Page 3 - Wellspring Legacy Giving Society News

MESSAGE FROM THE CEO
BY:
Marissa Verskin, BCom, MTax, CPA, CA
Karen Slezak, CPA, CA, CFP, TEP
Crowe Soberman LLP, Partner, Tax
Chartered Professional Accountants
Charitable Gifts
These gifts enable you to leave behind a legacy and
are often made to organizations that were there for
you in your time of need, or to a cause of personal
significance. A charitable gift can be made as a
one-time legacy gift of a fixed amount of money,
or of all or portion of the residue of the estate.
Both types of charitable gifts are eligible for a
donation tax credit which will reduce the taxes on
your final return or alternatively may be claimed in
any one of up to five estate returns.
Probate Planning
In Ontario, to probate your Will, your estate
must pay a fee of 1.5% of the value of the assets
passing through the estate in excess of $50,000.
This cost can be reduced in some cases by making
direct beneficiary designations with your financial
institution with respect to TFSAs, TFHSA, RRSP/RRIF,
and life insurance. These designations mean that the
funds pass directly to beneficiaries instead of via your
estate and do not attract probate fees. Similarly, the
cost may be reduced by holding assets jointly, and/
or having dual Wills. You should seek professional
advice to understand which strategy, if any, is right
for your particular situation, and whether competing
objectives should be considered before implementing
a probate plan.
The probating process is slow, and banks may freeze
assets while the process is underway. Consideration
should be given to ensure there is sufficient liquidity,
and that beneficiaries can access cash as needed.
Estate planning is an ongoing process. Once drafted,
you should regularly revisit your plan and seek
appropriate professional advice as needed to see if
updates are required. Life events such as a marriage
or divorce, or the birth of new family members
could necessitate a revision to the plan. Similarly,
investments may change in type or value, tax laws
may change, or your (or your beneficiaries’) cash
needs may change.
With your help,
Wellspring is
continuing to
transform cancer
support in Canada
Last year, we successfully launched our digital
platform, enabling better access for people living
with cancer and their loved ones across Canada.
We expanded Wellspring into New Brunswick
through an affiliation agreement, diversified our
offerings with new 2SLGBTQIA+ programs, and
fostered meaningful healthcare partnerships.
With the launch of an online community forum
and plans to launch all-new programming,
including Inuit Nourish, French Language,
Children and Teen Support, and Fear of Cancer
Recurrence, our plans for 2025 are equally
ambitious and game changing. But this is only
possible thanks to your continued support.
Our donors enable us to run and expand our
services to reach more Canadians daily. Legacy
giving is an important part of Wellspring’s
sustainability. In this newsletter, you will discover
why legacy giving is so important and ways to
leave a legacy donation to Wellspring so that even
when you part this earth, you can still make a
difference in the lives of people living with cancer.
By leaving a legacy donation, you can help more
Canadians live better with cancer.
Thank you for supporting Wellspring.
Sincerely,
Christina Smith
CEO