CSRO Legacy Society

Creating your legacy through a Gift of Life Insurance for the Canadian Spinal Research Organization
A meaningful contribution can be achieved through the gift of life insurance. This cost-effective method of donating to the Canadian Spinal Research Organization can create a future gift that is considerably larger than many donors would have been able to make during their lifetime.

A gift of life insurance allows you to pay, on average, only three or four cents on the dollar per year for a gift. An immediate cash donation of the same size would mean providing the full dollar amount.

When giving a gift of life insurance, you may:

• Assign as irrevocable or revocable a paid-up policy to the Canadian Spinal Research Organization.
• Assign as irrevocable or revocable a policy on which premiums remain to be paid – you may pay the premium(s) or the Canadian Spinal Research Organization will pay the premiums provided you make equivalent contributions for that purpose.
• Name the Canadian Spinal Research Organization as a primary or secondary beneficiary.

You can:

• Designate the Canadian Spinal Research Organization as the owner and beneficiary of your life insurance policy. We will send you a tax receipt annually for your premium payments.
• Donate a paid-up policy you no longer need. We will send you a tax receipt for the cash value.
• Assign the Canadian Spinal Research Organization as the beneficiary only. This gives you the flexibility of changing the beneficiary.

When you give a new or existing life insurance policy to the Canadian Spinal Research Organization, you are turning monthly premiums into a significant gift. Many of our younger donors would like to make a significant gift, however, they may not have the financial resources to do so. A gift of life insurance – new or existing policy – is a lasting gift for the future that is easy to create and the perfect answer to fulfill your philanthropic intentions once you have made provisions for your family and loved ones.

The insurance benefit will eventually be paid to the Canadian Spinal Research Organization. It is separate from your estate so there are no administrative costs or probate fees. Your gift has no effect on your estate’s assets. And you will receive a charitable tax receipt that can be used either during your lifetime, or for your estate.

Benefits to you

• Easily arranged with your life insurance specialist.
• An inexpensive way to make a larger gift without depleting your current assets or your estate.
• The ultimate value of your policy will far exceed the premiums you pay.
• Receive immediate tax relief in the form of charitable tax receipts for the premiums you pay. 
• Know that your gift will occur as planned.
• Your gift is not on public record. Unlike a will, your gift cannot be contested.
• Your gift can be honoured during your lifetime.

Ways to Donate

• Name the the Canadian Spinal Research Organization as beneficiary of your life insurance policy and your estate receives a tax receipt for the proceeds of the policy. 
• Transfer ownership of a paid-up policy to the Canadian Spinal Research Organization. You can receive a current tax receipt for the fair market value of the policy, or defer the tax receipt for your estate.
• Transfer ownership of a partially paid-up policy to the Canadian Spinal Research Organization and you will get a tax receipt for the fair market value of the policy and annual tax receipts for your ongoing premium payments. 
• Take out a new policy with the Canadian Spinal Research Organization as the owner and beneficiary and receive annual tax receipts for your ongoing premium payments. 

Please seek expert advice: The Canadian Spinal Research Organization strongly recommends that you seek professional financial, insurance and/or legal advice to ensure your financial goals are considered, your tax situation reviewed, and that your legacy gift is tailored to your circumstances. A financial or legal advisor should review in detail what plan best fits your needs. Before considering any, you should already have satisfied the needs of your family.

A charitable gift in your will is a meaningful way to support the Canadian Spinal Research Organization. A charitable legacy gift, also called a charitable bequest, is a direction in your will that instructs your Executor(s)/Trustee(s) to leave one or more of your assets to a charitable organization(s). Leaving a gift in your will is easy and can help ensure your loved ones are cared for, your estate is protected, and the gift you wish to make to the Canadian Spinal Research Organization can be fulfilled.

