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Build a Legacy - Gift and Estate Planning

Definitions & Terminology

Charitable Bequests

The most commonly planned gift, a charitable bequest is a gift made through your Will and can be used to provide a permanent endowment fund in your own or in a loved one's name. You can choose to leave SickKids a specific piece of property, a pre-determined sum of money or a percentage of your estate. If you are considering a bequest to charity, we recommend that you explore the various donation methods to ensure your future gift is tax effective and takes your family needs into consideration.

Gifts of RRSPs and RRIFs

A simple and effective way for individuals to donate the proceeds of their Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) to a charity like SickKids is to include the charity as a beneficiary on the plan document of the institution holding your retirement account. In doing so, you will also eliminate all taxes payable on the remaining balance on your death, if the beneficiary is not a surviving spouse or dependent.

Gifts of Life Insurance

Giving with life insurance is a creative way to donate to SickKids at a relatively low cost. By simply naming SickKids Foundation the owner and beneficiary of your existing or new policy, you will receive an immediate tax receipt for the cash surrender value. The Foundation can either cash in the policy, or hold the policy until the full value is paid out.

Charitable Gift Annuities

Simply put, an annuity consists of two parts: a gift to SickKids for which you will receive a tax receipt and a guaranteed stream of income for you and your surviving partner, either for life or a specified number of years. Your gifts will be used by SickKids to support the health and well-being of the children we serve, now and far into the future.

Publicly Listed Securities

By donating your appreciated securities to SickKids Foundation you pay no capital gains. This extra tax incentive for gifts of publicly listed securities makes appreciated stock one of the most cost-effective ways to donate to charity.

Charitable Remainder Trusts

A Charitable remainder trust is a life income gift that enables you to give today and create immediate tax savings, yet retain the income from the donated asset. After a prescribed period of time or upon your death, the asset is transferred to the charity or charities you designated.

Personal Endowment Funds

SickKids Foundation endowment funds are individually named and can honour a donor, a family or a loved one. The endowment agreement between the Foundation and the donor includes a biography of the person or family being honoured. As part of your legacy, a named endowment is a deeply personal statement of who you are, what you believe in, and who has made an impact in your life.

Gifts from U.S. Donors

Friends of The Hospital for Sick Children, Toronto, Inc. (Friends) is a U.S. charity that accepts gifts from U.S. based individual or corporate donors who wish to support SickKids. While retaining control over the use of gifts, the Friends board considers wishes of donors regarding the suggested use of their contributions.

J.P. Bickell Society

Inspired by the example of one man, the J.P. Bickell Society was established to recognize donors of future gifts and make them a part of SickKids. It is our way of saying "thank you" to our donors for their commitment to us.

The complexity of the work that we do at SickKids demands significant, ongoing funding. We rely on the help of people like you to ensure that we can continue to do the world-class work that SickKids has become known for. Although SickKids cares for the sickest and most critically injured children in Canada, we imagine a world where every child is healthy.

SickKids Foundation has one of the leading gift planning teams in the country. We will work with you, your family and your advisors on a confidential basis to ensure that your personal, family, financial and philanthropic goals are met. We need your help to ensure that our children have the healthiest start in life so they can have a productive future.