Support SMHF – Ways of Giving

Giving should be easy. What one person finds suitable isn’t necessarily the same as another. At the Foundation, we help people find an option that fulfils their wishes and best suits their situation.

 

Here are some of our options:


You can honour a family member or friend, mark a special occasion, remember a loved one, or thank a friend with a tribute gift. If you wish, South Muskoka Hospital Foundation will convey your warm wishes by mail to the person(s) you choose.

Gift Planning is the process of designing charitable gifts enabling the donor to realize philanthropic objectives while maximizing tax and other financial objectives. Some of the more popular gift planning options include Bequests, Gift Annuities, Residual Interest Gifts, Charitable Remainder Trusts and Gifts of Life Insurance.

Bequests
A bequest is a direction by a will to give property to the South Muskoka Hospital Foundation. The bequest may be specific, general, residuary, or contingent.

General Bequest: A bequest of property to the South Muskoka Hospital Foundation similar to all other gifts of the same kind, usually a sum of cash.

Specific Bequest: A bequest of a specific item to the South Muskoka Hospital Foundation.

Residual Bequest: A bequest to the South Muskoka Hospital Foundation of all or a portion of whatever remains after all expenses, specific, and general bequests have been paid.

Contingent Bequest: A bequest to the South Muskoka Hospital Foundation that takes effect only if the primary intention cannot be met.
The following language may help you and your attorney when drawing up a bequest that meets your needs.

General Bequest: If you intend to make an outright bequest of cash, securities, or other property by designating a specific dollar amount, a particular asset, or a fixed percentage of your estate to South Muskoka Hospital Foundation to be used for general purposes:
“I give, devise, and bequeath to South Muskoka Hospital Foundation, the sum of $________(or a description of the specific asset), for the benefit of South Muskoka Hospital Foundation for its general purposes.”

Specific Bequest: If you intend to make an outright bequest for a specific purpose, such as to support research on a particular disease:
“I give, devise, and bequeath to South Muskoka Hospital Foundation, the sum of $_______ (or a description of the specific asset), for the benefit of South Muskoka Hospital Foundation to be used for the following purpose: (state the purpose). If at any time in the judgment of the trustees of South Muskoka Hospital Foundation it is impossible or impracticable to carry out exactly the designated purpose, they shall determine an alternative purpose as near as possible to the designated purpose.”

Residual Bequest: If you intend to leave the residue portion of your assets after other terms of the will have been satisfied:
“All the rest, residue, and remainder of my estate, both real and personal, I give to South Muskoka Hospital Foundation, for its general purposes.”

Contingency Bequest: If you wish to make a contingency gift, so that South Muskoka Hospital Foundation will receive a portion of your estate if your named beneficiary does not survive you:
“I devise and bequeath the residue of the property, real and personal and wherever situated, owned by me at my death, to (name of beneficiary), if (she/he) survives me. If (name of beneficiary) does not survive me, I devise and bequeath my residuary estate to South Muskoka Hospital Foundation, for its general purposes.”

Gift Annuities:A Gift Annuity is a financial arrangement or contract a donor makes with the South Muskoka Hospital Foundation under which the donor (and/or other named persons) will receive a specific amount of money at stated intervals for life in consideration of either cash or other assets.

Gift of Residual Interest: When a donor makes a gift of a residual interest in property, the donor irrevocably commits the property to the charity but retains use of the property, normally for life. For example, title to a personal residence might be transferred to the South Muskoka Hospital Foundation subject to the donor’s right to continue living in the property for the balance of the donor’s life.

Charitable Remainder Trusts: This option is a trust established by the donor whereby the donor and/or other named beneficiaries will receive income from the property for life or for a period of years, after which the remainder will be distributed to the South Muskoka Hospital Foundation.

Gift of Life Insurance
A donor may make a gift of life insurance to the South Muskoka Hospital Foundation in any of the following ways:
(i) Transfer of ownership of an existing paid-up policy to the South Muskoka Hospital Foundation.
(ii) Transfer ownership of a new policy or of an existing policy on which premiums are still owing to the South Muskoka Hospital Foundation and continue to pay the premiums.
(iii) Name the South Muskoka Hospital Foundation as a beneficiary to receive all or part of the insurance proceeds arising from death.
(iv) Name the South Muskoka Hospital Foundation to receive all or part of the insurance proceeds arising from death if the primary beneficiary is not surviving.
(v) Designate the insurance proceeds arising from death, or withdraw the cash value now, to fund a gift or annuity in favour of the South Muskoka Hospital Foundation.

The federal budget tabled May 2, 2006, eliminated the capital gains tax on donations of publicly listed securities to charities. Previously, a taxpayer who donated shares which had gone up in value had to pay tax on 25% of the increased value. Under the new taxation rules, if a donor donates stock that originally was purchased for $400 and now has a fair market value of $1,000, the donor will receive a tax receipt from South Muskoka Hospital Foundation for $1,000 and will not have to pay any tax on the gain.

Steps to donate securities:
  1. Click on the Security Transfer Form and print using your browser.
  2. Complete all sections of the form, including your contact information, the contact information for your broker, and your share information. Send it to Colin Miller by fax at (705) 645-0352 or email at colin.miller@mahc.ca
  3. Initiate the transfer with your broker.
  4. Once the transaction is completed, a tax receipt for the amount of the donation received by the Foundation will be sent to you.

South Muskoka Hospital Foundation (SMHF) has made arrangements with the American Fund for Charities (AFC) to accept donations on its behalf. In so doing, donors who support SMHF through the AFC will receive a charitable receipt for the full value of their gift that can be used on their U.S. tax return.

For further information, please contact the Foundation Office at (705) 645-4404 ext. 3193.