The most popular way to create a legacy gift is through a charitable gift in a Will, otherwise known as a bequest, which becomes available after your lifetime to the charity of your choice.
Your gift – whether large or small – will make a difference, in energizing lives and supporting patients, families, and healthcare providers across Canada through education, awareness and support and investment in research. You will help facilitate a future where Canadians impacted by this debilitating disease feel inspired, empowered, and supported to live their best lives.
A bequest will allow you to make a large impact on the future of MitoCanada without reducing your cash flow or savings today.
A bequest is a gift made to a nonprofit organization as part of your Will. This gift, which includes monetary assets, appreciated investments, real estate properties, or other valuable items, symbolizes your commitment to the Canadians that MitoCanada supports.
Your estate will receive important tax benefits, ultimately providing the most value possible for your beneficiaries and heirs. A charitable bequest is a lasting statement of your generosity and commitment to the future of the MitoCommunity – a gift you and your family can be proud of.
We will receive this gift after you have passed. In your Will, you must leave explicit instructions on how the bequest will be handed over to us. In many cases, the asset you have bequeathed will be sold, and the proceeds from the sale will be given to us.
Sometimes, people are unsure whether they will have enough to provide for their loved ones and create a legacy gift for the future. If this is a concern for you, a gift of life insurance can help you make sure your loved ones receive what you intend and fulfil your charitable wishes too. A donation of life insurance to MitoCanada provides a charitable gift receipt which can offset the taxes you pay now, or those charged to your estate in the future. You can choose the option that
works best for you – knowing that whichever you decide on, you will be preserving more of your assets for your loved ones.
A bequest provides you with an opportunity to make a large contribution to members of the MitoCommunity in a way that might otherwise be impossible during your lifetime. It would be an achievement for you and your loved ones to be proud of.
Your estate will receive a donation receipt for the full value of your bequest gift. The resulting tax credits will reduce taxes owing on your final tax return. This helps increase the remaining value of your estate for your beneficiaries.
When you include a bequest in your Will, you retain the right to change it at any time. Your cash flow, savings, and worldly belongings are still yours during your lifetime.
A Will is a legal document that states how you wish to distribute your property and possessions after your passing, while a bequest is a transfer of your tangible assets to family members, friends, or organizations after your passing.
In this instance, a bequest is an act of giving and passing on ownership of property to a nonprofit as described in a Will. The content of the Will dictates what is bequested to the beneficiary. This means a Will is all-encompassing as it lists assets or properties you owned, including the items to be bequested, and details how each asset should be distributed.
The terms “gift” and “bequest” both suggest a voluntary contribution is made. However, unlike a bequest, a gift is not determined by a Will. Nonprofits can receive gifts while you are still alive, while bequests are usually only received after you have passed. A gift can also be anything you are willing to contribute to a nonprofit, but a bequest is limited to movable assets specified in a Will.
The arrangement of bequeathing tangible assets from a person to a nonprofit organization takes several forms or instructions.
1. General bequests
A general bequest refers to monetary assets assigned to a nonprofit in a donor’s Will. The value of a general bequest may fluctuate over time, depending on the value of the donor’s estate at the time of death. For example, if $50,000 is designated in the donor’s Will to be given to a nonprofit, the nonprofit might only receive $30,000 if the donor’s estate value changes to the point where $50,000 may not be realizable.
2. Specific bequests
As the term implies, a specific bequest refers to the allocation of a particular asset, such as a piece of jewellery, to a named beneficiary in a Will. When nonprofit organizations are designated to receive specific bequests, the bequeathed item needs to be precisely stated. In cases where the specific bequest is listed as cash, the precise source from which the gift would come must be explicitly stated.
3. Residuary bequests
A residuary bequest involves allocating what is left over after all expenses, debts, and taxes incurred by the donor’s estate have been settled. This residuary bequest is most commonly received by nonprofit organizations. In this case, after the deceased donor’s property and possessions have been shared with their loved ones and family members, the nonprofit receives whatever is left remaining.
4. Percentage bequests
The percentage bequest refers to the allocation of the donor’s estate among the beneficiaries in proportion or percentages rather than a specific monetary value. It is mainly used to ensure the estate is properly distributed amongst beneficiaries.
If you decide to leave a bequest, correctly naming MitoCanada will ensure your gift will be made as you intend.
Our full legal name, address, and charitable registration number are:
Legal Name: MitoCanada Foundation
Address: 520 3rd Avenue S.W., Suite 1900 Calgary, AB T2P 0R3
Charitable Registration #: 81258 666 RR0001
General bequest:
“I bequeath to MitoCanada Foundation, currently of 520 3rd Avenue S.W., Suite 1900 Calgary, AB T2P 0R3, the sum of $ _______ to be used at the discretion of the organization.”
Specific bequest:
“I bequeath to MitoCanada Foundation, currently of 520 3rd Avenue S.W., Suite 1900 Calgary, AB T2P 0R3 ______________to be used at the discretion of the organization.”
Residuary bequest:
“I bequeath to MitoCanada Foundation, currently of 520 3rd Avenue S.W., Suite 1900 Calgary, AB T2P 0R3 the residue of my Estateto be used at the discretion of the organization.”
Percentage bequest:
“I bequeath to MitoCanada Foundation, currently of 520 3rd Avenue S.W., Suite 1900 Calgary, AB T2P 0R3 _____% my Estateto be used at the discretion of the organization.”
For further details about how your legacy can help fund education and awareness programs for those living with or at risk of developing mito and support patient-focused and transformational research, contact Fundraising@MitoCanada.org.
Please be sure to let us know about your bequest and your wishes. This will give us the opportunity to thank you and discuss what you hope your gift will accomplish.
We would also like to thank you for being someone who cares so much about the lives of others – even people you have never met – that you are planning to help in this thoughtful and compassionate way.