A bequest is a donation in your will that is distributed by your estate after your death.
Upon your death, the Foundation will issue a donation receipt for the bequest. This receipt will result in a tax credit that may be claimed for up to 100 per cent of your taxable income in the year of death and the preceding year.
Common types of bequests, and the wording to include in your will:
The South Muskoka Hospital Foundation receives a specific or fixed percentage.
”I give an amount equal to ______ percent of the net value of my estate to The South Muskoka Hospital Foundation in the Town of Bracebridge, Province of Ontario, Canada.”
A gift of all or a percentage of whatever remains (the “residue”) after all taxes, liabilities, administrative expenses and specific bequests have been paid. The greatest advantage of this bequest is that, as your estate increases or decreases in value over time, your donation remains proportionate.
”I give the rest, residue and remainder of my estate
[or ___ % of the residue] to The South Muskoka Hospital Foundation in the Town of Bracebridge, Province of Ontario, Canada.”
Takes effect only if the primary intention cannot be met. For example, you direct the Foundation to receive a portion of your estate if other beneficiaries do not survive you.
”If [name of beneficiary] does not survive me, or shall die within thirty days from the date after my death, I give to the South Muskoka Hospital Foundation, Town of Bracebridge, Province of Ontario, Canada, ___ % of the residue of my estate [or $____ ].”
