Ways to create your legacy

Remembering The Canadian Society for Weizmann Institute of Science (Weizmann Canada) in your will is a wonderful and surprisingly simple way to continue your support into the future. It allows you to leave a larger gift than may be possible during your lifetime, while still retaining control of your assets.

Benefits:

• You have the use of the capital during your lifetime.
• A tax-effective way to support Weizmann Canada as it reduces taxes owed by your estate. Your estate will benefit from a donation tax receipt.
• Your estate can claim gifts equal to 100% of net income in the year of passing, in the preceding year, and in any of the five subsequent years when taxes are owed by the estate.
• A flexible gift which can be altered during your lifetime.

Sample bequest wording:

Specific bequest

 “I hereby give, devise and bequeath the sum of ___ ($ dollar) or transfer assets with equal value to The Canadian Society for the Weizmann Institute of Science.”

Percentage bequest

“I hereby give, devise and bequeath __ percent (%) to “The Canadian Society for the Weizmann Institute of Science.”

Residual bequest

I hereby give, devise and bequeath __ (all or %) of the residue of my estate to “The Canadian Society for the Weizmann Institute of Science.”

Legal name

The name you should include in your will to make a bequest is “The Canadian Society for the Weizmann Institute of Science”. Charitable Registration Number: 13093 0092 RR0001 (Disclaimer – The material listed above is intended to provide general information and should not be construed as legal or other professional advice.  The above should not be used without first reviewing it with your own legal or other professional advisors to determine its suitability for your unique estate planning situation.)

Bill and Lily Lister’s inspiring story >

Already left Weizmann Canada in your will? Learn more about membership in the Vera and Chaim Weizmann Honor Society.

A gift of life insurance is an affordable way of turning small monthly premiums into a significant future gift to The Canadian Society for Weizmann Institute of Science (Weizmann Canada). The insurance benefit will eventually be paid to Weizmann Canada and is separate from your estate, so there is no administrative costs or probate fees. Your gift has no effect on your estate’s assets.  A charitable tax receipt will be issued to your estate for the full amount distributed.

Ways to donate life insurance

• Name The Canadian Society for the Weizmann Institute of Science as the beneficiary of your policy. Your estate will receive a tax receipt for the proceeds of the policy.
• Transfer ownership of a paid-up policy with The Canadian Society for the Weizmann Institute of Science named as beneficiary. You can receive a current tax receipt for the fair market value of the policy or defer the tax receipt for your estate.
• Transfer ownership of a partially paid-up policy with The Canadian Society for the Weizmann Institute of Science named as the beneficiary. You will receive a tax receipt for the fair market value of the policy and annual tax receipts for your ongoing premium payments.
• Take out a new policy with The Canadian Society for the Weizmann Institute of Science as the owner and beneficiary and receive annual tax receipts for your ongoing premium payments.

Benefits:

• Tax savings today
• Modest annual premiums
• You receive a charitable tax receipt based on the way the insurance was gifted
• Gifts of life insurance are not subject to probate or delays in settlement – the full proceeds are payable to Weizmann Canada at maturity or death

When it comes to transferring your wealth to the next generation, retirement funds are among your most heavily taxed assets. Registered assets can only be rolled over to a surviving spouse but are taxed if they are transferred to children or next of kin. Donating your RRSP or RRIF funds to The Canadian Society of Weizmann Institute of Science (Weizmann Canada) is a tax-smart and effective solution. By naming Weizmann Canada as a beneficiary of registered plans, you can retain ownership and use of the funds during your lifetime, receive a tax receipt for the value of the plan, avoid probate fees by removing these assets from your estate, and reduce your overall estate taxes. You can choose to donate all or a portion of your retirement funds, and still provide for your family by naming more than one beneficiary. The gift is simple to make. Just request a Change in Beneficiary form from your plan provider and name The Canadian Society for the Weizmann Institute of Science as beneficiary of all or a portion of the RRSP or RRIF and return the document to your provider.

Other ways to give (Gifts of property, annuities and trusts) 

Gifts of property:

Real estate, jewellery or art can be an attractive way to make a substantial gift to Weizmann Canada with significant tax benefits. You can give the property outright, place it in trust to retain the use of it for life or gift it by will.

Charitable gift annuity:

A charitable gift annuity is an attractive way for individuals aged 70 years and older to make a gift to Weizmann Canada while at the same time securing guaranteed income for life. An annuity consists of two parts: a gift to Weizmann Canada for which you receive a tax receipt and a guaranteed stream of income for you and your surviving partner. A minimum of $50,000 is transferred to Weizmann Canada. At least 25 per cent is counted as an immediate donation, for which you receive a tax receipt. The remainder is used to purchase the annuity from an insurance company providing a guaranteed income.

Benefits:

• An increase in your current after-tax spendable income
• A fixed and guaranteed income stream, at a rate of return that is higher than that of a GICs or other fixed income investments
• No investment management required once the annuity is set up
• A significant portion, if not all, of the income from a gift annuity is tax-free
• A charitable tax receipt for the donation component for even more tax savings

Charitable remainder trust (CRT):

A CRT is a life income gift that enables you to give today and receive immediate tax savings, while retaining use of the asset. Essentially, you transfer a property like real estate, investments, or artwork into a trust to be managed by a trustee (a financial institution, a lawyer, yourself, or other individuals). You name Weizmann as the remainder beneficiary in trust and keep an interest in the property for the rest of your life. After a prescribed period of time, or upon your death, the asset is transferred to Weizmann Canada. This allows you to use the property or receive income from it during your lifetime, while receiving a tax receipt you can use today.