Thank you for considering a legacy gift to MCC!
Legacy giving involves important and sometimes complicated decisions. MCC staff in our provincial offices have many years of experience helping our generous supporters align their deeply-held beliefs, values and priorities with the work of MCC. We‘re happy to help you explore how a planned gift to MCC can fit in with your life plan!
A few of the most popular ways to give through your legacy are:
Gifts of cash
Cash gifts are often the simplest option and can be used immediately. Leaving a gift of cash in your will becomes a gift from your estate and is processed by your executor after you pass away.
Some practical benefits to leaving a legacy gift of cash:
- There are no costs to you during your lifetime.
- You can identify the amount that suits you, either a percentage or a specific dollar amount.
- It's an effective way to reduce the tax bill on your estate.
Gifts of securities
A gift of securities to MCC allows you to leave a legacy without encroaching on your liquid assets. You can save on the tax that Canadians pay on the capital gains earned by securities.
If you sell the securities yourself, you will likely pay tax on a considerable portion of your capital gain. If you transfer ownership of the securities to MCC directly (gifting in-kind), you could avoid triggering capital gains tax and you will receive a charitable receipt for the market value of the securities.
There are some practical considerations to leaving this type of legacy:
- A brokerage agent is required to transfer the ownership of a security.
- Gifts of security-in-kind can be made during your lifetime or at the end of your life through your will.
- Consult with your financial advisor to identify the tax advantages.
Gifts of life insurance
Consider donating a life insurance policy. There are some practical considerations to leaving this type of legacy:
- As long as the ownership and beneficiary of the life insurance policy are assigned to MCC and are both irrevocable, charitable tax receipts can be issued to you as you pay the insurance premiums. These charitable receipts will help you realize tax savings during your lifetime.
- The full benefits of the life insurance policy can be paid directly to MCC after you pass away. As long as this gift is payable directly to MCC, it will not be subject to probate or estate fees and will preserve the full value of your estate.
- Depending on your age and health, transferring an existing policy might make more sense than purchasing a new policy.
- You can also name MCC as the beneficiary of your policy and not the owner of the policy. In this case, charitable tax receipts cannot be provided until the time of your death.
Gifts of property
Perhaps you have a real estate asset you’d prefer to donate rather than turn into cash. You can receive a tax benefit during your lifetime while continuing to use the property until you pass away. Property can also be described and left in your will.
Some considerations to leaving a legacy gift of property:
- You can receive a potential income tax charitable deduction for fair market value while the full value of your gift can be used by MCC.
- A gift of property does not have to be real estate. Other gifts-in-kind can be considered, like other forms of personal property, art objects, jewelry items, intellectual property and cultural property items.
- Gifts of foreign real estate cannot be accepted. MCC has the right to refuse a gift, particularly if there are unacceptable liabilities attached to the gift.
All funds received through legacy gifts are used for MCC programming in areas where they’re most needed at the time.
You can leave a legacy that will make a difference in the lives of many people around the world! Contact us now to get started.
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