Planned Giving

planning ahead

Options for Giving

Bequests
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Retirement Plans
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Life Insurance
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Gift Annuities
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Gifts of Residual Interest
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Planning ahead means your gift will support health care services within the community for many years and many generations to come. People find planned giving helpful because they can support a worthy cause yet still retain the use of those assets during their lifetime.

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Planning ahead means your gift will support health care services within the community for many years and many generations to come. People find planned giving helpful because they can support a worthy cause yet still retain the use of those assets during their lifetime.

Join the South Muskoka Hospital FoundationLegacy Society.

Download our Legacy Society Future Intent Form Here

What are the different types of planned giving? There are a number of options:

• Leaving a gift in your will to SMHF
• Naming SMHF as the beneficiary of new or existing life insurance policy
• Naming SMHF as a beneficiary of your other investments
• Creating a charitable annuity or a charitable remainder trust.

We strongly recommend you consult with your financial advisor if you are considering any of the following planned giving options in support of the South Muskoka Hospital Foundation.

1. Bequests:

A bequest is a donation in your will that is distributed by your estate after your death.

Upon your death, the Foundation will issue a donation receipt for the bequest. This receipt will result in a tax credit that may be claimed for up to 100 per cent of your taxable income in the year of death and the preceding year.

Common types of bequests, and the wording to include in your will:

• Specific Bequest:

The South Muskoka Hospital Foundation receives a specific (or fixed) amount of money.
”I give the sum of $________ (dollars) to The South Muskoka Hospital Foundation in the City of Bracebridge, Province of Ontario, Canada.”

• Residual Bequest:


A gift of all or a percentage of whatever remains (the “residue”) after all taxes, liabilities, administrative expenses and specific bequests have been paid. The greatest advantage of this bequest is that, as your estate increases or decreases in value over time, your donation remains proportionate.
”I give the rest, residue and remainder of my estate

[or ___ % of the residue] to The South Muskoka Hospital Foundation in the City of Bracebridge, Province of Ontario, Canada.”

• Contingent Bequest:

Takes effect only if the primary intention cannot be met. For example, you direct the Foundation to receive a portion of your estate if other beneficiaries do not survive you.
”If [name of beneficiary] does not survive me, or shall die within thirty days from the date after my death, I give to The South Muskoka Hospital Foundation, City of Bracebridge, Province of Ontario, Canada, ___ % of the residue of my estate [or $____ ].”

2. Retirement Plans:

Did you know that if you die without a surviving spouse or a qualified beneficiary, the remaining value of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) is added to your income in the year of death and your estate pays the taxes? These taxes could take almost 50 per cent of the remaining funds. Instead, you can donate all or a portion of your remaining RRSP or RRIF at the time of your death. In this way, the donation credit could almost eliminate the taxes, allowing 100 per cent of the funds you worked so hard to save to go towards a cause in which you believe. There are two ways to make this type of donation. Ask your financial advisor which one is best for you.

Designating The South Muskoka Hospital Foundation as the Beneficiary of Your RRSP or RRIF

Proceeds will flow directly to us instead of passing into your estate, where they would be subject to income tax and probate fees. As well, your estate receives a tax credit for the value of your donation, which may completely offset the income tax owing on the proceeds. Contact your financial institution and request a Change of Beneficiary form in order to designate The South Muskoka Hospital Foundation as the beneficiary of your retirement plan.

Donating the Proceeds of Your Retirement Fund Through Your Will

You can leave instructions in your will to donate all or a part of the proceeds of your RRSP or RRIF to the Foundation. As well, you can phrase your clause so that the bequest is made only if your spouse predeceases you and you have no dependent children.

We strongly recommend you consult with your financial advisor if you are planning to donate your retirement income to the Foundation.

3. Life Insurance:

A bequest is a donation in your will that is distributed by your estate after your death.

Upon your death, the Foundation will issue a donation receipt for the bequest. This receipt will result in a tax credit that may be claimed for up to 100 per cent of your taxable income in the year of death and the preceding year.

Common types of bequests, and the wording to include in your will:

Transfer an Existing Policy to The South Muskoka Hospital Foundation

You can name the Foundation as the owner and beneficiary of a policy you already own. You will be eligible for a donation receipt for the cash value of the policy and for any premiums you continue to pay.

Transfer a New Policy to The South Muskoka Hospital Foundation

You can buy a new policy and name the Foundation the owner and beneficiary. You will receive a tax receipt for the premiums paid each year.

Name The South Muskoka Hospital Foundation as a Direct Beneficiary

You may retain ownership of your policy and name The South Muskoka Hospital Foundation as the direct beneficiary. Upon your death, your estate will be eligible for a donation receipt equal to the proceeds of the insurance. You do not receive a tax credit for current premium payments. 

We strongly recommend you consult with your financial advisor if you are considering a donation of life insurance to the Foundation.

4. Gift Annuities

A gift annuity is a financial arrangement or contract a donor makes with the SMHF under which the donor (and/or other named persons) will receive a specific amount of money at stated intervals for life in consideration of either cash or other assets.

5. Gift of Residual Interest

When a donor makes a gift of a residual interest in property, the donor irrevocably commits the property to the charity but retains use of the property, normally for life. For example, title to a personal residence might be transferred to the SMHF subject to the donor’s right to continue living in the property for the balance of the donor’s life.