Other Ways to Give

The majority of the Walkerton & District Hospital Foundation's support comes from annual cash donations, for which the Foundation is very grateful. But there are many other forms of support that are an increasingly attractive alternative which can benefit you, the hospital and future generations.

You can arrange your financial support to enable you to take care of the needs of those close to you, while at the same time showing your commitment to healthcare in your community by making a lasting contribution to the hospital.

A Bequest:

A will is the most important vehicle for making financial provisions for our loved ones and ensuring that your wishes are known and followed upon death. A major benefit in making a bequest gift is that while you have arranged a gift to your hospital and have the satisfaction of knowing that it is in place, you retain control of the funds throughout your lifetime. Upon your death the gift will be transferred to the Foundation and a tax receipt will be issued which can reduce the amount of taxes owing by your estate up to one hundred percent of net income. Any contribution in excess to the limit can be carried back to the immediately preceding year with a similar limit to reduce taxes paid that year. A bequest can take the form of cash, real estate, or other valuables such as stocks, bonds, or guaranteed income certificates.

An Annuity:

Annuities are available for special circumstances allowing you to make a significant gift to the Hospital immediately in exchange for lifetime security. Using the donor's gift, the Foundation purchases an annuity. The annuity provides a source of lifetime income for the donor. At the time of death, the Foundation would receive the remainder of the investment.

A gift of Real Estate:

A gift of real estate opens the possibility of a large gift without using liquid assets. A gift of real estate makes it possible for you to make an immediate gift and receive an immediate charitable receipt. If a principal residence is given, no taxable capital gains are triggered. A gift of real estate can take two options. First, an outright gift would result in a tax receipt for the fair market value of your property. The second option would be if you chose to give the gift of your property but retain the right to reside in the home (such a gift requires that the property be irrevocably transferred to the Foundation). In this case you would continue to pay all costs related to the property. The actual transfer of the property occurs when you desire.

A Life Insurance Policy:

A life insurance policy is an easy and uncomplicated way to make a planned gift. As the owner/beneficiary of the policy is Walkerton & District Hospital Foundation, the insurance proceeds at death are not included in the value of your estate thereby reducing probate fees otherwise payable by the estate. A sizeable gift can be made at a fraction of the gift value when comparing the face value of the policy with the amount of the premium. It is truly a way in which you can make a contribution larger than you have ever dreamed possible. A new policy can be purchased and assigned to the Walkerton & District Hospital Foundation as owner and beneficiary. You will receive tax receipts for the annual premium you pay. An existing policy ownership can be transferred to the Foundation and a tax receipt will be issued for the cash surrender value, plus each subsequent premium payment you can make. In both cases immediate tax benefits will be realized. By structuring your donations in this way, you benefit today from ongoing tax credits for your premium payments, and your hospital receives what could be a very large gift in the future.

A Gift of Marketable Securities:

Marketable securities are a special form of property including stocks, bonds, and mutual funds. They are transferable and usually easy to value. As such, they make excellent charitable gifts. A partial exemption of capital gains from taxation has been put in place. The taxable portion of the capital gain has been reduced and the donation limit has been increased in respect to the capital gain arising as a result of a gift. The charitable tax receipt will more than cancel the capital gain and will in effect reduce taxes arising from other incomes. The tax receipt is based on the fair market value of the securities at the close of trading on the day the transfer is made to the Foundation. The tax receipt is immediate, and can be used for taxation year in which the gift is made.

Finally, It is a good idea to discuss your charitable donation plan and its tax advantages with your financial advisor or tax professional.