Gift in the will

Support future health care with a gift in the will.

A gift in a will (bequest) is one of the most straightforward ways to support future health care at the QEII Health Sciences Centre. Your client’s final gift will not affect their cash flow today, maintaining complete control over all of their assets during their lifetime.

The 2014 federal budget outlined a change to the way the donation tax credit from a gift in a will may be claimed, beginning January 1, 2016. Learn more by clicking here.

A gift in the will to the QEII Foundation is considered a charitable donation and qualifies for a tax credit that may offset income taxes owing on your client’s final tax return. The donation limit is 100 percent of the net income on the final two annual tax returns.

With careful planning it could be possible to eliminate all income taxes payable on death.

Many individuals, like the Willistons, find peace of mind and satisfaction in knowing that they have provided not only for their immediate families but also for the charitable organizations that enriched their lives and their community.

How will this benefit your client?

  • Revocable during client's lifetime by changing the will

  • Tax credit for use in final two income tax returns against 100% of taxable income

  • Satisfaction of providing for a future gift while retaining full control of property during lifetime

  • See tax eliminator clause below

The Power to Vary Clause
If a gift in the will is for a specific purpose, it is strongly recommended that a power to vary clause be added to the will so the gift will continue to be relevant in spite of changing circumstances in the future. A power to vary clause will allow the QEII Foundation to use the gift to support its work in the event that the original purpose is no longer relevant.

Sample wording: If circumstances should, at the time of my death, make it impossible, inadvisable, or impractical to use my bequest for the designated purpose, then the QEII Health Sciences Centre board of trustees may, in its discretion, use the proceeds from my bequest in such a manner as the board may deem to be to the best advantage of the foundation while adhering as closely as possible to my original intent.

 

Tax Eliminator Clause 
Your client may feel they cannot afford to arrange a charitable bequest as they want all of their assets to go to family. However, income taxes may still be payable upon their death, diverting funds away from their heirs. It is possible to include a clause in their will instructing their personal representative to calculate how much tax is owed in the year of death, plus how much income tax was paid in the year preceding death. 

Given that tax amount, the personal representative is then directed to donate to a charitable organization an amount that will reduce the income taxes to as close to zero as possible. The clause can also be worded to allow your client to set a maximum or minimum amount, notwithstanding the direction to minimize the taxes.

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Have questions? Contact us:

Charles O'Neil: 902 442 7196
Lori Scott: 902 442 7199
Katharine Berrington: 902 442 7146

Charles O'Neil, Katharine Berrington and Lori Scott image

Resources for your practice

Professional Advisors Guide
A guide for financial advisors - CAGP
Ten articles that will make a difference in your practice.

Survey and report
CAGP report link
Understanding advisors' approaches and clients' perspectives.

The QEII Foundation inspires generosity to advance health care at the QEII Health Sciences Centre. With financial support from all levels of the community, the Foundation helps fund new technologies, research, innovation and education that contribute to life-changing moments experienced every day by patients and their loved ones.

 

 

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Contact Us

QEII Health Sciences Centre Foundation
5657 Spring Garden Road
Park Lane Mall, Suite 3005, Halifax, Nova Scotia B3J 3R4
Phone: 902 334 1546 | Toll Free: 1 888 428 0220
Fax: 902 442 7172 | Email: info@qe2foundation.ca

Charitable Business No: 88646 3496 RR0001

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