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Planned Giving

You can include the Guelph Public Library as part of your legacy to the community.

Planned giving is the process of arranging a gift now that is allocated at a future date, commonly donated through a will or trust.

These types of charitable donations allow you to experience the joys of giving today, while benefitting both the library and community into the future.

Why choose a planned gift or gift in your will?

People choose to make planned gifts or gifts in their will for many reasons.

We often hear our donors say, ‘I wish I could do more.’ Some believe that making a substantial gift to the library is out of their reach. By creating a legacy gift today for the future benefit of Guelph Public Library, you can ensure the financial future of the library in a substantial way without affecting your current lifestyle.

Gift planning tools can also provide substantial benefits to the donor and their loved ones.

We know people want to take care of their families first, and, the tax savings your estate will receive through a planned gift may in fact increase the amount of money you can leave to your loved ones. Planned gifts can be very practical additions to a financial or estate plan as they can help donors achieve tax benefits, financial, and philanthropic goals, while allowing you to make a much more impactful gift than otherwise possible.

Including the library in your long-term financial or estate plan is an important decision - one that encompasses more than financial goals and tax benefits. It is about harnessing your passion to make a lasting impact and legacy on the people and places important to you.

How can I make a planned gift to Guelph Public Library?

Planned gifts are as unique as the people whose passion and creativity inspire them to give. The option that is right for you will depend on your personal circumstances, goals and financial objectives.

There are many ways to include Guelph Public Library in your financial or estate planning:

Leave a gift in your will

Leaving a gift in your will is the most common way to make a planned gift.

It is a simple yet powerful way to make a significant impact on the Guelph Public Library while offering financial benefits to you and your loved ones. Gifts in your will can produce considerable tax savings, reducing or eliminating taxes payable by the estate, while also achieving your philanthropic goals.

This type of gift allows donors to make a significant donation that might otherwise not be possible during their lifetime, while also ensuring they maintain the assets they need with no effect on current finances.

You can name the Guelph Public Library as a beneficiary and designate a specific amount of money, a percentage of your estate, or the remainder of your estate after all other bequests have been paid: 

Specific bequest

A specific bequest directs that the Guelph Public Library is to receive a specific piece of property, a specific amount of a certain kind of property, or fixed dollar amount of cash.

Residual bequest

A residual bequest designates all or a portion of the estate which remains after debts, taxes, expenses and all other specific bequests have been distributed to the Guelph Public Library. The bequest automatically adjusts in size as your estate increases or decreases.

Contingent bequest

A contingent bequest takes effect only after a certain condition is met (for example, if the primary beneficiary does not survive the donor). In this case, if the primary beneficiary dies, this ensures that property will pass onto the charity (Guelph Public Library) rather than unintended beneficiaries.

Things to consider:

  • Gifts in your will can enhance the value of your estate, reducing federal and provincial estate taxes
  • Bequests can allow individuals to make much larger gifts than they could during their lifetimes – leaving a significant legacy for generations to come, with little or no effect on current finances
  • Designations are revocable and can be changed if your personal or financial circumstances change
  • A gift in your will is eligible for a charitable tax receipt that can be applied to the final two income tax returns, reducing the overall tax burden of the estate
  • There is no minimum giving level
  • You can make a provision in your will to donate publicly listed securities, which in turn could result in significant tax savings for your estate, as it will be exempt from the capital gains tax

For your convenience, consider this suggested wording for your will.

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

Gifts of stocks or securities

The transfer of bonds, shares, mutual funds, and/or publicly traded securities is one of the most tax effective and cost-effective ways to make a charitable donation.

Gifts of eligible appreciated securities when given directly to charity can eliminate capital gains tax, provide a full tax credit to you, and allow 100% of your gift to go to causes you care about.

By giving this type of planned gift, you can avoid capital gains taxes that would be due as a result of the sale of the stock, instead directing these funds to the Guelph Public Library - translating into community impact, and creating a rewarding return on your portfolio.

