Legacy Giving

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.

Preparing Your Bequest

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. We have sample bequest clauses available for you to review.

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.

Preparing Your Will

A good will...

1. Has kept up with life changes: It adheres to the most recent tax laws and reflects your current circumstances (e.g. children moving out or financial changes). An up-to-date will gives you peace of mind knowing your wishes will be carried out and responsibilities met.
2. Seeks to do good: It addresses the needs of your spouse and others you are responsible for. Further, it does good by supporting organizations that reflect your values and concerns. We at Wilfrid Laurier University hope that includes us.
3. Conforms to the legal requirements where you live: It is prepared and signed correctly, and fully expresses your desires regarding your estate and cares like as guardianship, trusts, final declarations, etc. When tucked away for safekeeping, you want confidence it was done well.

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.

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

Managing Your Policy

There are three ways to give the gift of life insurance.

1. Donate an Existing Policy 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.
2. Name Laurier as a Beneficiary of Your 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.
3. 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.

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.

Tax Benefits

Laurier follows CRA legislation and guidance on gifts of shares. Under current legislation, 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. If you wish to donate stock held in a private company, please contact us at +1.548.889.5568 or give@wlu.ca to discuss valuation and acceptance.

Due to the tax advantages, there can be up to 40% less cost to you as the donor when donating shares vs cash. Please speak with your financial advisor.

Transferring Your Shares

To begin the process of making a gift of securities, download and complete the Donation of Securities form and follow the contact instructions at the bottom of the form. It is important that the university be aware of this transaction.

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:
   1. Account Name: Wilfrid Laurier University
   2. Brokerage Account Number: 561-27099-1-4

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

• 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.
• 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.

Funding

When you make an endowed gift, the capital is invested within a Laurier endowment fund. This protected amount earns interest annually, which is used to:

1. Protect the fund from inflation.
2. Create a stabilization account from which to draw in years of poor returns.
3. Fund the initiative you are supporting through a spending allocation.

Laurier’s Board of Governors reviews and approves how much can be spent annually depending on fund returns. Laurier’s investment and spending strategies ensure your fund will continue to have the same impact in perpetuity – endowments are forever.

Laurier offers donors a choice of two investment options: a general endowment fund and a fossil-fuel free endowment fund.

Currently, Laurier offers donors a choice of two endowment investment options: a general endowment fund and a fossil-fuel free endowment fund. To learn more about these options, contact: +1.548.889.5568 or give@wlu.ca.

Examples: 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 Laurier, please make your wishes known in a separate letter. Contact us at +1.548.889.5568 or give@wlu.ca.

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 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.

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.

A charitable remainder trust is a deferred giving arrangement under which you may transfer property (cash, securities or real estate) to a trustee. 

The trust allows you to make a legacy gift now and receive an immediate charitable tax receipt, while enjoying the interest income for life.  

Benefits: 

• Receive lifetime income from the donated asset.
• Receive a charitable tax receipt for the net present value of the assets in the trust.
• Your gift can be kept private, as these types of gifts are not part of your will.
• Charitable remainder trusts are not included in probate.
• If all or the majority of your estate is intended for charity, a charitable remainder trust ensures you maximize your charitable tax receipts.

All charitable donations (as defined by CRA) 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 depends on the type of asset being gifted but is usually based on the current fair market value of the gift.

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.

You have the option of creating an annual scholarship, bursary or award or establishing an endowed scholarship, bursary or award.

The minimum amounts required for expendable or endowed awards will change in the future. It’s important to plan for this when setting up a financial opportunity through a legacy gift.

Please contact Cec Joyal, Development Officer, at 519.884.0710 x3864 or cjoyal@wlu.ca She will be pleased to assist you in discussing terms of reference.

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 work with you to both ensure that your gift is designated to match your needs and interests, and that the university is able to accept and spend the gift.

We are aware that many individuals prefer their gift remain anonymous. We will certainly respect and honour your wishes in this regard.

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.

It is important for the university to receive information about your legacy gift. Records established with the university ensure your 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.