Wills and Bequests
Victoria University can be designated as a beneficiary in your will. Since the gift is deferred, there are no immediate income tax benefits associated with a bequest; however, this type of gift is eligible for a tax receipt which may be applied to up to 100% of the income (including all assets that are deemed as disposed of) stated on your final return. The receipt may also be carried back and claimed in the year previous to death.
Your bequest to Victoria may be one, or a combination, of the following:
- A percentage of your estate
- The residual of the estate
- A specific dollar amount
- Real estate
- Stocks and securities
- Gifts-in-kind (art, rare books, etc.) of value and/or use to the purposes of the University
- Insurance policies and annuities (Victoria alumni are eligible to purchase annuities through the United Church of Canada.)
The drafting of a will should be arranged with the involvement of legal council. It is preferable that you allow for the broadest possible flexibility for determining how your gift should be used by Victoria University while at the same time ensuring that the university can carry out your wishes.
Here is an example of suggested wording:
I give and bequeath to the Board of Regents of Victoria University, Toronto, Ontario, the sum of $________ or ______% of my estate.
If you wish to designate a specific use for your bequest (a scholarship, the library, etc.) please contact Sharon Gregory, Associate Director of Development, Alumni Affairs and Advancement, at the address below, by email at firstname.lastname@example.org or by telephone at (416) 813-4050 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.