Types of Planned Gifts
A bequest is a simple provision in your will directing a specific dollar value or percentage of your estate to OCAD University. You may also designate stocks and securities, real estate or other personal property. You can direct your gift to a specific priority of interest (scholarships, bursaries, a particular faculty or department) or leave it to OCAD U’s area of greatest need. Your estate will be eligible for a tax receipt up to 100% of your net income in the year of, and preceding year, of your death. Please refer to our page on Bequest Wording.
You can name OCAD U as the beneficiary of a new or existing policy, thus building a significant gift for the future by paying relatively low premiums now. Once OCAD U is named as beneficiary of your policy, you will receive a tax receipt for premiums paid. Another option is to purchase or transfer ownership of a policy where OCAD U is the policy owner and you pay the premiums. With this option, you also receive a tax receipt for premiums paid.
Charitable Gift Annuities
Annuities provide regular payments (annual, semi-annual or quarterly) to you in return for a charitable gift of cash or securities. Charitable gift annuities provide immediate tax relief, a guaranteed income for you and a charitable contribution to OCAD U at the same time. Regular payment amounts to you are fixed from the outset and are unaffected by stock markets or interest rate fluctuations.
Charitable Remainder Trust
A charitable remainder trust is an irrevocable gift to OCAD U that provides you with immediate tax relief on the net present value, based on an actuarial calculation. Your tax credit, if over 75% of your net income in the year it is given, can be carried forward for up to 5 years. In the meantime, you receive a lifetime income unaffected by stock markets and or interest rate fluctuations and the gift’s value is not subject to probate.
Gift of Residual Interest
This is a way of making an immediate gift of personal property, such as real estate, receive a charitable receipt now, while retaining it for your own personal use during your lifetime. Residual interest gifts should, whenever possible, be discussed with a member of the professional planned giving staff before you proceed.
RRIFs and RRSPs
You can name OCAD U as beneficiary of your registered retirement plan and your estate will receive a tax receipt for the fund’s final value, thus allowing your estate to avoid tax on the fund’s full value in the year of death (unless remaining funds in your RRIF or RRSP can be rolled over to a surviving spouse or dependent child). Such gifts are not subject to probate.
Last Modified:11/1/2013 11:12:18 AM