Legacy Giving

 




Support Laurier student success now and into the future

75450070_1436509396502956_7182189392071491584_o-1.jpg


The decision to make a legacy gift is a highly personal one, and one that starts with considerations for your spouse, children and grandchildren. But just as it's significant to pass along a family heirloom like a ring or a watch, there are some less tangible treasures that permit us to become part of a greater legacy.

Through your gift, Laurier can continue to support student success, nurture great ideas and create an innovative learning environment that inspires generations to come. Learn more by getting in touch

Quote Image

 

 

"My father, David Oille, wanted to give back to the Laurier community that gave so much to my family over the years." - Cathy Baer

(David and Joan Oille pictured - read their story)

What you need to know


Planned gifts require careful thought and discussion with your family, attorney, accountant, or financial advisor.

If you have made, or plan to make, a gift to Laurier in your will, please let us know by filling out the Confidential Statement of Intent form below.

It is important for the university to receive information about your legacy gift to ensure your exact wishes are carried out when the gift is received. Our team is ready to work with you and your advisor in confidence and without obligation to help you explore the best possible method of giving for your circumstance.

2-white-20150326_joyal_cec_01.jpg

Cec Joyal
Development Officer,
Individual and Legacy Giving

Cell: 519-498-4168
Office: 519.884.0710 ext. 3864
cjoyal@wlu.ca

University Address:
Wilfrid Laurier University
75 University Avenue West
Waterloo, Ontario  N2L 3C5

University Charitable number:
10820 8786 RR0002

wide-gift-box.png

“Unrestricted” gifts support the university’s highest priority needs at the time they are received. These gifts enable us to be flexible and responsive in stewarding your gift.

Consider an unrestricted gift designation to provide a stable foundation for Laurier into the future.

Learn more by getting in touch


 

Ways to give



A gift in your will (bequest)

One of the simplest, most effective, and most flexible ways of making a substantial gift to Wilfrid Laurier University is to leave a bequest in your will. 

Through a bequest you may be able to make a much larger donation than you could have afforded in your lifetime. And you are not limited to gifts of cash – you can also leave stocks, bonds, real estate, or other assets.

In return, your estate will receive a tax receipt for the full value of your bequest, saving tax dollars. Careful planning can maximize the benefits for your estate and beneficiaries.

A good will is current

It adheres to the most recent tax laws and reflects changes in your own life. For example, you may no longer have minor children at home, or someone close to you has died or become dependent. You may have grandchildren, and changes may have occurred financially that have changed your estate tax status. Whatever the case, an up-to-date will gives you peace of mind knowing your wishes will be carried out and your responsibilities met.

A good will does good

That is, it addresses the needs of your spouse, children, dependents and others for whom you are responsible. Further, it does good by supporting those organizations that reflect your values and concerns. We at Wilfrid Laurier University hope that includes us.

 

A good will conforms to the legal requirements where you live

It is prepared and signed correctly, and it fully expresses your desires regarding your estate. It adequately cares for such things as guardianship, trusts and trustees, business succession, final declarations and other important matters your situation may require. When your will is complete and tucked away for safekeeping, you want to have the confidence that it was done well.

wide-sample-clause-1.jpg

Your will is highly personal. While we understand and respect that you may not be comfortable sharing the details of your bequest, we encourage you or your advisors to contact us to make sure your gift is designated in the way you intend so that we can make sure your wishes are carried out when the gift is received.

Will bequests can be arranged in a variety of ways. Seek advice from your lawyer and financial advisor to ensure that your gift meets your goals and provides the maximum benefit to your beneficiaries and the university.

Sample bequest clauses

Unrestricted Gift or Bequest  I give, devise and bequeath to Wilfrid Laurier University the sum of $_____________ for uses and purposes of the university as its President and/or Board of Governors may determine.

Bequest of Residue  I give, devise and bequeath to Wilfrid Laurier University the residue (or share of residue) of my estate for the uses and purposes of the university as its President and/or Board of Governors may determine. (Alternatively, the residue may be directed to any specific purpose).

Bequest for a Specific Purpose  I give, devise and bequeath to Wilfrid Laurier University the sum of $_____________ to be used for _______________ ______________________________________________ (e.g., research, scholarships, a Faculty or School, etc).

