A bequest is a direction in your will to leave one or more of your assets to a charitable organization. Each year, many alumni and friends of the College designate a bequest to benefit Trinity. Gifts by will are becoming an important source of support because they enable individuals to make significant gifts that they may not have been able to make while living.
The benefits of making a bequest:
- Your bequest can be a lasting legacy for you, your family, or anyone you may wish to honour.
- You retain full control of your assets during your lifetime.
- Your bequest can provide tax relief to your estate.
The College will issue a tax receipt for the full value of the bequest. This receipt can be used to reduce the tax payable on your final tax return. If your bequest exceeds 100 per cent of your net income, the excess may be carried back to the previous tax year.
Funds are usually bequeathed as a residual amount (for example, a share or percentage of your estate), or a specific dollar amount. The following is sample language for a bequest to Trinity College:
“To pay to Trinity College, Toronto, presently located at 6 Hoskin Avenue, Toronto, ON (BN 11926 9751 RR0001) _____ % of the residue of my estate [or the sum of $___________] to be used by Trinity College for its general purposes.”
For further sample charitable bequest clauses or for more information, please contact Meredith Meads, Senior Development Officer, Gift Planning, Development & Alumni Affairs 416-946-7371 firstname.lastname@example.org