How to Give
What is a Legacy Gift?
A Legacy Gift is one you arrange now to provide support to the National Gallery in the future. It is usually funded from the assets you have built over a lifetime, rather than from your current income. For that reason, it may allow you to make a larger financial contribution than would otherwise be possible – and achieve a more profound impact. Bequests and gifts of Life Insurance policies, securities, RRSPs, RIFFs, real estate and works of art are among the most popular ways to make a Legacy Gift.
A gift of that nature enables you to maximize the benefits of your donation for yourself, for your loved ones, and for the National Gallery. It offers potentially significant tax incentives. Allows great flexibility in structuring your donation, so that you can preserve more of your estate for your loved ones and other beneficiaries. And it lets you retain control of your assets during your lifetime – an important consideration in our challenging economic times.
Making A Legacy Gift Through a Bequest
One of the easiest and most popular ways of making a Legacy Gift to the National Gallery is to remember the institution in your Will.
Bequests to the Foundation can take many forms, including a lump sum of money, a gift of securities, real estate, personal property such as a work of art, a named percentage or portion of your estate, a percentage of estate residue, and so on. They provide substantial income tax relief: your estate will receive a tax receipt for the amount of the gift (or the fair market value of the gifted property), which could reduce the tax it needs to pay and thus preserve more of your legacy for your loves ones and other favorite causes.
Making A Legacy Gift by Giving a Life Insurance Policy
Making a gift of a life insurance policy to the National Gallery of Canada Foundation is another way of leaving a lasting legacy. Affordable and accessible to almost everyone, it has the added advantage of enabling you to fulfill your philanthropic wishes while preserving your other assets for your loved ones. It also provides immediate or deferred tax advantages, depending on the approach you take to give the policy.
For example, if you purchase a policy in which you name the National Gallery of Canada Foundation as the owner and beneficiary, you will receive tax receipts for the premiums you pay (or on the policy’s cash surrender value if it is paid up). Should you instead name the Foundation as the beneficiary of the policy, but not its owner, your estate will receive a tax receipt when the Foundation receives the proceeds, and potentially reduce its tax burden.
Other Ways to Make a Legacy Gift
You can also leave a Legacy Gift to the National Gallery by making the National Gallery of Canada Foundation a beneficiary of your RRSP, RRIF, securities, or real estate, or by donating a treasured work of art to the National Gallery.
Planning Your Bequest
A bequest to the Foundation can take many forms. You can make:
A Specific Bequest, donating a specific sum of money, publicly-listed securities, a Registered Retirement Savings Plan, a Registered Retirement Income Fund, a life insurance policy, real estate, or personal property such as a work of art.
A Residual Bequest, which is a gift of a named percentage or portion of your estate or of its residue after having paid gifts to other beneficiaries under the estate.
A Contingent Bequest, which is a gift of all or a share of your estate contingent upon certain conditions having been met, such as income being paid through a trust to a loved one for life or for a term of years before the trust can be distributed to the Foundation.
With any of these types of bequests, you can direct your gift to the general purposes of the National Gallery of Canada Foundation (an unrestricted gift) or to a specific fund of the Foundation (a restricted gift).
The following statements are suggested as appropriate language for making an unrestricted bequest to the National Gallery of Canada Foundation. They are meant to be indicative examples only, for patrons who wish to remember the National Gallery in their Will. The Foundation will be pleased to work with you and your legal advisors to draft bequest clauses appropriate to your gift.
I give to the National Gallery of Canada Foundation the sum of (amount) or (description of property) … I impose no restrictions upon the use of this bequest to the National Gallery of Canada Foundation.
I give to the National Gallery of Canada Foundation all (or stated percentage) of the rest, residual, and remainder of my estate … I impose no restriction upon the use of this bequest to the National Gallery of Canada Foundation.
If (name/s of primary beneficiary/ies) does not survive me, or shall die within ninety (90) days from the date of my death, or as a result of common disaster, then I give to the National Gallery of Canada Foundation (describe amount of cash, property or percentage of residual estate) … I impose no restriction upon the use of this bequest to the National Gallery of Canada Foundation.
If you wish to designate your bequest gift to a specific programme, purpose or acquisition, please contact the National Gallery of Canada Foundation at 613.241.8643 to determine the wording that will ensure the Gallery’s appropriate use of your gift so that your wish is fulfilled.
This information is not intended as legal or financial advice. While the Foundation works closely with a specialized law firm to review documents and provide counsel on matters pertaining to legacy gifts to the National Gallery, we strongly recommend that you seek advice and guidance from your legal counsel and your financial advisor.
Information for Solicitors:
If you are offering advice to a client, please ensure that all cash legacies to the National Gallery are made to the National Gallery of Canada Foundation. With regards to works of art, specific arrangements will need to be made and it will be necessary for the Foundation to discuss these with your client. Likewise, if your client has particular requirements, it will be useful to consult us on these to ensure they can be properly met.