Leave a Gift in Your Will

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 cannot 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)

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 Donor Relations at (613) 237-5236 extension 2209.

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.

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 ongoing 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 Donor Relations at (613) 237-5236 extension 2209 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.

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.

An endowment fund is a donation which is invested 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 Donor Relations at (613) 237-5236 extension 2209 for more information.

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.

• 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.

• 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 Donor Relations at (613) 237-5236 extension 2209 for more information.

Why donate securities?

When you make a gift of securities to Oxfam Canada, you are joining the fight against poverty and equality in a way that has an immediate impact.

When you donate publicly-traded securities, you eliminate the capital gains tax you would have to pay if you sold the securities and then donated the proceeds. You will also receive a charitable tax receipt for your donation.

Stocks, mutual funds, segregated funds, bonds, flow-through shares and employee stock options.

You can give now, or as part of your estate.

Giving is simple. Consult your financial advisor to decide which investments make the most financial and philanthropic impact, and then direct your broker to transfer your securities to Oxfam Canada by completing this transfer form.

Also, please notify Oxfam Canada that a gift of securities has been initiated so that we know a gift is on its way and can show our appreciation.

Thank you for considering a gift of securities to Oxfam Canada to further our work.