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Leaving a Planned Gift to Huron

Since its founding in 1863, Huron University College has benefited from the commitment of its alumni and friends in so many ways, ensuring that Huron continues providing a distinct advantage for its students.

Just as Huron may have significantly influenced your life, you have the opportunity to leave a legacy as you shape the future of Huron, its students and programs through careful financial planning.

Many individuals have helped Huron maintain its special character by making a planned gift, such as leaving a bequest in their will or designating Huron as the beneficiary of a life insurance policy. In addition to ensuring the long-term financial strength of Huron, donors of a planned gift also benefit from significant tax advantages.

  • Making a planned gift to Huron

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  • A bequest can be as simple as a sentence naming the Huron University College Foundation in your will or adding a codicil to your existing will:

    Download sample bequest language here.

    Download charitable bequest intent form here.

    A properly planned gift can:
    - Reduce or eliminate capital gains taxes.
    - Generate a charitable income tax reduction.
    - Provide a more substantial gift to Huron than you ever thought possible.

    Planned giving is meaningful to many people because it allows them to make a significant gift to an area of Huron which is of particular importance to them. Areas include: academic chairs; scholarships and bursaries for either arts and social science or theology students; The Silcox Memorial Library; community-based learning programs; international study grants; and campus preservation funds. Alternatively, your gift may remain unrestricted and support the area of the greatest need.

    Planned giving is often done in conjunction with estate planning and is an attractive option for donors of all income levels. Seventy-five percent of planned gifts to Huron are in the form of a bequest in one's will, while beneficiary designations of a life insurance policy make up most of the remaining twenty-five percent. Other types of planned gifts include charitable gift annuities, charitable remainder trusts, gift of residual interest, and gifts of RRSPs/RRIFs.
  • Remembering Huron in your will

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  • The easiest way to leave a planned gift to Huron is by adding Huron to your will. This is called a bequest.

    A bequest is simply a term used to describe a gift in your will specifying that a certain percentage of your estate, a particular asset, or a specific dollar amount be directed to Huron. There are many options to ensure that your bequest is personally significant and directed to an area that is meaningful to you.

    How leaving a bequest will benefit you:

     

    - You have the use of your assets during your lifetime.
    - Your estate receives a tax receipt for the full value of the bequest. If the total bequest exceeds 100% of the net income on your final tax return, the excess may be carried back to the previous tax year.
    - As a revocable gift, bequests provide flexibility and can be altered at any time should your circumstances change.

    A bequest can be as simple as a sentence naming the Huron University College Foundation in your will or adding a codicil to your existing will:

    Download sample bequest language here.
    Download charitable bequest intent form here.


    Sample wording for bequests

    A general bequest directs that the charity receives a specific piece of property, usually a sum of cash. 

    Example: "I give to Huron University College the sum of $100,000.00 to be used for the general purposes of the University."

    A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses and all other bequests have been paid.
     
    Example: "I give to Huron University College all of what remains of my estate following the distribution of my personal articles, and after paying any debts, taxes and expenses, for the general purposes of the University."

    Example: "I give to Huron University College fifty percent (50%) of the residue and remainder of my estate, to be used for the general purposes of the University."

    A contingent bequest takes effect only if the primary intention cannot be met.
     
    Example: "If any of the beneficiaries named in this will should die before becoming entitled to receive their distributive share of my estate, I direct my Estate Trustee to transfer the share to which such beneficiary would otherwise have been entitled to Huron University College to be used for the general purposes of the University."
  • Gifts of Life Insurance

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  • Life insurance provides an opportunity to make a substantial gift in a way which benefits Huron and its students, in addition to offering important tax advantages for the donor.

    There are two ways in which a life insurance policy can be structured to benefit Huron:

    1. Naming Huron as the beneficiary:

    When you name Huron as a beneficiary of your life insurance policy, your estate receives a tax receipt for the amount of the death benefit in the policy. The policy bequest qualifies for a 100% donation credit on your final tax return or the immediately preceding year's return. Note, however, that proceeds are also subject to probate fees.

