Planned Gifts

What is Planned Giving?

Planned gifts provide opportunities for Saint Mary's University and for our donors. Deciding what type of gift works best for you is as important as making the gift itself. There are many giving options available – from naming Saint Mary’s as a beneficiary in your Will to more complex trust arrangements. The best gift plan allows you accomplish what you wish for yourself and your family, and serves your charitable interests.

When you make a gift to Saint Mary's University you will:

Making a gift through a planned gift creates a legacy of support for generations to come while providing for your future.

The Gift Planning program encourages alumni and friends to remember Saint Mary’s University in their wills. Many thoughtful donors have established scholarships or bursaries, research funds, or have given gifts to the library or other areas of interest. The results of Planned Giving are evident across the campus.

The University also encourages the use of charitable gift plus annuity life insurance, and charitable remainder trusts. As discussed below, each of these options affords donors distinct advantages. We advise you seek professional guidance from your legal or financial advisors when considering these types of gifts.

>> Bequests

Often individuals would like to make a gift to Saint Mary's University, but are concerned that a cash gift now will leave them short of future income. A bequest is often the best option for making a significant contribution while maintaining future financial security. Your estate will receive a donation receipt and the resulting tax savings will increase the amount available for other beneficiaries. We hope you will tell us when you have named Saint Mary's University in your will. We would like to thank you for your generosity. Find out more.

>> Gift of remaining RRSP or RRIF funds

Donors may choose to name Saint Mary’s University directly as beneficiary of a portion of an RRSP or RRIF. It could be 10%, 25%, 50%, or even the entire amount if there are no heirs. That portion of remaining funds given to Saint Mary’s in the year of the donor’s death is creditable, and that credit will offset the tax on the distribution. As with all types of gifts, the donor may specify how the gift is to be used at Saint Mary’s University. Find out more.

>> Life Insurance

A gift of life insurance enables you to plan for a future significant donation to the University.

Both existing and new life insurance policies can be donated to Saint Mary’s. By making Saint Mary’s the owner and sole beneficiary of an existing insurance policy, you will receive a tax receipt equal to the cash surrender value of the gifted policy and, where applicable, tax receipts for subsequent premium payments. You may decide to purchase a new life insurance policy and designate Saint Mary’s as the owner and beneficiary. You will receive a tax receipt each year equal to the premium paid to the insurance company.

You may choose to name Saint Mary’s as beneficiary of an existing or new life insurance policy while retaining ownership of the policy. Your estate will receive a donation receipt for the proceeds of the policy.

Life insurance is a versatile gift planning method. Our gift planning staff is happy to assist you in planning your gift through life insurance and can discuss with you the many available options. Find out more.

>> Charitable Remainder Trust

A charitable remainder trust is an agreement whereby you make an irrevocable gift to Saint Mary’s. The gift is held in trust and invested. The income is paid to you or a named beneficiary for your lifetime or a set period of time. You receive a tax receipt for the present value of the remainder trust.

At the time of your death, or at the time of the second person’s death in the case of a joint arrangement, the portion of the remaining donation capital becomes available to Saint Mary's University. The trust assets are not included in the value of your estate, therefore reducing taxes and probate fees.

Charitable remainder trusts typically require an initial $100,000 of capital to establish, and are generally arranged through a trust institution.

>> Charitable Gift Plus Annuity

A reinsured charitable annuity (Gift Plus Annuity) is an agreement in which you make an irrevocable gift to Saint Mary’s authorizing the University to purchase a commercial prescribed annuity with your or your spouse as the beneficiary of the annuity. You will receive a donation receipt for the difference between the amount contributed and the cost of annuity plus a regular fixed income for your lifetime or the lifetime of your spouse.

This plan allows you to give a significant gift without losing the benefit of revenue your capital earns. In fact, when the tax advantages are considered, many donors find their net return is higher through a gift annuity. Find out more.

>> Gifts Made in Memory Or In Honour

Gifts may be made in memory or in honour of a friend or relative, or in recognition of a special occasion or achievement. A special acknowledgment card will be sent notifying the family or individual of the gift. With a gift of $10,000 or more, you can create a new named award. Named awards, including scholarships, bursaries and prizes, offer financial aid to qualified students based on criteria determined by the awards’ founders. They also provide an opportunity to honour an individual or group by naming the award in recognition of that person or organization. You may choose to endow your gift to provide funding for the award in perpetuity or you may choose to have the gift held in trust to fund the award for a shorter period of time.