With a planned gift to the Israel Cancer Research Fund (ICRF), you can leave a legacy of philanthropy that will help those touched by cancer — now and for years to come.
Make a Plan to Increase Your Impact
If you would like to extend your support of Israel Cancer Research Fund to make a lasting impact, there are several gifts to choose from.
Whether you would like to put your donation to work today or benefit us after your lifetime, you can find a charitable plan that lets you provide for your family and support Israel Cancer Research Fund.
Bequests & Wills:
Planning For the Future Today With a Gift In Your Will
A gift in your will is a future gift that is also known as a bequest. The donation is made in the future through your estate. It is an easy way to support Israel Cancer Research Fund that can result in significant tax savings.
Making a bequest is as straightforward as updating your will or creating an estate plan. Of course, many of us hope that our legacy will be one that touches family and friends, but it can reach beyond that to the community and the next generation.
Wording for Gift in Will
By leaving a gift in your will, you are making an impact on cancer research at ICRF and contributing to our hopes of a world where there is a cure for cancer.
The following language can be used in your will, but you should choose language in consultation with your lawyer or professional advisor:
“I bequeath to Israel Cancer Research Fund (Toronto), located at 1881 Yonge Street, Toronto, Ontario M4S 3C4 (Charitable Registration Number 816102347RR0001)
Note: When designating to a specific area, it is recommended that you speak with an Estate Lawyer or a Financial Advisor about how you would like your gift to be used. This is general information only and is intended for reference purposes. This material does not constitute nor substitute legal, accounting or other professional advice. You should consult with your professional advisor to make decisions that suit your unique circumstances and charitable goals.
Gifts of Registered Assets (RRSP/RRIF):
Directing funds to an RRSP is a tax effective way to increase net worth during your lifetime. But it’s a different story when someone passes away without a surviving spouse or dependent child.
When a second spouse dies, the largest tax bill on an estate is often for the remaining balance of an RRSP or RRIF. CRA treats this balance as income in the year of death. In some cases, the money is taxed at over 50 per cent when probate fees are added.
By making a charity a full or partial beneficiary of your RRSP or RRIF, you can effectively cancel some of the tax.
Benefits to you for naming ICRF as the beneficiary:
- You will retain the use of the investment for the duration of your lifetime.
- It is easy to arrange. Simply speak with an agent at your financial institution.
- No out-of-pocket cost factors.
- It is a tax effective way of supporting Israel Cancer Research Fund. Your estate may claim gifts in the year of death equal to 100% of your net income in that year and the preceding year.
How it works…
- You can name Israel Cancer Research Fund as the direct beneficiary of an RRSP or RRIF. Upon your death, the proceeds will be paid directly to ICRF Toronto.
- You can name your estate as the beneficiary of your RRSP or RRIF and leave instructions in your Will to donate all or part of your RRSP or RRIF to Israel Cancer Research Fund. You may specify a percentage or a specific dollar amount to be donated. The donation qualifies for the charitable bequest donation tax credit for up to 100% of the income in the year of death and in the preceding year.
Life insurance is an easy and powerful way for you to help ICRF and it offers financial benefits to you and your family.
Use an existing life insurance policy
a) Designate “Israel Cancer Research Fund” as the owner and beneficiary of an existing policy that you no longer need. You will receive a charitable tax receipt for the cash surrender value.
b) Or if the premiums still need to be paid on the policy and ICRF becomes the owner and beneficiary, you will receive a charitable donation receipt for all payments made after the policy is assigned to “Israel Cancer Research Fund”
Donate a new policy
Purchase a new life insurance policy and designate “Israel Cancer Research Fund” as the owner and beneficiary. You will receive a charitable tax receipt for the full amount of the annual premium payments.
What are the benefits to you?
- A gift of life insurance does not reduce the size of your estate.
- You make small premium payments now towards a substantial gift later on.
- You can save tax dollars today. For new policies, the premiums that you pay are tax deductible.
- A gift of an existing policy earns you an immediate tax receipt for the cash value of the policy.
- The Heritage Society honours individuals who have included the ICRF Toronto in their estate plans.
This is general information only and is intended for reference purposes.
You should consult with an experienced estate planner or professional advisor to help you make decisions that suit your financial and estate objectives.
Other Gifting Options:
Charitable Gift Annuity
If you are a donor age 70 or over, you may wish to consider a charitable gift annuity that will provide guaranteed income for life, usually with little or no tax. At least 20-25% is counted as a donation to ICRF Toronto, for which a charitable receipt is issued.
Charitable Remainder Trust
A charitable remainder trust (CRT) generates an income stream for life to you or other beneficiaries. Essentially, you transfer property into a trust managed by a trustee (a financial institute, a lawyer, yourself or other individual). ICRF Toronto is named as remainder beneficiary. After a prescribed period of time or upon death, the asset is transferred to ICRF. This allows the asset to remain with you during your lifetime, while providing you with a tax receipt.
Consider naming your family endowment in your Last Will and Testament.
This fund will continue to provide stable, reliable support for vital programs and services at ICRF Toronto – not just today but well into the future.
We strongly encourage you to seek independent advice when executing gifts of property, securities, life insurance, charitable gift annuities, trusts, wills and other legal agreements.
Executive Director, ICRF Toronto
Israel Cancer Research Fund Toronto
1881 Yonge Street, Suite 616 Box 29
Toronto, ON. M4S 3C4
Main Line: 416.440.7780