    2. Assigning ownership to Huron:

    There are added tax benefits when you assign or transfer ownership of your life insurance policy to Huron University College Foundation, making Huron the irrevocable beneficiary.

    When Huron becomes the owner of your policy, you receive a tax receipt for the full cash surrender value of the policy.

    In addition, you receive a tax receipt when you make future premium payments on the policy (unless the policy is paid-up).

    Contributions are tax deductible under the terms of the Income Tax Act and official receipts will be issued.

    Canada Revenue Agency: http://www.cra.gc.ca/charities

    ** Please note: the information provided here is intended to be a guide only.
  • Creating an endowment through your planned gift

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  • Clearly, every donor wants their gift to have a positive impact on the lives of those who receive it. Through a bequest for example, donors have an opportunity to establish an endowment which will support Huron and its students each year on a continuing, ongoing basis. Endowment donors may structure and direct their gift to support an area of Huron that is of particular interest to them such as the scholarship or bursary fund, or international study, or facilities such as the library.

    An endowment gift is a permanent living memorial that will forever enhance Huron and the lives of our students. Your endowment gift (the principal) is protected in perpetuity and each year the income produced will support Huron as directed by you in a customized endowment agreement.

    An endowment in the Huron University College Foundation creates a permanent fund of capital that can be named for the donor, the donor's family, or an organization for example. Each year a portion of the market value of the endowment (currently 5%) is paid out in support of a specific program, agreed to by the donor and Huron. Investment growth and any additional donations increase the value of the fund, and in turn the financial support provided from the endowment each year.
  • In appreciation - Huron Heritage Society

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  • Your planned gift to Huron qualifies you for membership in the Huron Heritage Society, should you wish your name to be included. Members are gratefully acknowledged in our newsletter and on our Huron Heritage Society honour roll.

    ** If you have made a Planned Gift to Huron University College and have not notified Huron, you may wish to talk to Kristina Stankevich at 519.438.7224 ext. 214 or kstankev@huron.uwo.ca to indicate the area of Huron you would like your Planned Gift to support.
  • Alumni & friends talk about their planned gifts to Huron

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  • Ann Kennedy Kedwell wants to make sure her family and friends are taken care of when she's not here to do so.

    "When I die, I want to remember my family and friends-to look after them. And Huron College and its people are definitely among my most treasured friends," says Ann, former president of the Alumni Association and a member of the Class '66. For that reason, Ann designated in her will that a certain percentage of her assets be allocated to the College. In addition, she contributes to the Annual Fund to take care of the "here and now."

    For Jim Carr, class of '67, the percentage of his will which he allocated to Huron is a way of remembering what was so special in his life at the College.

    "Because of the size of Huron, my wife and I had the opportunity to know people and maintain friendships that would never have happened at other 'factory-like' universities," says Jim.

    "I'm a great believer in giving something back to institutions that you take something out of. That's what has made our society so successful. If you take something out, you give something back. That's why Huron is part of my will."

    For John Langs, Class of '66, contributing to the College is more important than ever as governments reduce their own contributions.

    "Most educational institutions in Canada were established by private money to begin with," says John. 'We need to build a culture of support within the private sector to replenish ongoing needs and ensure places like Huron will have a strong base."

    "You can't count on government to support post-secondary education the way it used to," says John- "and maybe that's a good thing. It's up to us to make sure that the Huron College which was so special in our own lives continues to offer the same opportunities for others."

    For John, that takes the form of establishing an insurance policy which will be 'paid' to Huron, as the beneficiary.

A bequest can be as simple as a sentence naming the Huron University College Foundation in your will or adding a codicil to your existing will:

Download sample bequest language here.

Download charitable bequest intent form here.

 

Charitable Registration Number 11896 5706 RR0001