Making a contribution to the College through a bequest in your will is a kind and thoughtful way of creating a legacy for future generations. A bequest is one way you can make a sizable contribution in the future without burdening your estate now.
The GBC Foundation and the College have been named beneficiaries to significant gifts through the wills of donors. These provisions may be a specific sum of money, a percentage of the estate, the residual of the estate, or a piece of personal property.
Once the gift is received, a full tax receipt is issued to your estate. This can be used in your terminal tax return or claimed in the tax return filed for the year prior to death.
If you are interested in making a bequest, Foundation staff can provide you with a template with appropriate wording and can direct you to appropriate legal advice.
Gifts of Life Insurance
You can make a gift through your life insurance policy and enjoy the tax credits associated with this type of donation during your lifetime. By making relatively small premium payments now, you can create a sizable gift.
Some of your options are to:
- assign irrevocably a paid-up policy to the Foundation
- assign irrevocably a life insurance policy on which premiums remain to be paid
- name the Foundation as a primary or successor beneficiary of the proceeds
- assign the Foundation as owner and beneficiary of a new policy
When ownership is irrevocably assigned to the Foundation, you are entitled to a tax receipt for the net cash surrender value (if any) and for any premiums subsequently paid.
For more information
If you are considering a bequest and want to discuss how best to create and structure it, please contact:
George Brown College Foundation
416-415-5000 ext. 2747