Legacy Giving: Leave a gift in your will

Make ending poverty part of your life story. Change lives for generations to come by leaving a gift to Oxfam in your will.

Legacy Giving to Oxfam - gift in your will

"I can buy the food I need. But I’m aware that many people in the world go to bed hungry. It’s natural for me to think of a legacy to organizations like Oxfam in my will." ~ Richard

Your will is a testament to what you believe. If you share Oxfam’s belief in a world without poverty, you can help the world’s poorest people build better lives for themselves, long into the future. Richard is just one person who has chosen to leave a gift in his will to Oxfam. With this kind of support, many lives are saved around the world.

Remembering Oxfam in your will is an act that is generous, powerful, and surprisingly simple. It allows you to leave a larger gift than would be possible during your lifetime, while still retaining control of your assets. 

You can leave a piece of property, securities, cash, or even a percentage of your estate. Your estate will receive a charitable tax receipt that can lower or even eliminate estate taxes. 

Leaving a gift to Oxfam is simple. Talk it over with your family and loves ones, then speak with your lawyer about drafting or revisiting your will, or adding a codicil. 

Be sure to inform us of your bequest and your wishes. It will give us the opportunity to thank you and to discuss what you hope your gift will help to accomplish. Of course, we will respect your privacy and confidentiality.

Every gift in every will makes a difference. 

Guide to Gift Planning

 

Guide to Gift Planning
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There are several ways you can plan to make a gift to Oxfam. 

To find out more about making a Legacy Gift to Oxfam Canada please contact us, and we'll be happy to help you and provide you with the information you need to make an informed decision. 

Rowena Griffiths, CSA, head of planned giving will be delighted to work with you and your advisors to arrange a gift that best suits your objectives. You can reach her at 613-237-5236 extension 2209 or via email at Rowena.Griffiths@oxfam.org

Global Visionaries

Global Visionaries are a very special group of people who have confirmed their intent to leave Oxfam Canada a legacy or other planned gift. Global Visionaries is our way of recognizing and honoring these donors during their lifetime. You can choose if or how you would like to be recognized, in your lifetime, or if you prefer, only for your Estate to be recognized in our Annual Report.

Bequest

A charitable bequest results in a tax receipt which can be used to offset taxes owing on up to 100% of your taxable income on the final tax return. If the full tax credit can not be used in the final tax return, it can be used to offset 100% of taxable income in the year prior. 

There are several ways you can make a gift through your will.  You can choose to leave Oxfam Canada:

  • a specific bequest, of a specified amount of money
  • a residual bequest (after all other debts, taxes and specific legacies are paid out of your estate)

Sample Bequest Language:

Here is the recommended wording for a bequest to Oxfam Canada:

"I deliver, pay or transfer  the sum of $_____ (___% share of the estate) to Oxfam Canada currently located at 39 McArthur Ave., Ottawa, ON  K1L 8L7, for its general purposes. The receipt of an appropriate officer of Oxfam Canada shall be a sufficient discharge of my Trustees.”

Our legal name is “Oxfam Canada” and our charitable number is #12971-6866-RR0001. Our head office address is: 39 McArthur Ave., Ottawa, Ontario, K1L 8L7.

It is in the best interests of Oxfam Canada if you would allow for an unrestricted bequest to Oxfam Canada for “its general charitable purpose”. Should your bequest gift be restricted for a specific purpose, please include the following clause: 

“If Oxfam Canada’s program areas change and it becomes impossible or impractical to satisfy any particular restriction, Oxfam Canada may make the decision as to where the proceeds of that gift may be spent, consistent with the donor’s original intent to the extent possible”. 

Every effort will be made to contact the lawyer of the estate and/or living relatives to advise them of the change in how the funds are to be used. Please do let us know if you intend to make a restricted bequest by contacting Rowena at 613-237-5236 extension 2209 or Rowena.Griffiths@oxfam.org.

Something that you may want to consider is to provide your charitable beneficiaries with a copy of your will or the portion that pertains to them. If you do decide to leave a bequest to Oxfam Canada, please do let us know as we would like to thank you; and knowing in advance would help us plan for our future work. 

Leave a Bequest brochure

 

Leave a Bequest
Download the brochure

 

A Gift of Life Insurance

A gift of life insurance is an affordable way to make a real difference. A modest annual premium, paid over time, can result in a significant future legacy.

