People value and appreciate the excellent health care and services they or their family members have received. This is especially true during the COVID-19 pandemic when our health care heroes are on the frontlines continuing to care for our community. They want such excellence to continue; they want to show their appreciation but feel limited beyond their annual donation.
Remembering Scarborough Health Network Foundation in your will is one way you can make a significant gift to the hospitals. It is a way to give more than most of us could manage during our lifetime. It is a way to make a difference.
Legacy giving can take the form of cash or donating shares, mutual funds or life insurance. If you donate shares or other securities “in-kind” (i.e., electronically transferring the shares versus selling them and donating the cash proceeds) to charities, you even get a tax break on the capital gains.
Many people default to cash when it comes to planning bequests, but it may be more tax-efficient to give stocks, bonds or mutual funds in kind to charity. Not only does this eliminate capital gains taxation, but it also gives the estate a charitable donation receipt for the fair market value of the shares. This could produce significant tax savings for an estate, depending on the situation, while providing the same benefit for the charity.
Whether you are motivated by generosity or a desire to reduce your tax bill, the benefit to the charities you support is significant. As well, you create a legacy that will be remembered for generations to come.
If you are interested in learning more about leaving a gift to SHN in your will, please visit SHNFoundation.ca/Ways-to-give/legacy-giving/ or contact Verna Chen, Associate Vice President, Donor Engagement, at firstname.lastname@example.org.