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Planned Giving

Leave your legacy with a planned gift - a donation that you arrange now to be realized in the future. Planned gifts include bequests, gifts of life insurance, annuities, retirement funds and charitable remainder trusts.

For more information on leaving a legacy gift of any kind, contact Martha Drake, Executive Director, Advancement at 416-946-0097 or mdrake@utschools.ca.

All information 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.

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.

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 UTS
  • Insurance policies and annuities.

Drafting of a will should be arranged with the involvement of 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 secured 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.

Charitable remainder trusts are a way for donors to make a sizable commitment while maintaining the use of their assets for the duration of their life or the term of the trust. Assets placed in the trust can include: cash, stocks, bonds, securities, and other investments. If you establish a charitable remainder trust, you will receive a tax receipt for the present value of your assets calculated using life expectancy and prevailing discount rates at the time the trust is established. A charitable tax receipt will also be sent to you at the time the trust is established.

Other benefits of charitable remainder trusts include:

  • Carrying the excess tax credit forward for up to five years if your gift exceeds 75% of your net income in the year that the gift is made
  • Receiving lifetime income from your donation
  • Avoiding probate and maintaining the privacy of the details of your gift

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.

Individuals who make a bequest to UTS in their wills become members of the UTS Arbor Society. Once you have notified us of your planned gift intention, you will become a member of the Arbor Society. With your consent, you will be recognized in our donor listing.

Thank you to all of our Arbor Society members. By leaving a gift to UTS in your will, you are helping to make a difference in the lives and futures of UTS students.