Legacy gift in your will. The benefits to you

• Convenient – A Legacy gift in the will can be made no matter how old you are and can be for any amount you want. 
• Simple – A Legacy gift in the will is easy to arrange. Simply instruct your lawyer to include a bequest to the Canadian Spinal Research Organization in your will.
• Tax relief – A Legacy gift in the will is a highly effective way to reduce taxes in your estate. 
• Tax planning – The Canadian Spinal Research Organization issues a charitable tax receipt for the full value of your bequest. This receipt will be used to reduce the tax payable on your final tax return. If your bequest exceeds 100% of your net income, the excess may be carried back to the previous tax year or forward as part of Graduated Rate Estate plan.
• Flexible – Your bequest can be for a specific amount, a percentage of your estate, or the residue of your estate – a gift after your debts have been paid and other bequests made. 
• Peace of mind – You can make changes to your will at any time.

The easiest way to have the greatest impact in meeting the Canadian Spinal Research Organization needs in the future is to make an unrestricted gift. However, if you wish to designate your gift for a specific use, we are happy to discuss that option with you. Please see our sample bequest language below. 

Professional advice
The Canadian Spinal Research Organization strongly recommends that you seek professional advice to ensure your financial goals are considered, your tax situation reviewed, and that your legacy gift is tailored to your circumstances. The Canadian Spinal Research Organization also recommends that you consult your lawyer or estate planner regarding the specific wording of any bequest.

Gift of life beneficiary OR Gift of Registered Investments
Making the Canadian Spinal Research Organization the beneficiary of a life insurance policy, RRSP, RRIF, or TFSA allows you to create a legacy at the Canadian Spinal Research Organization once your needs and those of your loved ones have been met. Donating all or part of an RRSP, RRIF or TFSA is an effective way to reduce the taxes payable by your estate. It is a way to create a lasting gift for the future that is easy to set up and the perfect answer to fulfill your philanthropic intentions once you have made provisions for your family and loved ones.

If you die without a surviving spouse or qualifying dependants, the full remaining value of your RRSP or RRIF is added to your income in the year of death. Your estate must pay the taxes which often create large tax liabilities for your estate. If your RRSP or RRIF has a registered charity as the direct beneficiary, your estate will receive a donation receipt for the entire value of the plan offsetting any tax liability. A gift of the beneficiary of life insurance or a TFSA can add to the value of your estate with a charitable tax credit by reducing other taxes.

Benefits to you

• Control – You retain the use of the registered investment for the duration of your lifetime.
• Simple – It’s easy to arrange. Simply ask your financial institution to change the beneficiary designation to the Canadian Spinal Research Organization.
• Flexible – The designation is revocable and can be changed if your circumstances alter. 
• Cost effective – There are no extra out-of-pocket costs.
• Eliminates probate, legal, and executor fees – Your gift will not be subject to probate costs or delays in settlement. The full proceeds are payable upon your death.
• Control – Not a matter of public record allowing you to remain anonymous. Additionally, a beneficiary gift cannot be contested.
• Opportunity – An opportunity to make a significant gift.

How to

• Name the Canadian Spinal Research Organization as the direct beneficiary of your life insurance policy, RRSP, RRIF, or TFSA. Upon your death, the proceeds will be paid directly to the Canadian Spinal Research Organization without going through probate and delay.
• Or, name the your estate as the beneficiary and leave instructions in your will to donate all or part of these financial instruments to the Canadian Spinal Research Organization. You may specify a percentage or a specific dollar amount to be donated if you wish. 

Note: Your trustee will withhold taxes and probate will apply when choosing this option.

• In both cases a charitable tax credit will be created for your estate, offsetting taxes and possibly enhancing the estate value for other beneficiaries.

See the financial institution administering your life insurance policy, RRSP, RRIF, or TFSA to change the beneficiary.

For Example:

Mrs. Jones makes the Canadian Spinal Research Organization the beneficiary of her RRIF when she dies. This leaves a legacy gift of $120,000 to the Canadian Spinal Research Organization. Here is what happens:

• Mrs. Jones creates a future gift for a time when she no longer needs it and has meaningful impact on the Canadian Spinal Research Organization. 
• Her estate receives an immediate tax credit of $120,000, offsetting other taxes of approximately $54,000 that can be distributed to heirs.

Please seek expert advice: The Canadian Spinal Research Organization strongly recommends that you seek professional financial, insurance and/or legal advice to ensure your financial goals are considered, your tax situation reviewed, and that your legacy gift is tailored to your circumstances. A financial or legal advisor should review in detail what plan best fits your needs. Before considering any, you should already have satisfied the needs of your family.