Bequest for a Named Endowment*  I give, devise and bequeath to Wilfrid Laurier University the sum of ________________ to be used to establish a named endowment fund, the annual investment income from which will be used for _____________________(e.g., research, scholarship, a Faculty or School, etc).

Escape Clause  I authorize the Board of Governors of Wilfrid Laurier University to change the terms of this donation to fulfill the spirit and general intent of my wishes.

Over time, the needs of Wilfrid Laurier University may change due to revisions of program offerings, developing research interests and external considerations. For that reason, we urge donors to include the following statement in their bequest clause:

In the event that circumstances make the specified use of this gift no longer practical or desirable, the Board of Governors of the university are hereby authorized to make changes in its use in keeping, as far as possible, with the spirit and general intent of the gift.

Direction to Fulfill Pledge  I authorize my Trustees to pay within one (1) year of my death, those amounts which I may have promised to pay Wilfrid Laurier University or any part thereof left unpaid at my death of any amounts so promised or pledged, notwithstanding that any such promises or pledges so made or given may not be legally binding upon my estate.

*The minimum amount required to establish an endowment is $25,000. Less than $25,000 will be set up as an expendable fund.

DO BEQUESTS GET A TAX BREAK?
Donations can be used for tax relief. Excess donations can be carried back to the prior year and the 100-per cent limitation will still apply. Careful planning can maximize the benefits for your estate and beneficiaries.

Learn more by getting in touch




A gift of life insurance

Life insurance is an economical way to give a larger and more lasting gift to Laurier than you might otherwise be able to make. And you don’t have to draw on your assets now or deplete your estate. A gift of life insurance allows those of even modest means to make a sizable gift with only a small annual or monthly payment. Life insurance gifts can be structured to suit any financial situation.

Three ways to give a gift of life insurance
Donate an existing policy that you no longer need
The policy can be assigned to Laurier and the cash value in the policy is tax deductible. All premiums that you continue to pay would also be eligible for tax receipts.
Name Laurier as beneficiary of your life insurance policy
You can maintain ownership of a life insurance policy and name Laurier as beneficiary. Your estate will receive a tax receipt upon death for the insurance proceeds.
Purchase a new policy naming Laurier owner and beneficiary
The annual premium paid by you is tax deductible and tax credits are available for donations up to 75 per cent of your income.

Benefits of giving life insurance

  • You can make a substantial and meaningful future contribution with tax deductible, modest premium payments.
  • The regular assets in your estate are retained for your family since your donation to Laurier is made out of the insurance payment.
  • You immediately become a major benefactor of the university, receive appropriate recognition, and extend your support beyond your lifetime to areas of personal interest.
  • Your gift will not be reduced by taxes, legal fees, probate, or administrative costs, and the gift cannot be contested.
  • There is no delay in payment as insurance proceeds pass to the university outside the estate.
  • You receive tax credits for your annual premium payments when the university is made owner and beneficiary of your policy.

Learn more by getting in touch




A gift of publicly traded securities

Gifts of securities (gifts of stock, bonds, and mutual funds) are a popular choice for donors. They are an easy way for you to support what matters most to you and be involved in Laurier’s exciting initiatives. And you or your estate can benefit from substantial tax savings.

Designation Options

You may designate your gift to an area that is important to you, such as scholarships, capital projects, programs or athletics. Alternatively, you may decide against putting restrictions on your gift, allowing the university to apply the funds to its highest priority needs.

Tax Benefits

Charitable gifts of publicly traded securities are exempt from capital gains tax. Whether you give a gift of securities now or through a gift in your will, you won’t pay any tax on the gains. Valuation of the gift of shares will be determined at the time of transfer of ownership. Laurier will send you a tax receipt for this amount.

