Legacy donors
“A hospital is truly the cornerstone of a community. It’s a precious resource where lives are saved. It’s a place we can all rely on if the need arises and we feel blessed to have it. Having the very best medical equipment, expertise and compassionate care, close to home, is a priceless gift that’s only possible through the caring support of people in our community. We definitely want to make sure our children and loved ones are looked after when we are gone. By placing a portion of our will directly to the hospital, we feel this will add another dimension of care.”
The Prinzen family share why they support their local hospital and why they decided to include the Prince Edward County Memorial Hospital Foundation in their will.
When making or updating your will, most people are surprised that once they’ve taken care of family, there is still room to support their favourite charities. No matter the size, a gift in your will to PECMHF is a lasting testament to the value you place on health care for everyone in our community.
Charitable Bequest – a distribution from your estate to PECMHF through your last will and testament. It is important to use specific language to indicate the precise use of your assets and to successfully carry out your final wishes. A general bequest directs the charity to receive a specific amount. A specific bequest directs a charity to receive a specific piece of property. A residual bequest designates all or a portion of whatever remains after all debts, taxes and expenses and have been paid.
We recommend you consult a lawyer who will help guide you with appropriate wording.
Publicly listed securities for the purpose of donating in Canada are stocks, bonds and mutual funds. They must be listed on designated stock exchanges such as the Toronto Stock Exchange (TSX). Donating appreciated securities can be a cost-effective way to transform an asset into immediate and significant support for PECMHF.
By donating publicly traded securities, you eliminate the capital gains tax that becomes payable if you were to sell the securities. A tax receipt will be issued for the market value on the day of transfer. To download our Gifts of Securities form
click here.
Registered Funds (RRSPS OR RRIFS) - these are one of the best ways to grow wealth during your lifetime, however, they are among the most heavily taxed assets. Registered funds can only be rolled over to a surviving spouse but are taxed if transferred to children or next of kin unless the child is a dependent. If donated, this means upon your death the foundation would receive the proceeds and your estate will receive the charitable receipt.
This is made when you name PECMHF as the beneficiary. It is a cost-effective opportunity to transform modest premium payments into a significant gift. When donating a life insurance policy, the best option for you will depend on whether you seek tax relief during your lifetime or for your estate.
You have a couple of options:
A donation made by way of cash, marketable securities or registered funds, RRSPs, mutual funds, etc. which are held in perpetual trust. A designated portion of income earned by the endowment is used as directed by the donor or donor designate. The donation remains intact, making it an everlasting gift. Endowments may be established with a minimum donation of $25,000. They may be general in nature or for a specific area or purpose subject to PECMHF board approval. Donors play a major role in ensuring a consistent flow of funds for the future by establishing endowments.
A Donor Advised Fund (DAF) is a Canada Revenue Agency approved granting structure that empowers individuals and families to manage their philanthropy with a trusted advisor. A DAF is established through a donation by a donor to an independent organization, typically a foundation or financial institution. A DAF is a personal charitable account established and named by an individual or family.
These donations are invested to provide funds for grants to charities. Donations are irrevocable and qualify for tax receipts, and the grants from the DAF go to charities of the donor's choice. A processing fee is normally charged when using a third party organization.
While DAFs can provide the donor with the freedom to fund charities with privacy, we encourage those with a DAF or considering a DAF to engage with us so you can gain appropriate recognition and make informed disbursement decisions.
Some examples of organizations who administer Donor Advised Funds are:
- Benefaction
- Benevity
- Canada Gives
- Canada Helps
- Fidelity
- United Way
- Community Foundations
- Financial Institutions
When you make a DAF, it is possible the sponsoring organization will not share your information with us. Please send us a note to info@pecmhf.ca when you have made a gift so we can thank you and ensure your gift is directed to where you want it to go.
By taking steps to support the foundation through a gift in your will, you will be invited to become a member of the PEC Cornerstone Legacy Society. This special program enables us to acknowledge your intentions and to recognize you for them while you are living.
The legacy society is comprised of forward-thinking donors who have opted to make their philanthropic values known to future generations through a gift in their will.
For an example of bequest wording, please download our
Sample Bequest Wording
document. If you are considering making a gift or have left a gift to PECMHF, we encourage you to reach out to us.
In case you need our legal information for your estate documents:
Legal Name:
Prince Edward County
Memorial Hospital Foundation
Address:
403 Main Street, Picton, ON K0K 2T0
Charitable Registration Number:
13287 6855 RR0001
Making a planned gift involves preparation and planning. Planned gifts should always be reviewed by a professional financial or legal advisor who will ensure your gift suits your circumstances and maximizes tax advantages.
403 Main Street East, Picton, ON K0K 2T0
info@pecmhf.ca | (613) 476-1008 Ext. 4507