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:
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:
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 policyThe 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 LibraryCircumstances 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 assetsYou 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:
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
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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.
Contact(s)