with your advisor on which best suits you. Credits and information related to donations can change and an advisor would be most up to date on information and how it affects each individual(s) financial situation. If you do not have an advisor Meals on Wheels London staff may be able to assist and their information is below. As well, we have also listed our advisor who can answer any questions you may have.
For in depth information on these different types of gifts and their benefits see this document: CIBC Charitable Giving: Finding The Right Option for You. Below you will find a short summary of charitable and legacy giving gifts.
You can also find the CRA tax calculator for charitable giving by clicking here
Gifts by Will
You may wish to leave a lasting legacy by a bequest, gift of cash or property made through your Will. A charitable bequest allows you to support the charity of your choiced while providing your own financial need during your lifetime. Assets are not donated until after your passing and you can revoke by changing your will at anytime. If you donate through your Will, your estate will receieve a tax receipt for the amount donated. 100% of your donation of your net income on the year of your passing can be claimed.
Designate a Charity as Beneficiary of a Registered Account
If seeking to offset taxes payable upon your passing, your Registered Retirment Savings Plan and Registered Retirement Income Fund (RRIF) may be donated directly to charity through a beneficiary designation on the account. You may also bequest either or both to charity through your Will. In both cases, a tax receipt will be issued to your estate for the full value of the account at the time of passing and the donation may be eligible for federal and provincial tax credits.
In-Kind Donations of Stocks, Bonds and Other Publicly Listed Securities
If you have qualifying securities, which may include stocks or bonds listed on a designated stock exchange, eligible mutual fund units or segregated funds that have increased significantly in value, consider donating them directly to a registered charity. When you donate property to chairty, you are deemed to have received an amount equal to the fair market value of the property. If the the fair market value exceeds the cost, a capital gain will be realized. However, the fair market value of the qualifying securities may be eligible for a tax credit, and any realized capital gains are not taxable. As a result of this special tax treatment, it may be more beneficial to donate qualifying securities directly to charity than to to the sell the property donate the proceeds. We strongly recommend consulting an advisor.
You will need to fill out this form and send to it to the contact information below:
Donate a Life Insurance Policy
If you are interested in making a larger donation at a relatively small cost, this may be an option. This option can avoid or reduce estate taxes and you can determine when you'll receive tax credits.
There are several ways to do this:
1. Meals on Wheels London can purchase a life insurance policy on your behalf and issue a tax receipt immediately for the premiums you pay directly to the insurance company.
2. You can transfer ownership of an existing policy to Meals on Wheels London. Meals on Wheels London will issue a tax receipt for the fair market value of the policy.
3. If you would like to retain ownership, you can name Meals on Wheels London as the beneficiary. Meals on Wheels London will issue a tax receipt to your estate.
Note that various rules can apply to insurance policy as each is unique. We highly recommend consulting a qualified tax professional to ensure that you get the desired outcome.
Charitable Gift Annuity
This may be an attractive option for those who are concerned about out-living their capital, but would like to support a charity.
You can transfer cash to a charity, which in turn will purchase an annuity from an insurance company.
Set up a Charitable Remainder Trust
This may be an ideal option for those over 80 who would like to make a charitable donation to take advantage of tax benefits but not jeopardize their existing income. You may retain some control over the capital, and the charity receives the capital from the trust upon your death.
Please reach out to Meals on Wheels should you have any questions. You'll also find our Financial Advisor information below should you have any questions. Please have the subject line to include: Donations to Meals on Wheels London.
Receiving Firm Account Name: Meals on Wheels London
CIBC Wood Gundy Account #: 451-20586-13
Attn: David Hooper – c/o firstname.lastname@example.org BBS FINNS# CUID/DCS WGBD