Charitable Will Bequests

A charitable Will bequest is a gift written in a Will that instructs your Executor/Trustee to leave one or more of your assets to Chalice. Simply instruct your lawyer to include a bequest to Chalice (Canada) in your Will or codicil. We can help you find the right words to express your wishes and ensure that the language meets CRA guidelines.

It is an easy way to support Chalice while assisting you in achieving significant tax savings for your estate, thus reducing or eliminating your income tax liability in the year of death.

Your bequest will be used for Chalice’s most urgent needs.

Quick facts about Chalice Will bequests:

• You can write a Will at any age.
• You leave a gift for any amount.
• Your gift can be a specific dollar amount or percentage (%) of estate residue.
• You can also give securities, a life insurance policy, registered pension funds in your Will. This is an excellent way to reduce capital gains taxes on your estate.
• You can change your mind and revise your Will at any time.

Benefits of charitable Will bequests:

1. They reduce estate taxes.
2. Your estate will use the charitable tax receipt to reduce the tax payable on your final tax return. See example below.
3. There are no extra out-of-pocket costs. Your income will not decrease.
4. You retain your assets for the duration of your life.
5. Your Will is crafted for personal reasons and can provide a lasting memorial for you, your family, or anyone you may wish to honour.

Many tax incentives:
Whether the bequest consists of cash or other property, any portion not usable because of the 100% of income limit can be carried back to the prior year, again subject to the 100% limit. Because a charitable bequest is creditable up to 100% of income in the year of death, the tax credit will almost always exceed tax on the gain, resulting in some tax savings. Here’s an example:

Margaret Jackson, a widow, leaves $10,000 to Chalice (Canada) and the remainder of her estate to her two children. Her bequest results in a tax saving of $4,500 (assuming a combined tax credit of 45%). If she had left the $10,000 to her children instead of leaving a charitable donation, taxes would have consumed $4,500 and only $5,500 would have passed to the children.

Click to download the Will Planning Kit The Will Planning Kit form is from pages 7 to 17. You may choose to print only these pages. Please note: this resource is for your private planning and no part of it is to be given to Chalice.

As you consider a gift to Chalice, please consult a trusted professional to consider your financial goals, review your tax situation, and ensure your gift is right for your circumstances.

Contact our Planned Giving and Major Gifts team (Peter, Wilson, or Catherine) at 1-800-776-6855 or planagift@chalice.ca

Chalice (Canada) Charity Registration Number 13759 1012 RR0001