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Charitable Gift Annuities

If you are 65 years or older, a Canadian resident and have a desire to create a legacy at Western, but still require the income from your assets, it may make sense to incorporate a charitable gift annuity as part of your estate plan.

When you establish a charitable gift annuity, you receive immediate tax savings and secure a guaranteed stream of income for life while providing important support for Western.

How it works

  • You make an irrevocable contribution of $30,000 or more for a gift plus annuity.
  • Part of the funds, as determined by you and Western (minimum 25 per cent), becomes an immediate gift to Western.
  • The remaining funds are used by Western to purchase an annuity from an insurance company to meet the gift annuity income obligation to you.
  • The annuity income will depend on your age and the size of your contribution.
  • We would be pleased to work with you on designating the gift portion to a specific area of interest to you.
  • Gifts that meet minimum requirements may be used to establish named endowment funds. These continue to provide support for Western in perpetuity.

The benefits to you

  • Increased Income – The rate will likely be higher than what you are receiving from your fixed income investments such as a GIC.
  • No Management Required – The annuity requires no management on your part. You do not have to watch investments, interest rates, maturity dates and so forth. Your payments are sent to you automatically and regularly by the chosen insurance company.
  • Guaranteed Income for Life – The annuity is guaranteed; it will continue as long as you live, no matter what happens to the economy or interest rates.
  • Spouses can Benefit – You may choose a joint-and-survivorship annuity that continues as long as either spouse lives.
  • Donation Receipt – You will receive a donation receipt for the amount of the gift portion to Western, which will result in a tax credit.
  • Realize a Dream – You will get the satisfaction of achieving a philanthropic goal and benefiting Western during your lifetime.

Create your legacy

To ensure that your particular needs are met, you should consult your pertinent advisors. You should also contact the Bequests and Planned Gifts team to let us know about your intentions. We can assist you in making sure the process of securing a charitable gift annuity moves along smoothly. It is also important for us to know whether you wish to be recognized for your contribution or prefer to remain anonymous.

Helpful Resources

Sample Bequest Language for your Will

Statement of Intent - We would love to know if you have already included Western in your estate plans.

Please contact our Bequests and Planned Gifts team for more information: Jane Edwards (519-661-2111, ext. 88829 or jane.edwards@uwo.ca), Mike O’Hagan (519-661-2111, ext. 85595 or mike.ohagan@uwo.ca) or Carole Stinson (519-661-2111, ext. 85696 or cstinson@uwo.ca).

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