Wills & Future Gifts
A planned gift to Seneca is a way to build your personal legacy and empower the future generation of students. You can achieve your philanthropic and financial goals by leaving a bequest, a gift of life insurance or retirement investment plan. With thoughtful planning, these gifts can lower your personal income and estate taxes.
You can make a meaningful investment in the future of Seneca and our students simply by creating a bequest – a gift in your will. After taking care of your loved ones in your will, you can include a commitment such as a specific amount of money, a portion of your estate or a piece of property that will be received by Seneca. Bequests are tax creditable. Your estate receives a donation receipt for the value of the bequest which can be applied to your final two income tax returns and may result in significant tax savings.
Here is some sample language for you and your lawyer to help ensure your gift has the impact you intended.
You can have a significant impact on Seneca and our students with a gift of life insurance, either through a policy you already own or through a series of affordable premium payments. This way of giving can enable you to make a more substantial gift than you might have thought possible.
Planning your gift using life insurance can be done in the following ways:
- Give an already paid-up policy and receive a donation receipt equivalent to the cash surrender value of the policy.
- Give an existing policy on which premiums are still being paid, and in return, receive a donation receipt for the cash surrender value of the policy and subsequent premium payments.
- Purchase a new policy, name Seneca College of Applied Arts & Technology as the owner and beneficiary owner, and receive donation receipts for premium payments.
- Retain ownership of the policy and name Seneca College of Applied Arts & Technology as the direct beneficiary which will result in a receipt for the face value of the policy to your estate.
You can make a meaningful gift to support Seneca and our students while significantly reducing taxes owing by naming Seneca College of Applied Arts & Technology as a beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). Since the asset passes outside of the estate, no probate fees are applied hence provides a further saving for your estate.
The full accumulation of your RRSP or RRIF will be taxed as income in the year of your death unless you have a spouse to whom you can transfer it. The remainder will become part of your estate for distribution. By gifting your RRSP or RRIF, it will not be subject to income taxes and your estate will receive a donation receipt that can be applied against income tax payable.
Please let us know that you have included Seneca in your will by completing a Statement of Future Intent Form (pdf). By doing this, we can work with you and your adviser to ensure your wishes are consistent with the mission and values of Seneca and that we can honour the intent of your gift. It is also important for us to celebrate and recognize your commitment and generosity. Donors who support Seneca through future gifts are invited to become members of the Au Large Legacy Society.
For more information, please contact Tan-Ling Yeung.
Will & Future Gifts Inquiries
Seneca's Legal name
Seneca College of Applied Arts & Technology
Charitable Registration Number
10796 7168 RR0001
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