Things to consider:

  • You can donate during your lifetime, or you can also make a provision in your will - both options can result in significant tax savings now or for your estate (eliminating capital gains tax)
  • With little planning, you can have a meaningful impact on the library, while achieving tax savings during your lifetime and/or through your estate
  • You will receive a tax receipt for the full market value of your gift on the date of transfer
  • If you hold appreciated securities and wish to make an outright gift to Guelph Public Library, gifts of stock, rather than gifts of cash, will enable you to make a larger gift at a lower cost
  • There is no minimum gift level for gifts of Publicly Traded Securities

Our library accepts gifts of stocks or securities through Canada Helps. Learn more about donating securities through Canada Helps.

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

Gifts of life insurance

Life insurance is an excellent financial and estate planning tool, and a great way to give a charitable gift while preserving other assets for family and loved ones. Gifts of life insurance can provide a substantial gift with manageable, modest, tax deductible premium payments. These types of planned gifts can provide tax benefits during your lifetime or for your estate.

There are several ways to do this:

Designate Guelph Public Library as the beneficiary (in whole or in part) of a new or existing policy

The library will receive the proceeds of the life insurance, while your estate will receive a charitable tax receipt equal to the policy's death benefit to offset the tax liability of your estate. This can be beneficial if you've accumulated certain assets that would be subject to a significant tax liability upon your death, and may allow your heirs to receive a higher value of your estate - while at the same time providing a significant gift to charity.

Transfer ownership of a paid-up policy to Guelph Public Library

Circumstances may have changed so that a current policy is no longer needed. Ownership of the existing policy can be transferred to the library. You receive a tax receipt for the fair market value of the policy at the time of your gift, acquiring immediate tax benefits during your lifetime. The library will receive the proceeds of the policy upon your death.

Donate assets to Guelph Public Library and use a life insurance policy to replace the value of donated assets

You receive a charitable tax receipt for the amount you donate. With the tax savings resulting from the charitable gift, you can purchase a life insurance policy for the value of assets donated, naming your heirs as beneficiaries - a process called 'wealth replacement.' The proceeds of the policy will not be subject to probate fees, and can be passed tax-free to your heirs as inheritance. This option ensures that your estate is not diminished even though you are making a significant charitable donation.

Things to consider:

  • A gift of life insurance may allow you to make a larger gift than you could make from your current disposable income
  • With little planning, you can have meaningful impact on Guelph Public Library, while achieving tax savings during your lifetime and/or through your estate
  • You can name Guelph Public Library as a sole beneficiary, co-beneficiary with others or family, or as a conditional or contingent beneficiary
  • Your gift will not be reduced due to taxes, fees, costs of probate, or administration
  • There is no minimum gift level for gifts of life insurance

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

RRSP/RRIF Funds

You can designate the Guelph Public Library as the beneficiary of your RRSP/RRIF. By doing so, your estate can recover most of the taxes paid on this income. Your gift will be treated as a charitable donation in the year of death and you will receive a tax receipt for the full value of your gift.

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

 Other gift options

You may wish to support the library through a number of other giving options, including trusts or gift annuities.

Guelph Public Library will consider other gift options on an individual basis.

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

 

Express your future intent to give to the library.

Professional advisors

We encourage you to consult a professional advisor when considering a planned gift.

Professional advisors can provide expertise and advice, ensuring the type and timing of your gift maximizes the advantages to you and your loved ones, and make sure your wishes are fulfilled.

The following professionals can help you determine if a planned gift fits your desires, financial objectives, family needs, and tax situation, helping to choose the right option for you:

  • Lawyer
  • Accountant
  • Estate planner
  • Financial planner
  • Stock broker
  • Insurance broker
  • Planned giving officer
  • Philanthropy consultant

Download this helpful information page for your professional advisor.

Some tips on completing your will are also available.

Guelph Public Library is pleased to work with you and your advisor to integrate a charitable giving strategy that best suits your personal and philanthropic goals.

Legal name and information

Legal name: Guelph Public Library Board

Charitable registration number: 889091245RR0001

Primary address: Guelph Public Library, 100 Norfolk Street, Guelph ON, N1H 4J6, Canada

Please note: this information is general in nature and does not constitute legal or financial advice. We encourage you to consult with your financial and/or legal advisors prior to making this important decision.

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