Planned giving – by will and similar means – to the Women’s Musical Club of Toronto Foundation is an effective, tax-efficient way to support the development of emerging Canadian performers of classical music. The Legacy Circle recognizes those who support the Foundation in this way.
Why Make a Planned Gift to the Foundation?
- You may have already supported the WMCT or the Foundation in one way or another – volunteering, donating, or attending concerts. By making a planned gift and becoming a member of the Legacy Circle, you can make a final donation that reaffirms your commitment and is a lasting memorial to it.
- The Foundation provides critical support to emerging Canadian classical musicians – both financially and by sponsoring WMCT concerts at which they can perform. The Foundation helps support artists at the stage in their careers when they need it most. And it is one of the few arts organizations in Canada that does so.
- Gifts will help the Foundation to sustain and expand the WMCT’s activities, which provide enjoyment and enrichment for its members and the general public.
Planned Giving to the Foundation
What is planned giving?
Planned giving is a general term covering all types of gifts made to charities on the basis of a financial plan. Most of these gifts are deferred, in the sense that the charity’s receipt of or benefit from the gift is delayed. The most common form of deferred gift is a bequest made in a will, which takes effect on the death of the donor.
Why make a will?
It is essential to make a will if you want your estate – the assets you have at your death – to be distributed in accordance with your particular wishes.
Making a will is often simple and inexpensive. It is best, however, to consult a lawyer, who can give you advice on all aspects, including tax, and do the drafting. Although you may prepare a will yourself, you risk making an error that causes an unintended result or even the invalidity of your will.
What are simple bequests?
Bequests are gifts made by will. When you make your will, you are making a plan which will take effect on your death, unless you change it beforehand. Bequests can take many forms. The simplest and most common are specific bequests and residual bequests. You can make them without discussing them with the Foundation. You should, however, consult your lawyer, for advice generally and with respect to tax aspects in particular. You should also be careful to use the Foundation’s legal name – Women’s Musical Club of Toronto Foundation.
What are specific bequests?
A specific bequest is a gift of cash or property. For the Foundation, the only form of property that will in general be appropriate is publicly listed shares or other publicly listed securities.
The following are examples of specific bequests to the Foundation:
- I give and bequeath to the Women’s Musical Club of Toronto Foundation the sum of $10,000, which may be used for the general purposes of that Foundation.
- I give and bequeath to the Women’s Musical Club of Toronto Foundation 500 common shares of The Toronto-Dominion Bank, which may be used for the general purposes of that Foundation.
In both these examples, the bequest allows the Foundation to use the gift without restrictions.
What are other bequests?
You can also make more complex bequests. However, they may or may not be appropriate or effective gifts to the Foundation and in any case they require more planning and discussion with the Foundation. Accordingly, you should contact the Foundation before you consider making them.
- It is possible to make gifts that restrict the use the Foundation may make of them. This is appropriate if your specific purpose is consistent with the Foundation’s goals.
- It is useful to give property other than money or publicly listed securities only if you are certain that property will be utilizable or easily sold by the Foundation.
What are other common planned gifts?
In addition to making simple bequests in your will, you can make a planned gift in other similar ways.
A common way involves naming the Foundation as the beneficiary of all or a portion of the proceeds of your life insurance policy, RRIF, or RRSP. When you die, the proceeds will be paid to the Foundation. You can name the Foundation as a beneficiary by signing a change of beneficiary form or by including a designation in your will.
In addition, you can transfer present ownership of a life insurance policy to the Foundation. It is also possible to make a present gift of cash, securities, or other property on the basis that you receive the net income from the property for your lifetime and the Foundation receives the property automatically on your death.
In proceeding with these planned gifts, you should consult your lawyer. Among other things, the tax considerations and consequences vary with the type of gift.
What are the tax aspects?
A bequest or other planned gift to the Foundation will not only provide you with a sense of satisfaction for supporting a worthy organization – you should enjoy tax benefits as well.
If you make a planned gift to the Foundation, you will be entitled to a tax credit for Canadian federal and provincial income tax purposes at the appropriate time. (In the case of a specific or pecuniary bequest by will, for example, that time will be after your death.) A tax credit reduces the income tax otherwise payable. The benefit to you of the tax credit accordingly varies with your income tax liability, among other things. In addition, if you make a planned gift of listed public securities that have appreciated since you bought them, you will in general be entitled to an additional tax benefit.
The tax considerations and consequences of your planned gift to the Foundation will vary with your particular circumstances. You should consult your lawyer or other tax adviser about them. The information on this page makes only general comments on tax matters and it is not legal or tax advice to any actual or potential donor to the Foundation.
About the Legacy Circle
The Legacy Circle celebrates those who have decided to make a planned gift – through a bequest in a will or other means – to the Foundation. If you wish to make a simple bequest to the Foundation in your will, you may do so on a confidential basis, without informing the Foundation. If you choose to tell us of your planned gift, the Foundation will acknowledge you as a member of the Legacy Circle. The Foundation would very much like to have the opportunity to recognize your generosity in this way. By honouring its supporters, others will be encouraged to make planned gifts to the Foundation. In addition, Legacy Circle members may choose to receive recognition in the programs of Music in the Afternoon concerts and in the annual report of the Foundation.
The Women’s Musical Club of Toronto Foundation would be happy to discuss planned giving on an individual basis.
To receive further information, please contact the Foundation:
Women’s Musical Club of Toronto Foundation
2 Bloor St W, suite 700
Toronto ON M4W 3E2
Charitable Business Number 86727 0647 RR0001