Legacy gifts, also known as planned or deferred gifts, allow you to make a commitment today to provide future support for the school and our high-achieving students. These gifts give you the opportunity to plant a seed that will grow to make a difference in the lives of future generations of UTS students.
Legacy gifts provide convenience, tax savings and other benefits to you and your estate.
With a legacy gift you can make a statement about how you want to be remembered.
University of Toronto Schools
371 Bloor Street West
Toronto, ON M5S 2R7
Charitable Registration Number
For more information on leaving a legacy gift of any kind, contact Martha Drake, Executive Director, Advancement.
Designating a gift to UTS in your will is a great way to leave a legacy, support the school and help ensure the future success of the school. It is also a strategic way to reduce the taxes owed on your estate. Upon receipt of your gift by UTS, your estate will receive a tax receipt that can be applied to the income on your final tax return.
Choosing to support UTS in your will can reduce, and in some cases, even eliminate the taxes to be paid. You can support the cause near and dear to you without impacting the legacy your family and loved ones receive.
Drafting a will should be arranged with legal counsel. 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, Toronto, Ontario, the sum of $________ or ______% of my estate.
A gift of life insurance is an affordable way to create a significant legacy at UTS. By transferring ownership of an existing or new policy to UTS, you will receive a tax receipt for premiums paid after the date of transfer. You can also name UTS as beneficiary of your policy. The resulting tax credit will reduce estate taxes and increase the after-tax value of your estate for other beneficiaries.
Charitable gift annuities provide support for UTS and a secure income stream for your lifetime. Depending on your age, this income may even be tax free. An annuity is an agreement where you make an irrevocable payment in return for a guaranteed lifetime income, most or all of which is non-taxable.
Part of your total contribution is used to purchase an annuity from a licensed insurance company. You receive fixed guaranteed payments for life with a portion of this income tax-free depending on your age, and UTS receives an immediate cash gift for its current needs. Gift annuities may also be purchased for others, such as parents or grandparents.
UTS can be a named beneficiary on registered retirement plan documents. A tax receipt for the value of the investment gifted will be issued to the donor's estate and applied towards the final income tax return. You can avoid probate, and gifts of RRSPs/RRIFs are less susceptible to being contested than a charitable bequest.
Other benefits of charitable remainder trusts include:
In addition to the many ways of making a personal planned gift to UTS, the school can also be designated as a beneficiary of memorial donations. The Office of Advancement will create a customized memorial donation card and will work with your family or estate trustees to facilitate donations to UTS in your memory. You may choose to direct your memorial donations to a specific project such as the UTS Bursary Fund or simply to the school’s area of greatest need. The UTS Office of Advancement will notify next-of-kin of donations received.
Thanks to donors such as you, children like me can further prosper our lives and passions that would otherwise rest unfulfilled. I will use this once-in-a-lifetime opportunity you have granted me with your gift to perform great works. You have freed me from financial constraint, and so shall I do unto others. For this I wholeheartedly thank you.
Grade 7 Bursary Recipient
The UTS Arbor Society for Legacy Giving celebrates the legacy of our community members who have chosen to make a gift of any size to UTS in their will. Once you have notified us of your legacy gift intention, you will become a member of the UTS Arbor Society.
With your consent, you will be recognized in our donor listing. As a member of the UTS Arbor Society, you will be:
If you'd like to make a private or anonymous gift, public recognition isn't required, and your wishes will be honoured.
Canada has world-class tax incentives for those who give to charity in their wills. The reality is that your estate will be taxed. Choosing to support UTS as a charity can reduce, and in some cases, even eliminate the taxes to be paid. You can support UTS without impacting the legacy your family receives.
Having a will is crucial to ensure peace of mind for your loved ones and to avoid legal complications your family would have to face in absence of a will. But most importantly a will means that you are in the driver’s seat when it comes to your legacy. You get to choose to protect your family and support the causes that are dear to you while maximizing the tax benefits to your estate.
Once you leave a gift to UTS in your will and notify the school of your bequest intention, you become a member of the UTS Arbor Society. With your consent, you will be recognized in our donor listing and will be invited to join programs that give you a great sense of the impact of your future gift. A gift in your will can help your family feel part of the impact you are making. Knowing your loved ones will remain connected with you through the school that is dear to you can be very comforting.
There is no minimum amount for a gift in your will. Most charitable gifts in wills are left by donors of average means. Leaving a small percentage of your estate to a charity like UTS can be your largest gift to the school and will have a bigger impact than most of us would ever be able to make during our lifetime!
You can amend your will at any time. Adding a gift is as simple as letting your intentions be known to those who drafted your documents in the first place. If you don’t know who that is, you can choose another estate lawyer or notary. It’s as simple as that.
All information on this page is general in nature, 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.