Ways to donate life insurance:

  • Transfer ownership of a paid-up policy with Oxfam Canada named as beneficiary. You can receive a current charitable tax receipt for fair market value of the policy or defer the tax receipt to your estate.
  • Transfer ownership of a partially paid-up policy with Oxfam Canada named as beneficiary. You will receive a charitable tax receipt for fair market value of the policy and an annual tax receipt for your on-going premium payments.
  • Take out a new policy with Oxfam Canada named as owner and beneficiary, and receive an annual charitable tax receipt for on-going premium payments.
  • Assign Oxfam Canada as the beneficiary of your individual or workplace policy. Your estate will receive a charitable tax receipt.

Benefits of a gift of life insurance:

  • Affordable annual premiums which will convert to a large gift to Oxfam Canada
  • You receive a charitable tax receipt, based on the way the insurance was gifted.
  • The insurance benefit will be paid directly to Oxfam Canada and is separate from your estate, so there are no administrative costs or probate fees.
  • Your gift has no effect on your estate’s assets and you will receive a charitable tax receipt that can be used in your lifetime or as part of your estate, depending on the method you choose.

A donor takes out a new life insurance policy: You take out a new life insurance policy for $125,000 naming Oxfam Canada as owner and beneficiary of the policy. Your annual premium of $1,050 has an approximate after-tax cost of $525 per year. You leave a generous legacy to Oxfam Canada of $125,000.

To make a gift of life insurance, contact Rowena Griffiths at 613-237-5236 extension 2209 or via email at Rowena.Griffiths@oxfam.org as well as your life insurance provider to create a new policy, transfer ownership of an existing policy, or change the policy beneficiary to Oxfam Canada.

Gift of Life Insurance

 

Gift of Life Insurance
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RRSPs / RRIFs

When it comes to transferring your wealth to the next generation, retirement funds are amongst your most heavily-taxed assets. Registered assets can only be rolled over to a surviving spouse. RRSPs and RRIFs are taxed at the highest marginal rate if they are transferred to children or next of kin, unless the child has a disability.

Donating your RRSP or RRIF funds to Oxfam Canada is a tax-smart and effective solution. By naming Oxfam Canada as a beneficiary of your registered plans, you will retain ownership and use of the funds during your lifetime, your estate will receive a tax receipt for the value of the plan, and you will avoid probate fees because these assets do not pass through your estate.

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 Oxfam Canada as the beneficiary of all or a portion of your RRSP or RRIF, and return the document to your provider (we would also appreciate receiving notice of your donation so we can thank you and acknowledge you accordingly).

Please note that RRSP and RRIF assets cannot be transferred directly to a registered charity during your lifetime and be eligible for a charitable tax receipt. However, if you find that you do not need the required annual withdrawal from your RRIF, consider donating this amount to Oxfam Canada to offset your taxes. 

Endowment Fund

An endowment fund is a donation which is investd with the earnings generated on the principal used to support Oxfam's work.  The Oxfam Canada Endowment Fund is established with Tides Canada Foundation.  Please contact Rowena Griffiths at 613-237-5236 x 2209 or Rowena.Griffiths@oxfam.org for more information. 

Charitable Remainder Trust - Security Today Your Legacy Tomorrow

A Charitable Remainder Trust allows you to arrange your legacy gift now and receive an immediate charitable tax receipt while enjoying the interest income for life.

“It’s rather like giving away the apple tree and keeping the apples” ~Rowena

To establish a Charitable Remainder Trust:

  • You irrevocably transfer assets (a sum of money, securities, personal or real property) into a trust to be managed by a trustee, such as a financial institution, yourself, a lawyer or other individual
  • A trust document names you or others the beneficiary of the interest income, and names Oxfam Canada as the remainder beneficiary

Benefits of a Charitable Remainder Trust:

  • You receive a charitable tax receipt for the net present value of the assets in the trust.
  • You receive lifetime income from or use of the donated asset.

These gifts provide privacy as they are not part of your will and they are not included in probate.

If all or the majority of your estate is intended for charity, then a charitable remainder trust is a way to maximize the use of your charitable tax receipt. 

Please contact Rowena Griffiths at 613-237-5236 x 2209 or Rowena.Griffiths@oxfam.org for more information. 

Considering leaving a Gift of Stock or Securities? Click Here