Legacy Giving Options

There are various avenues to enhance your capacity to support vulnerable community members at Our Place Society while also gaining potential tax benefits. We encourage you to explore the following options in consultation with your legal and financial advisors:

A Gift in Your Will

Please visit the page “Create Your Legacy of Love” for more information.

Life Insurance

Contributing through life insurance presents a significant and cost-effective way to make a lasting impact. Here are several options to consider in your estate planning, which we recommend discussing with your advisors:

Naming Our Place Society as a Beneficiary: You can designate Our Place Society as a beneficiary of your life insurance policy. This simply involves completing a form to specify all or a portion of the funds to go to Our Place. Upon your passing, Our Place Society will issue a tax receipt to your estate.
Donating a Fully Paid Policy: If you possess a fully paid life insurance policy that you no longer require, you can choose to irrevocably designate Our Place Society as both the policy owner and beneficiary. In doing so, Our Place Society can issue a tax receipt for the cash surrender value of the policy, along with any accumulated dividends and interest, immediately.
Transferring Ownership of an Existing Policy with Premiums Outstanding: As in the previous option, you can transfer ownership of an existing policy to Our Place Society while premiums are still due. Upon transfer, Our Place Society can issue a tax receipt for the cash surrender value of the policy at the time of transfer, plus any interest and dividends exceeding the adjusted cost basis of the policy. If you decide to continue paying premiums, you will also receive tax receipts for these payments.
Establishing a New Policy with Our Place Society as the Owner and Beneficiary: You can initiate a new life insurance policy designating Our Place Society as both the owner and beneficiary. In this case, you will receive tax receipts for the premium payments that you make.

These life insurance options offer a flexible and impactful way to support Our Place Society while also considering your financial and estate planning needs.

Retirement Funds

Designating Our Place Society as a full or partial beneficiary of your retirement funds, such as RRSPs or RRIFs, is a straightforward and tax-effective method to create a lasting legacy gift. It’s important to note that upon your passing, the total value of these registered retirement accounts is reported as income and is subject to full taxation unless they can be transferred to a surviving spouse, dependent child, or grandchild in certain cases.

To make a donation to Our Place, simply complete a change of beneficiary form with the financial institution that holds the fund. You have the flexibility to allocate the designation on a percentage basis among one or more individuals or charities. These gifts bypass your estate, unlike a gift outlined in a will, and are directly disbursed to the beneficiaries by the financial institution. Consequently, there are no probate fees, and your executor is not burdened with handling these funds.

Another option is to donate funds from your retirement plans before your passing. This can be particularly advantageous for individuals who have accumulated more retirement funds than they require and wish to address their tax exposure proactively.

Tax-free Savings Accounts

Donors can easily give Our Place Society a gift through their tax-free savings account by completing a beneficiary designation form through the financial institution that issued it. A tax receipt would be issued upon receipt of the gift.

Other Options

Your financial advisor may recommend that you consider another less frequently used option such as a Charitable Gift Annuity or a Charitable Remainder Trust. If you or they would like to discuss these please contact us at 250-940-5060, ext. 5104 or legacy@ourplacesociety.com.

Legal Information