Gifts for Tomorrow
Some Planned Gifts are arranged now but are not received by the University until sometime in the future. Through bequests made in a will, gifts of life insurance, gifts of RRSPs and RRIFs you'll be helping us secure a bright financial future for Canada's University.
Bequests
A charitable bequest, or a gift by will, allows you to maintain your current level of financial security while leaving a lasting legacy to the University of Ottawa.
Bequests can include:
- a personal asset
- a specified amount of cash
- a percentage or portion of your estate
- the residue, or what remains after other bequests have been paid
You can claim charitable gifts amounting to 100 % of the net income as a tax credit in the year of death. You can also carry back any unused donation credits to the previous year. Clauses reflecting your wishes can be suggested upon request.
General Bequest and Scholarship Clauses
Our goal is to provide you with the broadest possible flexibility when determining how the University should use your gift. We also want to ensure that the University can carry out your wishes.
While the University is grateful for all future bequests, it is especially appreciative of future donations directed at the area of greatest need, i.e. unrestricted donations. This allows the University the flexibility to fund emerging priorities and future needs. Unrestricted donations can also be designated to specific faculties where they will then be utilized under the respective Dean’s funding priorities. A representative of the Gift Planning Office would be happy to discuss this confidentially with any interested donor.
The following general clauses have been prepared to assist our alumni and friends and/or their lawyers or other financial professionals who wish to favour the University of Ottawa in their will.
Representatives from the Office of Planned Giving are pleased to confer with University supporters and their advisers in drafting appropriate bequest clauses.
General Bequests:
“I give and bequeath to the University of Ottawa at City of Ottawa, Province of Ontario, Canada
1) the sum of $ / the residue of my estate / the portion of my estate
or 2) shares of the Capital stock of Corporation
or 3) the following described property:
to be used at the discretion of the University.”
Scholarships:
“I give and bequeath the sum of $ (or designated property or portion of estate) to the University of Ottawa at City of Ottawa, Province of Ontario, Canada, to be held as an endowment fund, the income of which is to be used by the said University to create and maintain a scholarship (or scholarships) in my name (or, in the memory of ) for students in order to assist them in the pursuit of their studies at the said University (or, if restricted as to Faculty, their studies in the Faculty of at the said University).”
Power to Vary Clause:
The following clause empowers the University of Ottawa to alter or vary the purposes for which the gift is used if altered conditions make it impossible or impracticable to carry out the original purposes. It is recommended that this clause be included wherever possible:
"If future circumstances make it impossible or impractical for the University of Ottawa to continue using the fund for the stated purposes, the University will endeavor to contact the donor to explore other purposes for the fund. If the University is unable to locate the donor or if the donor is deceased, the University may use the fund in the way it deems most beneficial for the institution, but must adhere as closely as possible to the spirit of the fund and to the donor’s original intent."
Life Insurance Policies
A gift of life insurance enables you to make a significant, lasting contribution to the University of Ottawa at a modest cost, offering attractive tax advantages, either immediate or deferred.
Immediate Tax Advantages:
- Purchasing a new policy: by making the University of Ottawa the owner and beneficiary, you receive immediate tax-creditable receipts for any premiums paid.
- Transferring an existing policy: by making the University owner and beneficiary, you receive an immediate tax-creditable receipt for the policy’s cash surrender value.
Deferred tax advantages:
- Naming the beneficiary: When you name the University as the policy’s beneficiary, your estate will be entitled to receive a tax-creditable receipt. The gift remains outside of the estate and is not subject to probate fees.
RRSPs and RRIFs
You can name the University of Ottawa as beneficiary of your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). The value of your retirement plan is taken out of your estate and can greatly reduce the tax owing on your final tax return. Due to recent tax changes, it is no longer necessary to designate the recipient charity in your will. You must only sign a declaration with your financial institution specifying the University as a beneficiary.
Please note that if you are a resident of the Province of Quebec, beneficiaries of your RRSPs and RRIFs can only be designated through a clause in your will.
Disclaimer
The information provided on this Web site is general in nature and is not intended to constitute legal advice. Since each individual’s financial circumstances are unique, you are advised to consult with a qualified professional advisor.