St. Michael's College, U of T
Making a Gift: Legacy GivingThe University of St. Michael’s College offers commercially re-insured charitable gift annuities. Donors receive fixed guaranteed payments for life with a portion of this income tax-free depending on age. The University of St. Michael’s College receives an immediate cash gift for its current needs. Gift annuities may also be purchased for others such as parents or grandparents.
Bequests and Life Insurance. A charitable bequest is one of the simplest ways to make a gift to the University of St. Michael’s College - and often at a level not possible during one's lifetime. The donor is assured that their family and loved ones are provided for and content with the knowledge that they are also supporting the University of St. Michael’s College. Upon receipt of the bequest, the University of St. Michael’s College will issue a tax receipt to the estate for use to offset taxes owed, thus leaving more in the estate for all beneficiaries.
Long popular in the United States, charitable remainder trusts are growing in use here in Canada as a way for donors to make a sizable commitment to the University of St. Michael’s College while maintaining the income benefit of their assets for the duration of their life.
Retirement Savings & Income Funds. Under current tax law, retirement savings plans (RSPs and RIFs) cannot be transferred directly to a registered charity during one's lifetime and be eligible for a charitable tax receipt. While a donor may choose to withdraw funds from their retirement savings to make a gift, it is not recommended when one considers that the tax owed upon disposition would likely devour most, if not all, of the tax credit produced by the gift.