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Remainder Trusts / Residual Interest Gifts

The EFC is open to accepting two types of irrevocable trust arrangements:

  1. a charitable remainder trust that pays the donor income from the assets (real estate, securities, cash) for life or for a number of years, and then distributes the principal to the EFC, and
  2. a residual interest trust that donates an asset (principal residence, work of art, investment property) today, but retains the use of it during his or her lifetime. If the trust is irrevocable, the donor is entitled to a gift receipt for the present value of the residual interest.  The value formula provided below can be used to calculate the amount of the charitable tax receipt. The Canada Revenue Agency website has more information on residual interest gifts.

P =         V          
     (1 + i)n

where

"P”      is present value

“V”      is the fair market value of the property transferred to the trust

“i”        is the appropriate interest or discount rate

“n”      is the life expectancy of the income beneficiary or the number of years the trust will operate in the case of a term trust

 

Legacy Giving Links:

Form to obtain Gift Annuity quote

Form for Donation of Securities

LG Contact information:
To know more about legacy giving, please contact Bill Winger, Vice President, Operations at legacygiving@theEFC.ca or (905) 479-5885 x 231 or toll free at 1-866-302-3362 x 231

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