Making a charitable bequest is great way to leave a lasting legacy. A charitable bequest, or a gift made through your will, allows you to leave a gift to support charitable causes that you are passionate about. While there may be many personal, non-tax benefits to making a charitable bequest, it can also be used to reduce income tax arising on or after your death.

 

The most common types of bequests are the following ones:

  • A Specific Bequest: With this type of bequest, the CRF would receive a specific dollar amount or a stated proportion of the Testator’s estate. (E.g., “I give to the Canadian Radiological Foundation…”)
  • A Contingent Bequest: With this type of bequest, the CRF would receive all, or a share, of the Testator’s estate only in the event of the prior death of other named beneficiaries. (E.g., “If my spouse pre-deceases me, then my entire estate – or, one-third of my estate, not to exceed $5,000, etc. – to the CRF…”)
  • A Residual Bequest: With this type of bequest, the CRF would receive all, or a percentage, of the remainder of a donor’s estate after other specific legacies have been fulfilled. (E.g., “I give to the CRF, 5% of the remainder of my estate, to be used at the discretion of the CRF’s Board of Directors….”)
  • A Trust Remainder Bequest: With this type of bequest, the CRF would receive all or part of the principal of a trust established in the Will to benefit named beneficiaries, upon the death of those beneficiaries. (E.g., “Upon the death of named beneficiaries receiving income from a trust established herein, all or a part of the remainder of the trust to go to the Canadian Radiological Foundation.”)
  • A Restricted Bequest: Funds are restricted to the use designated. (E.g., “I give $10,000 to support radiology research in Canada…”)

If you are interested in bequests, please contact crf@car.ca for more information.