Yes. A planned donation (a bequest, a gift of life insurance, or a gift of shares) will often allow you to make a donation without having an impact on your current liquidity. For instance, a life insurance policy can turn into a significant donation and only requires affordable annual premiums.
Yes. Some strategies combine giving and succession planning. For instance, you could donate assets while taking out a life insurance policy that will benefit your heirs. In other words, you can still support the Foundation while safeguarding what you intend to bequeath to your family.
No. There is no minimum amount required. No matter how big or small, every donation counts and goes to supporting cardiovascular health. You can bequeath a fixed amount, a percentage of your succession, or the residual value of your succession.
There are several options you can employ to maintain control over your assets in your lifetime. For instance, you can include a donation in your will or designate a beneficiary under your life insurance policy or registered plan (RRSP, RRIF). These strategies allow you to donate after your death without affecting your current financial security.
On death, investments are deemed to be disposed of at fair market value. If these shares have increased in value, a capital gain has occurred and 50% of that gain is normally subject to tax.
However, whenever shares are bequeathed directly to a recognized charitable organization, the following occurs:
Bequeathing shares can therefore allow you to maximize the impact of your donation while reducing the taxes owed by your succession.
A residual bequest is what remains of the succession after your loved ones have received their share. It, along with other options such as a testamentary trust, can be a strategy that meets your needs. Speaking with your notary or financial advisor will help you make sure you meet your philanthropic goals with complete peace of mind.
A strategic donation can minimize your succession’s tax burden through the application of charitable tax credits upon death. In some cases, the actual impact on the inheritance will be less than anticipated. You can use a tax simulation to accurately measure the impacts.
In Canada, when a person passes away, they are deemed to have disposed of all their property at fair market value. This can lead to a significant tax bill, in particular regarding investments and real estate.
Planned giving (a charitable bequest or a gift of life insurance) provides the succession with an official donation receipt.
In Quebec:
Concretely, a planned donation can reduce the final amount of taxes owed which often results in a much smaller impact on the inheritance than anticipated.
Please keep in mind that every situation is different and carrying out a simulation with a notary, tax expert, or financial planner is recommended.
You should ensure the clause you draft clearly identifies the Foundation. Example:
“I bequeath the sum of $_ (or _% of my succession property) to the Montreal Heart Institute Foundation.”
If you need help personalizing your clause, please contact us. We also recommend you validate the finalized version with your notary to make sure it aligns with your situation.
Yes. You can amend your will at any time using a codicil. You can also draft a new will entirely. Including a donation in your will is as simple as updating your existing will.
While it is not legally required, informing the Foundation allows us to thank you during your lifetime, ensure we understand your intentions, and plan responsibly for the future.
A clear clause in your will ensures your intentions will be respected. You can also add a written agreement specifying how your donation should be used. Charitable organizations are legally required to comply with the conditions attached to donations.
You can also add a power-to-vary clause. This enables the charity to change how the funds are used if a program no longer exists — but always in a way that aligns with your intentions. We recommend you contact our team to validate the wording of your clause. They’ll be able to make sure it accurately reflects your intentions. We also recommend you discuss the matter with your notary. Once the clause is finalized, you can send a copy to the Foundation. That way, it will have all the information required to make sure your wishes are respected.
Absolutely. You can dedicate your donation to a specific fund, program, or project. The Foundation team is happy to help you make sure your donation is used in a way that reflects your intentions and values.
The Foundation is committed to respecting the spirit in which the donation was given. If the program you dedicate your donation to no longer exists, the funds will be allocated to the most similar initiative that corresponds to your intentions.
Yes. Even if your donation is not immediate, and with your consent, you could be acknowledged as a donor and/or member of the Cercle des Visionnaires. This allows us to recognize your generous dedication while inspiring others.
Yes. We always respect a person’s wish to remain anonymous. It is up to you whether you want to be publicly acknowledged.