Annuities

Charitable Gift Annuities – A Gift that Gives Back

Charitable gift annuities provide support for the university and a secured income stream for your lifetime.  Depending on your age, this income can 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.

For alumni and friends of Victoria College and Emmanuel College, two choices exist for the purchase of annuities:

A) Commercial Charitable Gift Annuities:  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 Victoria College or Emmanuel College receives an immediate cash gift for its current needs. Gift annuities may also be purchased for others, such as parents or grandparents.

B) United Church of CanadaA gift annuity purchased through the United Church of Canada returns income to you, most or all of which is tax-free.  The annuity is designed so that, following your death, a residue of 50% is directed to Victoria University.   The exact amount of the gift depends on how long you live and future interest rates and inflation.

In both scenarios, probate costs associated with a charitable bequest are avoided and your gift can be designated to a priority at Victoria University that meets your interests.

For more information on gifts of charitable annuities, please contact Louise Yearwood, Executive Director, Alumni Affairs & Advancement, at the address below, by email at louise.yearwood@utoronto.ca or by telephone at (416) 585-4501 or 1-888-262-9775.

This information is general in nature and 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.