No matter what stage of life you’re at, there’s never a wrong time to define your legacy.
To learn more, contact Sandra Smith, Senior Philanthropy Officer, Gift Planning.
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Ways to Donate
When you make a planned gift, you are ensuring that St. Michael’s Hospital and Providence Healthcare will continue to stop at nothing for our patients and their families for generations to come.
Wills/Bequests
There are so many benefits to remembering St. Michael’s Hospital Foundation in your will.
To begin with, it’s a remarkable act of generosity that says so much about what you value. At the same time,
you retain control of your assets during your lifetime. Your estate taxes can be significantly reduced,
which is a big advantage to your heirs and a great comfort to you. And, it’s easy to do. You can choose a
specific gift amount, or contribute all or a percentage of your estate’s assets.
When you are ready
to include a charitable bequest in your will, speak to your family and loved ones, and then to your lawyer
about drafting a will or adding a codicil to an existing will. Please review the information in our Suggested Bequest in a Will. There is some proposed wording that should be
helpful.
If you’re thinking about making or updating your will and estate plans, there are low-cost
and even free online programs that can help you. Then there’s the traditional hand-written will, and of
course lawyers are available for phone consultations. Whichever option you choose, we recommend you talk to
your lawyer or financial advisor to make sure it is legally valid and meets your needs.
If you have
already included St. Michael’s Hospital Foundation in your will, or you intend to do so, please notify us by
completing our Inscription
Form. This will give us the opportunity to welcome and recognize you as part of the St. Michael’s
Society. We would be pleased to share how your gift will help St. Michael’s continue to pioneer
revolutionary approaches to research and patient care – now and for future generations.
Gifts of Securities
A gift of securities is a cost-effective way to make a significant gift to St. Michael’s
Hospital Foundation. You can donate a gift of securities during your lifetime or through a bequest. By
donating publicly traded securities, you eliminate the capital gains tax that you would have to pay if you
sold the securities and donated the proceeds.
To make a gift of securities, consult with your
financial planner or accountant, and work with your broker to initiate the transfer by completing our Donation
of Securities
Gifts of Life Insurance
Naming St. Michael’s Hospital Foundation as a beneficiary in a new or existing policy is an
affordable way to make a larger gift to the hospital later while enjoying the tax benefits now. As you pay
the premiums during your lifetime, you build a sizable future gift that will help St. Michael’s relentless
physicians and scientists revolutionize research and patient care for future generations. You can structure
your life insurance gift so that you receive donation receipts equal to premiums you pay each year during
your lifetime, or so that your estate receives the donation receipt. As gifts of life insurance are separate
from your estate, they are not subject to probate fees or other settlement delays. This means your gift goes
to support the hospital right away.
There are various ways you can donate life insurance:
•
Purchase a new policy, naming St. Michael’s Hospital Foundation as the owner and beneficiary. All premium
payments are fully tax deductible during your lifetime. After your death, St. Michael’s will receive the
full proceeds of your policy.
• Name St. Michael’s Hospital Foundation as the beneficiary of a new
or existing policy. After your death, St. Michael’s will receive the proceeds of the policy, and your estate
will receive a donation receipt to be used in the final tax returns.
• Transfer ownership and
beneficiary of a partially or fully paid policy to St. Michael’s Hospital Foundation. You will receive a
donation receipt for the cash surrender value at the time the policy was donated. Any further premium
payments you made are tax deductible.
Please consult with your insurance provider and financial
advisor about the options that are best for you.
Learn
more about gifts of life insurance
Gifts of RRSP/RRIF Funds
RRSPs and RRIFs are the most heavily taxed assets in a person’s estate. By making St.
Michael’s Hospital Foundation the beneficiary of your RRSP or RRIF, you will retain ownership of the fund
during your lifetime, and your gift will not be subject to probate tax. You can also donate a portion of
your funds by naming more than one beneficiary. Your estate will then receive a donation receipt for the
amount given to St. Michael’s. To donate your RRSP or RRIF, you do not have to revise your existing will –
simply contact your financial advisor and request a Change in Beneficiary form.
Learn
more about RRSP/RRIF.
Other Planned Gifts
There are various other ways you can plan a future gift to help St. Michael’s Hospital take
on the toughest health-care challenges.
• You can set up a Charitable Remainder Trust (CRT). This
provides you with income during your lifetime while leaving the remaining property in the trust to St.
Michael’s Hospital Foundation.
• You can set up an endowment fund that will be invested and the
income generated annually will support ground-breaking research, education, and patient care.
• You
can make a gift of real estate.
Resources for Professional Advisors
On behalf of St. Michael’s Hospital Foundation, thank you for your expertise in helping
clients include charitable giving as part of their estate plans. Your planning will not only create
potential tax benefits for your client; it will also ensure that St. Michael’s continues to take on the
toughest health-care challenges now and for generations to come.
We accept many types of gifts
including bequests, life insurance, securities, RRSPs/RRIFs, endowment funds and Charitable Remainder
Trusts.
The following resources will assist you in working with your clients to determine which type
of gift is right for them and carrying out their philanthropic wishes.
Suggested
Wording for Wills
Bequest
Inscription Form
Life
Insurance Information
RRSP
& RRIF
Gift of
Securities Form
Legacy Donor Stories

St. Michael’s matching gift program increased the impact of Maggie Kong’s legacy tenfold, enabling the purchase of an electrocardiogram machine for the hospital.
Read article
After 40-year career at St. Michael’s, Jean leaves legacy gift to support nursing educating.
Read article
Every month for the past 34 years, Patricia Nilsson has transferred a small amount from her bank account to St. Michael’s.
Read article
A book of poetry eases fears and raises funds to fight cancer.
Read articleGet in Touch
For more information about legacy giving, please contact:
Sandra Smith, CFP, CFRE
Senior Philanthropy Officer, Gift Planning
Phone:
416.864.6060 ext. 2044Email:
smithsan@smh.ca