Wills and Bequests
UTS can be designated as a beneficiary in your will. Since
the gift is deferred, there are no immediate income tax benefits
associated with a bequest; however, this type of gift is
eligible for a tax receipt which may be applied to up to 100% of
the income (including all assets that are deemed as disposed of)
stated on your final return. The receipt may also be carried
back and claimed in the year previous to death.
Your bequest to UTS may be one, or a combination, of the
following:
- A percentage of your estate
- The residual of the estate
- A specific dollar amount
- Real estate
- Stocks and securities
- Gifts-in-kind (art, rare books, etc.) of value and/or
use to the purposes of the Schools
- Insurance policies and annuities.
Drafting of a will should be arranged with the involvement of
legal council. It is preferable that you allow for the broadest
possible flexibility for determining how your gift should be
used by UTS while at the same time ensuring that the school can
carry out your wishes.
Here is an example of suggested wording:
I give and bequeath to University of Toronto Schools
Foundation, Toronto, Ontario, the sum of $________ or
______% of my estate.
If you wish to designate a specific use for your bequest (a
scholarship, the library, etc.) please contact Martha Drake,
Executive Director, Advancement, by email at
mdrake@utschools.ca or
by telephone at 416-946-0097.
This information is general in nature and does not
constitute legal or financial advice, and should not be relied
upon as a substitute for professional advice. We strongly
encourage you to seek professional legal, estate planning and/or
financial advice before deciding on your course of action.
