Planned Giving

An example of "regular" giving would be your weekly offertory envelope at your local parish, or giving a donation every year for the priest pension fund.  A "planned" gift, also known as a legacy gift, is a donation you have arranged to make either during your lifetime, and/or after your passing.

Planned gifts come from long-term preparation and thought. A planned gift will not only involve some thoughtful planning and discussions with loved ones, but should involve advice from competent financial consultants and/or legal counsel.

Planned gifts can result in an immediate donation, a donation that is distributed over a period of time, or occur when you or a family member passes away.

Planned gifts are varied. One popular form of planned gift is a bequest from your Will. Another popular form is a gift of securities such as stocks, bonds, mutual funds or GICs. Other forms include life insurance, RRSPs and RRIFs, real estate and more.

What is a Will?
A Will is a legal document that contains directions regarding the distribution of your estate among the persons or charities that you want to benefit. A Will also names one or more representatives who will be responsible for carrying out your wishes.

Why Have a Will?
A Will outlines where you wish your estate to go, allowing you to direct your assets to whom you wish - namely heirs and the charities and organizations most important to you. With a Will, your heirs’ tax burden is
reduced. Your chosen executor(s) will follow your wishes and instructions as to gifts from your estate. It is advisable to review your Will periodically and update it when necessary, for example due to changes in income tax legislation, or to reflect changes in assets or a change in your chosen executor(s).

What if I don’t have a Will?
Without a Will, the Province of Ontario will consider you “intestate” and your estate will be managed by a  court-appointed administrator who will distribute your estate according to the laws of Ontario. Your assets may not be distributed as you wish, and charities - including the Church - will not be entitled to any gift under your estate. This can needlessly create a very difficult situation for your family, at an already emotional time.

A gift in your Will can make a difference!

Help your parish...

• continue to serve the community
• provide for spiritual needs of future generations
• support pastoral ministries such as family and youth ministry, sacramental preparation, visiting the sick or bereaved, school visits, Children’s Liturgy, and summer bible camps
• fund upkeep of historic church buildings
• allow expansion or construction of needed facilities

Help St. Peter’s Seminary...

• sustain education and formation of seminarians
• form and educate permanent deacons and lay leaders to work in our parishes
• offer Master of Divinity and undergraduate courses
• provide vital programs, such as Parish Nursing and the Certificate in Pastoral Ministry, which support parishes
• operate the A. P. Mahoney Library and Rev. Michael Prieur Archives

Help the Diocese of London...

• minister to those who are poor, refugees, migrant workers, families and youth, and those in hospitals and long-term care
• support retired and infirm priests
• foster and promote vocations to the priesthood and religious life
• provide ongoing formation and development for priests, deacons, and lay pastoral ministers
• promote evangelization and missionary parishes

Sample Wording for your Will

• For a gift to your parish: “To pay to [parish name and municipality,] the sum of $___ OR ___ percentage of the residue of my estate, for the general use of the parish. Notice of such legacy is to be given to the Parish, to the attention of the Pastor, and to The Roman Catholic Episcopal Corporation of the Diocese of London in Ontario, to the attention of the Director of Accounting. The receipt of the Financial Administrator of the Diocese or of the Director of Accounting of the Diocese for such legacy shall be a good and sufficient release and discharge to my Estate Trustee(s) for the payment of such legacy.”

 

• For a gift to St. Peter’s Seminary: “To pay to St. Peter’s Seminary Foundation the sum of $___ OR ___ percentage of the residue of my estate, for their general use.

 

• For a gift to the Diocese of London: “To pay to the Roman Catholic Episcopal Corporation of the Diocese of London in Ontario, the sum of $___ OR ___ percentage of the residue of my estate, for their general use."

Free Resources:

• Planned Giving Brochure
• Charitable Donation of Shares Authorization Form
• Donating Appreciated Securities (from BMO Nesbitt Burns)

Who can make a Planned Gift?

Everyone, really. You may assume that planned giving is just for the very rich or wealthy. Not true; we all give according to our gifts.  This is especially the case when donating to a charity as there are various tax incentives that come into play that make a donation go a lot further (more on that later). 

A planned gift does not need to be large enough to put an addition on the parish hall or a new roof on the building. A planned gift is a way to make a statement about what is important to you. You may have an idea of something that would help your church and want to make it happen (a particular ministry, outreach or initiative). You may want to help solve a problem or fix something that in need of repair (stairs, heat, restrooms, elevator, etc.). 

 

When Should I Consider a Planned Gift?

It is important to be prepared. By preparing a Will, you can ensure that the wealth accumulated over a lifetime goes to the people and causes you care most about.

Thinking about the end of life can be uncomfortable which is why many Canadians die without a will. Years of hard work and prosperity can result in an estate that is pushed into the highest income tax bracket after death. Planning ahead can protect you and your loved ones from taxation as well as help the charities and causes that you wish to help.

Tax Incentives

Apart from the reasons mentioned above, there are financial incentives when considering a planned gift. These include reduced or eliminated income capital gains tax, and other tax receipt opportunities.

Canada has a wealth of incentives to make donating easy, which sets it apart from the rest of the western world.

We would be happy to assist you if you have any questions or need assistance. Please contact Andrew Jardine, Chief Financial Officer, at 519-433-0658 or ajardine@dol.ca.

When planning your legacy and writing your Will, you should consult with your financial planner, accountant and/or lawyer.

Funeral Planning
At the same time that you are considering planned giving, we encourage you to plan your funeral mass and Christian burial. This is something your local parish or Catholic cemetery can assist with.  For more information visit the Catholic Cemeteries page.