Bequests and Planned Gifts
A Charitable Gift Annuity
Creating a Gift Annuity is a method you can utilize to develop a significant legacy for the future while receiving a stable lifetime income stream with an immediate tax savings.
If you are 70 years or older, have a desire to create a legacy at Tafelmusik but still need the income from your assets, it may make sense to incorporate a charitable gift annuity as part of your estate plan. A charitable gift annuity can allow you to give a gift, save tax, and increase your income. When you establish a charitable gift annuity, you secure a guaranteed stream of income for life while also providing important support for Tafelmusik.
Here's how it works:
- You make an irrevocable contribution of $10,000 or more for a gift plus annuity
- Part of the funds, as determined by you (minimum 25%), becomes an immediate gift to Tafelmusik
- The remaining funds are used by Tafelmusik to purchase an annuity from an insurance company to meet the gift annuity income obligation to you
- The annuity income will depend on your age and the size of your contribution
The benefits of Creating a Charitable Gift Annuity:
- Increased Income - The rate will likely be significantly higher than what you are receiving from your fixed income investments such as a GIC
- No Management Required - The annuity requires no management on your part. You do not have to watch investments, interest rates, maturity dates and so forth. Your payments are sent to you automatically and regularly
- Guaranteed Income for Life - The annuity is guaranteed; it will continue as long as you live, no matter what happens to the economy or interest rates
- Spouses can Benefit - You may choose a joint-and-survivorship annuity that continues as long as either spouse lives
- Tax Free Income - Depending on your age, you may get a special bonus at tax time; all or a sizeable portion of your income will be tax exempt
- Donation Receipt - You will receive a donation receipt for the amount of the gift portion to Tafelmusik, which will result in a tax credit
To ensure that your particular needs are met and that your wishes are honoured, we recommend that you consult legal and/or financial advisors. At the same time, also contact us at Tafelmusik and let us know about your intentions. Not only can we answer any question you may have, we can also have a conversation about how you would like the proceeds from your gift put to use.
If you have already made arrangements for a legacy gift to Tafelmusik, please send us a completed Legacy Gift Confirmation form so that we may ensure proper administration and recognition of your gift.
Click here for Legacy Gift Confirmation Form
(PDF; 253k)
This form is in PDF format and requires Adobe Acrobat Reader. Don't have the reader? Download it free.
For more information on bequest gifts to Tafelmusik, please contact Michelle Yeung, Director of Development (Interim), at (416) 964-9562 ext. 240, or via e-mail myeung@tafelmusik.org.
