Planned Giving – Leave a Legacy

Planned giving is a way for donors to leave a legacy with a charity that is important to them. You could be someone who has lived a life with asthma, a caregiver of someone who struggled with breathing, or are simply educated on the cause and are an ally to the community.

No matter what connects you to Asthma Canada, planning ahead to include Asthma Canada in your estate plans ensures that our mission work can continue towards our vision of a future without asthma.

How can you leave a legacy by making a planned gift? 

Bequests

Bequest is the term used to describe the act of giving or leaving something by will. This is known to be the most common type of legacy gift. By including Asthma Canada as a beneficiary you are ensuring that we will receive a portion or all of your estate to support asthma education, advocacy and research programs.   

Bequest Benefits 

• Your cash resources won’t be affected now or while you need them 
• You retain full control of your assets during your lifetime 
• The beneficiary designation is revocable meaning it can be changed if your financial and/or life circumstances change 
• The final taxes to be paid on your estate may be significantly reduced, which can be a great advantage for your heirs and a comfort to you 

Bequest Options 

• Residual Bequest: designates all or a percentage of what remains in your estate after all debts, taxes administrative expenses and specific bequests have been paid or distributed 
• Specific Bequest: designates a stated sum of money or specific piece of property, such as securities or real estate 
• Contingent Bequest: only takes effect if the primary intention cannot be met (e.g. if the named beneficiary does not survive the donor) 

Does the idea of making a will seem overwhelming? Don’t know where to begin? 

Speak with your lawyer or financial advisor, or for a simple, low-cost option, click the link below to create your will today in just a few easy steps online using Legal Wills Canada.  

Life Insurance

A gift of life insurance is just as generous as leaving a gift in your will and just as easy! We recommend you discuss with your financial/insurance advisor so they can best guide you on what type of insurance gift would best suit your situation and desire.

Life Insurance Benefits 

• A gift of life insurance does not reduce the value of your estate for your loved ones. 
• Life insurance proceeds are paid directly to Asthma Canada and are not subject to probate and estate fees as your life insurance exists outside these settlement processes. 
• You will be helping to make a difference in the lives of people living with asthma through an investment in our mission. 
• When Asthma Canada is the named beneficiary, it will issue a charitable tax receipt for any proceeds received after death. This charitable tax receipt creates a tax credit on your final tax return. 

Life Insurance Options 

• Name Asthma Canada as the owner and beneficiary of a Policy. Pay the premiums and receive a charitable income tax receipt. 
• Transfer a paid-up life insurance policy to Asthma Canada by naming the organization as the irrevocable owner/beneficiary. Receive a tax receipt for the fair market value of the policy (determined by an actuary) upon receipt. 
• You may make a gift of an existing policy on which premiums are still being paid by transferring ownership to Asthma Canada. Receive a charitable tax receipt for all future premium payments. 
• Retain ownership of your policy and name Asthma Canada as the direct beneficiary. Your estate will receive a tax receipt for the value of the policy. 

RRSP/RRIF 

RRSP stands for Registered Retirement Saving Plans and RRIF stands for Registered Retirement Income Funds. Having Asthma Canada as a listed beneficiary of your RRSP and/or RRIF will not be subject to probate fees as your account exists outside of the estate settlement process. This is a popular way to offset taxes owing on funds at the time of death.  

Simply name Asthma Canada as a direct beneficiary on the plan document and advise the institution holding your retirement account of the change and please advise Asthma Canada of your decision. 

RRSP/RRIF BENEFITS 

• Your gift is treated as a charitable donation in the year of death and is eligible for a charitable tax credit on your final tax return. 
• You retain full access to your retirement funds for the duration of your lifetime. 
• The designation is revocable and can be changed if your financial and/or life circumstances change. 
• Funds that otherwise would be lost to taxation are re-directed towards research and education  for people living with asthma. 

Whether you make the decision to leave a gift in your will, through life insurance or your RRSP/RRIF planned giving is a meaningful way to ensure that your legacy is one of hope for Canadians with asthma, benefitting generations to come. 

Your legacy gift to Asthma Canada will allow us to continue providing essential asthma education to save lives, fund innovative research for better treatments and a cure, and help make our vision of a future without asthma a reality.  

Frequently Asked Questions

Why should I leave a bequest?

Contact us:

Phone: 1-866-787-4050 (ext. 109) | Email: fundraising@asthma.ca

 Please Note: The content on this page is only intended to provide general information and should not be considered legal or professional advice. Donors considering a legacy gift should speak to their lawyer to determine a giving strategy that is suitable to their unique estate and tax situation. If this type of giving interests you, please consult with your independent legal and/or financial planning advisor.