ESTABLISHING A CHARITABLE REMAINDER TRUST
Our proper legal name for making a gift is THE CANADIAN MEDICAL HALL OF FAME
Charitable Registration #14003 6914 RR0001
A Charitable Remainder Trust is a planned gift to a registered charity of an asset using a trust agreement. It can be funded with cash, securities or real estate. It is a way to secure support for causes you believe in after your death, while receiving immediate tax savings and retaining use of the asset or the investment income during your lifetime.
If you would like to give a substantial asset to support the Canadian Medical Hall of Fame but need the income the asset generates, a charitable remainder trust may be a good option for you. A financial advisor can help you determine how to establish a Trust that best suits your wishes and personal circumstances.
- A charitable remainder trust provides for expert financial management and annual income earned on your investment. This ensures reliable funds for you, your surviving spouse or other heirs.
- You can give today and receive immediate tax savings while retaining use of the asset.
- Charitable remainder trusts are irrevocable gifts. You may qualify for a charitable donation receipt at the time the trust is established.
- The trust property is removed from your estate ensuring that your charitable gift cannot be challenged, as it could in your Will. Your gift today can also reduce the amount of taxes payable on your estate.
How it works
- Assets are placed with a trustee – an individual or entity capable of expertly managing the trust such as a financial institution, a lawyer, or other individuals. A formal trust will include a trust agreement which gives instruction to the trustee as to how the property is to be used for the benefit of the beneficiary (ies).
- The assets in the trust generate revenue through professionally managed investment in publicly traded securities and mutual funds.
- You receive an immediate tax credit when the trust is established based on your age and the amount you contribute to the trust. The older you are, the higher the credit.
- During your lifetime, you receive the annual income generated by the assets in trust and will be responsible for any tax that is payable on this income.
- The original capital you donate remains intact and stays in the trust for the Canadian Medical Hall of Fame to use after your death. You can also establish a trust that provides income to your surviving spouse. In this instance, the Canadian Medical Hall of Fame would receive the amount you placed in trust only after both spouses have died.
Please Note: The information provided is general in nature and should not be considered as professional legal/financial planning advice. With all planned gifts, before making final decisions discuss your gift intentions with your family and seek independent professional advice to ensure your financial and philanthropic goals are considered, your tax situation reviewed and your planned gift is tailored to your personal circumstances.