How YOU can help the OFCP!
- Make an Online Donation:
Support OFCP in our mission by making your gift online.
- In Memory of Someone Special
Make a donation in memory of a family member, friend or colleague.
- In Honour of Someone Special
Donate in honour of someone for a special achievement or occasion, such as: birthday, graduation, research, discovery, specific holiday, anniversary, or wedding.
Planned Giving is a donation made at a future date through your will.
This donation is one way of ensuring that people with cerebral palsy in Ontario will continue to be supported in meaningful ways. Please contact Cindy De Graaff at 1-416-244-9686 ext. 236 or toll free 1-877-244-9686 ext. 236 or email firstname.lastname@example.org if you would like further information about planned giving.
Your gift can include:
A direct bequest is simply a statement made in a person’s will that directs the Estate Trustee(s) (Executors) to make a donation to a specific charity on behalf of the deceased. The Ontario Federation for Cerebral Palsy would be truly grateful for any bequest that you or your family would wish to bestow on us. The process is quite simple. You would approach your lawyer to prepare your last will and testament. You would instruct your lawyer to include a clause in the will that names the OFCP as the beneficiary of a specific dollar amount or a percentage of your estate. Upon your death, the OFCP would receive the amount indicated in your will and the Estate would receive a tax receipt for the amount donated. The tax receipt can be applied to eliminate up to 100% of the taxes payable in your final year as well 100% of the taxes payable in the year prior to your death.
The OFCP has prepared a listing of sample clauses that can be taken to your lawyer for inclusion in your will. This listing is in PDF format for you to download and print, click here for this document.
The donation of life insurance policies is one way in which you can make a significant gift to the Ontario Federation for Cerebral Palsy while at the same time benefit from current and future tax savings.
TRANSFER OF OWNERSHIP OF A LIFE INSURANCE POLICY
The donation of life insurance can take the form of the irrevocable transfer of ownership of an existing policy or the creation of a new policy with the intention of making a charitable donation.
It is not uncommon for a person to have purchased a life insurance policy which has subsequently become unneeded or for which the original purpose is no longer valid. Under these circumstances, the owner of the policy may seek alternative uses for that policy. A charitable donation to the Ontario Federation for Cerebral Palsy is one of those uses.
Existing Life Insurance Policies
The donation of an existing life insurance policy involves providing a benefit to the charity as well as achieving a tax credit for you, the donor. In order for these tax benefits to accrue to you, the gift of the life insurance cannot be revoked. Once the donation is completed, it cannot be reversed.
In order to donate the life insurance policy, the following steps are to be followed:
- The donor must complete and sign a Change of Ownership form as issued by the Insurance Company. The Ontario Federation for Cerebral Palsy will be named irrevocably as the new owner.
- The Insurance Company will confirm that the change of ownership has been recorded on the life insurance policy. The Ontario Federation for Cerebral Palsy completes a Beneficiary Change Form from the Insurance Company naming itself as the irrevocable beneficiary.
- The Insurance Company will confirm the change of beneficiary.
- If the donated policy has a cash value, the Ontario Federation for Cerebral Palsy will issue a tax receipt to the Donor. The receipt will be in the amount of the cash value, less any outstanding loans. Any subsequent premiums paid by the Donor will also generate a tax receipt to the Donor. The donor may pay the premium to the Ontario Federation for Cerebral Palsy who will then pay the premiums to the life insurance company or the donor may pay the premiums directly to the Insurance Company. The charitable receipt for these premiums is only issued once confirmation is received from the Insurance Company that the payment has in fact been made.
New Life Insurance Policies
If you are creating a new life insurance policy to donate to the Ontario Federation for Cerebral Palsy, then the previous steps are to be followed after the policy has been applied for and is actually issued by the insurance company. Any premium payments made by you after the ownership has been transferred to the OFCP will generate a tax receipt.
DONATION OF PROCEEDS OF A LIFE INSURANCE POLICY
The use of a life insurance policy is a very economical method of turning a relatively small monthly deposit into a substantial donation to the Ontario Federation for Cerebral Palsy. The procedure involves naming the OFCP as the beneficiary of the policy. Each insurance company provides forms that will accomplish this. Once the insured person dies, the proceeds are delivered, tax free, to the Ontario Federation for Cerebral Palsy. The donor's estate will receive a tax receipt for the amount donated.