Leaving a legacy gift has an enduring impact
Will interrupting violence be a part of your lasting legacy?
A legacy gift is a meaningful way for you to leave your impact on the world. It’s a deeply personal choice, often linked with the issues we’re passionate about and how we want to be remembered.
“A legacy gift is a beautiful way to make a lasting difference,” says Emily McClung, Ernestine’s development and engagement manager. “It honours your values and your commitment to helping Ernestine’s provide supportive shelter and outreach services, crisis intervention, and advocacy for lasting change.”
With a legacy gift to Ernestine’s, you will transform lives.
“Your gift, whatever the size, will help Women, Trans, Two-Spirit, Non-Binary, and Gender-Diverse individuals and their children leave violence behind and build a brighter future,” Emily explains. “It’s an incredible way to leave a legacy of generosity and community care.”
There are many ways you can provide a legacy for the future, with a variety of benefits and levels of flexibility for you and your estate. We encourage you to speak with your independent legal and financial advisors to ensure your gift aligns with your financial and philanthropic goals.
In the meantime, to get you started, here’s an overview of the many ways you can create a legacy gift.
Leave a charitable gift in your will
The most common way to leave a legacy is by providing a gift in your will (also known as a bequest). You can choose to leave a sum of money, a percentage of your estate, or property to Ernestine’s. Your estate will receive a tax receipt for the value of your bequest, and this may provide significant tax savings in the year of your death and the preceding year, leaving more funds for your other beneficiaries.
With a bequest, you will have full use of your assets while you are alive, and the bequest can be adjusted or revoked at any time if your financial circumstances change.
To make a bequest to Ernestine’s Women’s Shelter, speak with your lawyer about adding a clause or codicil to your will.
Gift a Life Insurance Policy
A gift of life insurance can be an affordable way to leave a legacy and support Ernestine’s. There are a few different ways to go about this, including gifting a policy in whole or in part, with varying financial benefits.
If you transfer ownership of an existing, fully paid policy, you’ll receive a tax receipt for the value of the policy at the time of transfer, as if you made a cash donation.
You could alternatively choose to transfer ownership of a partially paid policy and name Ernestine’s Women’s Shelter the beneficiary. In this case, you’ll receive a tax receipt for the cash surrender value (the value accumulated to date when you transfer ownership), and additional tax receipts for all further premiums paid on your policy.
Finally, you can purchase a new insurance policy, naming Ernestine’s Women’s Shelter the owner and beneficiary. You’ll receive charitable tax receipts for all premium payments, allowing you to benefit over several years.
In addition to providing you with tax benefits, a life insurance gift avoids probate fees and cannot be challenged by your estate. Best of all, a modest annual premium has the potential to provide a significant legacy donation that supports the important work we do at Ernestine’s.
Give from an RRSP or RRIF
If you’re concerned about having enough to support yourself in retirement but wish to leave a legacy, gifting an unused amount from your RRSP or RRIF may be the ideal legacy gift for you. This ensures you’ll have access to your savings throughout your lifetime, while directing remaining funds to Ernestine’s as your legacy gift.
Arranging to gift an RRSP or RRIF is as simple as contacting your retirement plan administrator to name Ernestine’s Women’s Shelter the beneficiary of the account. As this is considered separate from your estate, there will be no probate fees and your gift cannot be contested.
Donating Securities
When you donate securities, such as stocks, mutual funds, bonds or employee stock options, you’re leaving an impactful legacy that maximizes your gift to Ernestine’s while also reducing taxes owed by you or your estate.
By transferring publicly traded securities directly to a registered charity, you’ll eliminate the capital gains tax you’d have to pay if you sold the securities and donated the proceeds. Plus, you’ll receive a charitable tax receipt for the full appreciated value of the securities on the date of the transfer — like you would if you’d made a cash donation.
We recommend you speak with your financial advisor to determine which of your investments will have the greatest impact for your finances and your legacy.
If you wish to make a living legacy donation, you can complete the transfer online through our Canada Helps page or ask your broker to transfer your securities to Ernestine’s Women’s Shelter. If you would like to gift securities through your estate, please speak with your lawyer about adding this to your will.
If you would like to discuss leaving a legacy gift to Ernestine’s or have any questions, please reach out to Emily McClung at emily@ernestines.ca. If and when you’ve made arrangements to leave a legacy to Ernestine’s, please be sure to reach out and let us know so we can express our gratitude.