Transferring your shares

  1. Write a letter to your broker directing the transfer of a specific quantity of shares, mutual fund shares, etc. to Laurier.
  2. Please forward a copy to us as well. If you wish, in this letter you can designate how you wish to support the university.
  3. Your broker will then electronically transfer the shares to:

Account Name: Wilfrid Laurier University

Brokerage Account Number: 561-27099-1-4

Contact:
Diane Looman,
Administrative Assistant to Chris Kitchen,
Kitchen Wealth Management, RBC Wealth Management, RBC Dominion Securities Inc.
T. 519-747-4252 | Toll free: 1-800-265-8720
F. 519 747-1808
95 King St. South, 3rd Floor, Waterloo, ON N2J 5A2
www.chriskitchen.ca
The receipt amount will be determined by the closing value of the shares on the day the university receives them. Valuation of the gift of shares will be determined at the time of transfer of ownership. Laurier will send you a tax receipt for this amount.

It is important that the university be aware of this transaction. Please contact us at: 519.884.0710 x 3866 or give@wlu.ca.

Comparison of gift of shares vs. cash donation on tax savings
GIFT

DONOR 1 (Sells shares and donates cash)

DONOR 2 (Donates shares directly)
Market value of shares $100,000 $100,000
Cost base $20,000 $20,000
Capital gain $80,000 $80,000
Taxable gain $40,000 $0
Donation tax credit (at 50%) $50,000 $50,000
Tax on gain (at 50%) $20,000 $0
Tax savings $30,000 $50,000

Learn more by getting in touch






Endowments: An investment in the future

Endowments are powerful ways to invest in Laurier’s future because they provide a permanent source of funding for educational programs, research initiatives, scholarships and more.

How are endowments funded?
When you make an endowed gift, the capital is invested within Laurier’s endowment fund. The interest from your gift is distributed according to your wishes. Each year, the university sets a maximum annual payout from endowment funds. This payout is used to achieve the goals you have established. Additional earnings are reinvested in the fund to protect the original value of your gift.
Where can an endowment be directed?
Your endowed gift can be directed to any of a number of areas. Perhaps you would like to support a program of special interest to you, establish a teaching or research chair, support the library or provide financial aid to students. Whatever area you choose to support, you can be sure that you are leaving a legacy that will benefit Laurier for years to come.
Why create an endowment?
An endowment lasts forever. You may choose to name your endowment to provide lasting recognition of a person or event that is special to you. (See Named Endowments, below).

An endowment is powerful. Because the value of your gift is protected in perpetuity, it has a much greater impact over time than if it were spent all at once.

An endowment may provide you with tax benefits, because it is considered a charitable donation. We will be pleased to work with you and your advisors to help you find the gift option that best reflects your goals.
Named endowments
Naming opportunity Current minimum to endow Payment schedule over 5 years Estimated tax benefit Net cost
Chair  $2.5 million $500,000 per year $232,050 $267,950
Lecture series $625,000 $125,000 per year $58,013 $66,987
Teaching fellowship $375,000 $75,000 per year $34,807 $40,193
Major entrance scholarship $75,000

$15,000 per year ($1,250 monthly)

$6,962 $8,038
Undergraduate scholarship $25,000 $5,000 per year ($416.66 monthly) $2,320 $2,680
Learn more by getting in touch



Other types of legacy gifts

Registered Retirement Funds

RRSPs, RRIFs and TFSAs

Giving retirement assets is one of the easiest, most tax-effective ways to support Laurier.  Many do not realize that, upon passing, the total value of your registered retirement accounts must be reported as income. This income is fully taxable, unless the funds can be rolled over to a surviving spouse or dependent child.

While retirement assets can be a costly gift to distribute, they make ideal donations to charitable organizations such as Laurier. By naming Wilfrid Laurier University as a direct beneficiary of your RRSP or RRIF, you will avoid paying probate fees on those assets. This means more of your estate goes to something important to you. A donation to Laurier can also offset taxes owed on other retirement assets. You may designate Laurier as a 100% beneficiary or a partial beneficiary.

Just as with RRSPs and RRIFs, it is possible to name the university as a beneficiary of your Tax Free Savings Account (TFSA).

A gift is easy to make: simply obtain a beneficiary designation form from your plan’s provider and complete the form with Laurier’s legal name (Wilfrid Laurier University) and Charitable Registration Number (80340 7956 RR0001).

If you would like to designate your gift to a specific faculty, endowment or program on either campus, please make your wishes known in a separate letter. Our staff at Laurier, Legacy Giving will be pleased to help. 

Charitable Gift Annuity

A gift that pays you an income

You can make a significant gift to Laurier while maintaining or even increasing your income from assets such as cash, securities or other investments.

