A Charitable Will Bequest is a direction in a donor’s Will that instructs their Executor(s)/Trustee(s) to leave one or more of their assets to the Ontario SPCA. A charitable Will bequest is a meaningful way to reduce taxes, increase inheritances to loved ones and make a difference.
Benefits of Charitable Will Bequests Include
Convenient – A charitable Will bequest can be made no matter how old the donor is and for any amount they want.
Simple – A charitable Will bequest is easy to arrange. The donor needs to instruct their lawyer to include a bequest to the Ontario SPCA in their Will.
Cost-effective – There are no extra out-of-pocket costs incurred by the donor and the donor’s present income will not decrease.
Tax Relief – A charitable Will bequest is a highly effective way to reduce estate taxes.
Tax Planning – The Ontario SPCA will issue a charitable tax receipt for the full value of the bequest. This receipt will be used to reduce the tax payable on the donor’s final income tax return. If the bequest exceeds 100% of the donor’s net income, the excess may be carried back to the previous tax year.
Flexible – A bequest can be for a specific amount, a percentage of the donor’s estate, or the residue of their estate – that is a gift after the donor’s debts have been paid and other bequests made.
Control – The donor retains use of the charitable gift asset for the duration of their lifetime.
Peace of Mind – A donor can make changes to their Will at any time.
Satisfaction – Planned gifts are made for personal reasons in addition to ensuring that the Ontario SPCA continues its commitment to helping animals in need through its rescue, rehabilitation and adoption programs. As well, a bequest can create a lasting memorial for the donor, their family or anyone they may wish to honour.