WAYS
TO GIVE

Legacy Giving

WAYS
TO GIVE

FREQUENTLY
ASKED QUESTIONS

GIL ROBILLARD
LEGACY SOCIETY

What Is Legacy Giving?

Legacy giving enables donors to make a gift in the future, while planning today what kind of legacy they want to leave to their loved ones and the causes closest to their hearts.

By including the Georgian Bay General Hospital (GBGH) Foundation in your estate plans, you are helping to ensure that excellent care will be here for generations to come. Whether your gift is large or small, it carries the promise of a healthier tomorrow. Letting us know of your intentions today allows us to honour your legacy and ensure your gift supports the areas that matter most to you.

Ways to Give

There are many ways to leave a legacy gift, from a simple bequest in your Will to a gift of life insurance. Whether honouring a loved one, supporting a specific area of the hospital, or contributing to the highest priority equipment needs, each gift is a testament to the donor’s enduring commitment to our community’s well-being.

Leave A Gift In Your Will

SPECIFIC BEQUEST

Directs that the Foundation is to receive a particular asset (ie. $10,000 cash or 500 shares of XYZ stock).

RESIDUAL BEQUEST

Designates for the Foundation all, or a portion of, whatever remains after all debts, taxes, expenses and other bequests have been paid.

CONTINGENT BEQUEST

A gift originally intended for other beneficiaries but in the event of their prior passing, is redirected as a charitable donation.

GIFTS OF LIFE INSURANCE

A gift of life insurance allows you to arrange a future gift to the Foundation at a low cost to you now.

Donate an existing policy: Make the Foundation the owner and beneficiary to receive a charitable tax receipt for the policy’s fair market value and for any future premiums you pay.
Take out a new policy: If the Foundation is both owner and beneficiary, you’ll receive a tax receipt for your annual premiums. To receive a tax credit for your premiums, the policy must be irrevocably assigned to the Foundation as the owner of the policy.
Name the Foundation as beneficiary only on an existing policy: You will not receive a charitable tax receipt for the premiums paid or for its fair market value. Rather, the full tax benefit and tax receipt will go to your estate after your death.

Charitable tax receipts for planned gifts of life insurance proceeds may be used to offset up to 100% of net income in the year of your death. Excess credit may be carried back to the previous year.

GIFTS OF PROCEEDS FROM RRSPS AND RRIFS

You may do this by a specific beneficiary designation in your RRSP/RRIF or through a simple clause in your will. In either case, the Foundation can issue a charitable donation receipt for the full amount of the distribution, with significant tax credits for your estate.

It is important to remember, however, that upon your death, 100% of the proceeds from your RRSP or RRIF is included in your final tax return. Your estate will have to pay taxes on the full amount of your RRSP or RRIF, as is normal with any estate.

By designating the Foundation as the beneficiary of your registered funds, your gift will flow to the Foundation immediately.

If the proceeds are allocated to the Foundation in your will, the funds will be distributed once the estate is settled, and could be subject to probate fees if applicable.

GIFTS OF MARKETABLE SECURITIES

You can make a tax-smart donation to support your Georgian Bay General Hospital by donating securities.

Simply follow these instructions:

Download, complete and send the Gift of Publicly Traded Securities Form to Greg MacMillan, Director, Finance & Operations, GBGH Foundation (macmillang@gbgh.on.ca). This form does not initiate the transfer of securities, but it is an important first step in the process.
Contact your broker or financial advisor to initiate the transfer of your securities to the Georgian Bay General Hospital Foundation (send them the same form – make sure you sign it first!).
Once the transfer is complete, we will send you the tax receipt for the value of your gift.

The best way to ensure that your charitable plans reflect your personal situation and long-term goals is to consult your legal, financial or income tax advisor.

Impact Endowment Fund

The Impact Endowment Fund is made up of the gifts that donors have generously left through their estates to ensure quality healthcare for North Simcoe for generations to come. These legacy gifts are endowed, meaning the gift is invested in perpetuity and only the income from the gift is spent. Endowment funds provide a stable source of ongoing income, supporting GBGH now and for generations to come. The GBGH Foundation allocates 50% of all unrestricted estate gifts to this fund, helping our donors create a permanent legacy in support of their Hospital.

Stories of Impact

Have you already planned a gift in your will to the GBGH Foundation?

We would love to thank you for your generosity and welcome you to the Gil Robillard Legacy Society. Informing us of your intentions today ensures that your wishes are honoured and that your contribution has the greatest possible impact.

Please share your interest and we will be in touch to discuss with you*

I would like to confirm a legacy gift to GBGH Foundation (gift in will, life insurance, registered retirement funds, tax free savings account) I am interested in learning more about living a legacy gift to GBGH Foundation.

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Frequently Asked Questions

WHAT IF I ALREADY HAVE A WILL?

You can use a special legal clause – called a codicil – to amend your current will to include your gift to the GBGH Foundation.

WHO CAN LEAVE A LEGACY GIFT?

Anyone can leave a legacy gift—you don’t need to be wealthy to make a meaningful impact. Legacy gifts come in all sizes, and each one reflects the donor’s values and care for the future of our hospital and community.

WHAT IF I WANT TO HELP MORE THAN ONE CHARITY?

You can include all your favourite charities in your will. Think of your estate as a pie – you can cut it into as many different sized slices as you like!

WOULDN’T IT BE BETTER TO HELP NOW RATHER THAN LATER?

A gift in your estate is one of many ways you can give. Often times, legacy giving allows you to give much more than you ever thought possible during your lifetime as your estate includes all of your assets – like real estate or investments, which are often overlooked when you consider how much you have.

HOW CAN I LEAVE A CHARITABLE BEQUEST AND PROVIDE FOR MY FAMILY?

There are many ways to ensure your loved ones are taken care of along with remembering GBGH in your estate plans. A popular option is called a ‘residual gift’. This means you can take care of your loved ones first, along with any debts, before leaving whatever is left to GBGH.

DOESN’T THE GOVERNMENT COVER THE HOSPITAL’S FUNDING?

Here in Ontario, the government provides funding for hospital operating costs, including salaries, medications and utilities. But, it’s up to the hospital itself to raise the funds needed for capital projects, including all new and replacement equipment and technology.

WHAT ARE THE BENEFITS OF LEAVING A LEGACY GIFT?

You have the opportunity to make a larger, more lasting impact than may be possible during your lifetime. There is no immediate cost to you, and your plans can be updated at any time. You retain full control of your assets throughout your life, and your estate may benefit from a charitable tax receipt, which can help reduce taxes owed.

To Learn More

We strongly encourage you to consult your financial advisor or lawyer, family members and other beneficiaries when deciding what type of charitable bequest is right for you.

For more information and to discuss your legacy with the GBGH Foundation please contact Victoria Evans