With a charitable gift annuity, a portion of your contribution is used to purchase an annuity guaranteeing you a fixed monthly income for life while the remainder goes directly to your chosen purpose at Laurier as a gift with immediate tax benefits.

The fixed monthly payments you receive are a combination of income earned by the investments and the capital of the original investment. Only the income portion is taxable. A gift annuity can be for one or two people, so your spouse can also receive payments for life.

Residual Interest Gifts

In the case of Residual Interest Gifts, the donor will gift an asset with the full understanding that they will have continued access to or discretion over the use of the asset for a specified term, usually until the time of their death.

The charity will issue an immediate donation receipt to the donor at the time of the donation. The amount of the receipt will be based on the estimated present value of the residual interest of the donated asset when the donor dies. When the donor passes, the gifted asset, which has already been transferred to the charity, will not be subject to probate. Learn more


teacher and students

Support student awards at Laurier


Learn more about setting up a student award

Quote Image

"You gave me the confidence to do what I love."

Read how Lydia's life was changed by a bequest.

Quote Image

Laurier helped z build confidence. Now I want to help others!

Read how Donna Taylor gave back to Laurier through a gift of securities.

Quote Image

A love of reading inspires a legacy of literacy at Laurier.

Read how Jim is honouring his late wife Karen with a gift to Laurier.

Frequently asked questions

Is my gift tax-deductible?
All charitable donations made to Laurier are eligible for tax receipts. Laurier is committed to forwarding tax receipts as soon as possible following receipt of the donation. The receipt value is based on the current fair market value of the gift.
I don’t have the means to make a large gift. Do you accept more modest investments?
Laurier is pleased to accept gifts of all sizes. We know and respect that any philanthropic decision must take into consideration your personal and family needs. We have received a range of legacy gifts and all are equally valuable. Every investment from every donor is valued for its thoughtfulness and generosity. Regardless of size, every gift helps students.
I would like to set up a scholarship, bursary or award through my will. How do I do this?
Please contact Cec Joyal, Development Officer, at 519.884.0710 ext. 3864 or cjoyal@wlu.ca. You have the option of creating an annual scholarship, bursary or award or establishing an endowed scholarship, bursary or award; she will be pleased to assist you in discussing terms of reference for it.
I have very specific ideas about how I would like my gift spent. Can you accommodate my wishes?
All donors are encouraged to designate their gift to an area that is important to them and in keeping with Laurier’s mission and vision. In order to ensure your gift is used as you intend, we recommend you contact the Office of Advancement & External Relations early in your decision-making process. We can make sure your gift is designated to match your needs and interests.
I wish my gift to remain anonymous. Is this possible?
We are aware that many individuals prefer their gift remain anonymous. We will certainly respect and honour your wishes in this regard.
What happens if I tell the university about a bequest and then can’t follow through on this gift?
We realize that circumstances can change throughout the course of your lifetime. We understand that all legacy gifts take into consideration your personal and family circumstances. When these change, so do your estate plans. Good estate planning requires you to keep making changes that reflect your current circumstances.
If the university isn’t going to receive my gift for a long time, why do they need to know now?
It is important for the university to receive information about your legacy gift. Records established with the university ensure your exact wishes are carried out when the gift is received. Knowing in advance of your intentions also permits us to thank and recognize you during your lifetime and allows us the opportunity to let you know how your generosity will impact our students.
I would like to set up a student award with my legacy gift. Is there anything I should know when planning this type of gift?
The minimum amounts required for expendable or endowed awards will change in the future; it's important to plan for this when setting up an award through a legacy gift. Please contact Cec Joyal, Development Officer, at 519.884.0710 ext. 3864 or cjoyal@wlu.ca.

Legacy giving builds a foundation for the future

To discuss making a legacy gift, please contact:

2-white-20150326_joyal_cec_01.jpg

Cec Joyal
Development Officer,
Individual and Legacy Giving

Cell: 519-498-4168
Office: 519.884.0710 ext. 3864
cjoyal@wlu.ca

The information on this page is of a general nature only and is not intended as legal or tax advice. Individuals are encouraged to consult with their legal and/or financial advisors before making gifts to Wilfrid Laurier University.