Wills and Estates
Help CMHA Peel by arranging a gift in your estate. After planning your family’s future, you may wish to support a cause you cherish such as CMHA Peel. Include CMHA Peel as a beneficiary in your will, name us as the owner and beneficiary of your life insurance policy or donate your shares or mutual funds to us.
Arranging a planned gift not only suits your current circumstances and financial goals but it allows CMHA Peel to continue providing emergency programs and services to the Peel community and those who are recovering from a mental illness. Create a permanent legacy to CMHA Peel and leave a lasting impression.
Types of Giving
A bequest can be made in the form of cash or property by including CMHA Peel as a beneficiary in your will. It’s simple to arrange and can significantly reduce the tax paid by your estate. And as you may make changes to your will at any time, you retain full control of your gift and can easily alter or add a codicil to the will to meet changing circumstances.
You may also make a residual bequest to CMHA Peel. A residual bequest is a gift of all or a fraction of whatever remains after all debts, taxes, expenses and other bequests are paid.
What should I say in my bequest?
If you would like to provide support for the future work of CMHA Peel by including a charitable bequest in your will, the following language may be helpful:
“I give to Canadian Mental Health Association/Peel branch (hereafter referred to as CMHA Peel ) currently located at 7700 Hurontario St., Unit 601, Brampton, ON L6Y 4M3, the sum of $_______ (or ________% of my estate) to be used in support of its general charitable purposes.”
Will there be any tax advantages if I leave a gift in my will to CMHA Peel?
When you make a donation through your will, the tax credit can be claimed up to 100% of net income in the year of death. (Ordinarily, tax credits for charitable donations can be claimed up to 75% of net income). If the amount of your bequest exceeds your income for that year, credit for the excess can be applied up to 100% of the previous year’s income.
You can name CMHA Peel as the owner and beneficiary of a new or existing life insurance policy. Often the gift will exceed the premiums you will have paid, allowing you to bestow a much larger gift than you might otherwise be able to give.
Transferring ownership of an existing policy to CMHA Peel entitles you to a tax credit for the cash surrender value. Premium payments also qualify for a tax credit.
Gifts of Securities
If you own shares or mutual funds that are traded on certain stock exchanges, you can receive extra tax savings by donating them to CMHA Peel. By giving shares directly to a registered charity, only 25 per cent of your capital gain will be taxable, compared to the normal 50 per cent. The tax benefits can equal as much as 50 cents for every dollar of stock you donate.
You may also give a gift of RSP or RIF funds. To do so, name the estate as the beneficiary of the RSP or RIF and provide in your will for an equivalent bequest to CMHA Peel. The tax credit of the bequest would offset the tax on the distribution.
The information contained in this section is general in nature and is not a substitute for independent legal advice. We recommend you seek independent counsel before making a planned gift.
Legacy Gifts Information
For further information on how you may make a legacy gift to CMHA Peel, please contact Shelagh Nuttall, CMHA Peel Resource Development at 905-451-1718 x 320 or DMV@cmhapeel.ca or complete and submit the form below electronically, or fax it to 905-451-1720, or mail it to:
Canadian Mental Health Association/Peel Branch
7700 Hurontario St., Unit 601
Brampton, ON L6Y 4M3
Your information will be kept strictly confidential and we will send you an information package within a week of receiving your request.