Legacy gifts/bequests to PEN Canada
Leaving a gift in your will is a rare opportunity to make a lasting difference to a charity that you value. In recent years, such gifts have made a transformative difference to PEN Canada. Bequests help us to build a world in which writers are free to write; readers are free to read, and intellectual freedom prevails. After taking care of your family and loved ones, a bequest can create an exceptional legacy.
A gift included in a will counts as a donation made at the end of one’s life, which means that your estate receives a charitable tax credit that may be used to reduce estate taxes. In other words, you may donate money to a charity that you might otherwise have to pay in taxes.
Your gift can be for a specific amount, a percentage, or the residue of your estate; you can also bequeath securities. Most legacy gifts are gifts established in your will.
And it’s easier than you think. A legacy gift, or bequest, offers:
- Simplicity: Bequests are easy to arrange. Simply instruct your lawyer to include a bequest to PEN Canada in your will, or ask your lawyer to include a bequest in a codicil to your existing will.
- Flexibility: Bequests can be made at any time and for any amount; they can be a percentage of your estate or the residue of your estate; that is, a gift after your debts have been paid and other bequests made.
- Tax planning: Leaving a charitable bequest in your will is a highly effective way to reduce taxes on your estate. PEN Canada issues a charitable tax receipt to your estate for the full value of your bequest. This receipt can be used to reduce the tax payable on your final tax return.
Three Easy Steps:
Step One: Contact Your Lawyer
If you are considering a legacy gift, PEN Canada strongly recommends that you seek expert professional financial and/or legal advice to ensure that your financial goals are considered, your tax situation reviewed, and that your legacy gift is right for your circumstances.
Contact your lawyer and request that they draft or revise your will, or draft a codicil to your existing will, to establish a gift for PEN Canada. Making an ‘unrestricted’ gift is the best way to help PEN Canada meet its needs in the future. However, if you wish to designate your gift for a specific use, we are happy to discuss that option with you. Your lawyer will help you with the key information and details. Provide your lawyer with the legal name and address of PEN Canada as follows:
PEN Canada The Canadian Centre of International PEN/Le Centre Canadien de PEN International
244 – 401 Richmond Street West
Toronto ON M5V 3A8
Step Two: Consider Other Types of Legacy Gifts
There are many other legacy gift options that you may consider. For example, PEN Canada can be named as a direct beneficiary of Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs). You may also make gifts of life insurance, securities or property. Your professional advisors may suggest other techniques as well.
Designating PEN as a beneficiary under your RRSP or RRIF can be done by filling out the beneficiary designation clause of your RRSPs and RRIFs, using the legal name PEN Canada, The Canadian Centre of International PEN/Le Centre Canadien de PEN International. Our Charitable Registration Number is 88916 2541 RR0001.
For advice on all such gifts, please speak to your professional advisors.
Step Three: Receive our Gratitude
If you feel comfortable doing so, contact us to inform us of your planned gift so that we can express our appreciation. When you leave a legacy gift to PEN Canada, you are invited to become a member of our Legacy Society and enjoy the following benefits:
- Your name(s) in the Annual Donors List in our Annual Report and on the PEN Canada website
- Invitations to PEN Canada donor recognition and celebration events
Email us at firstname.lastname@example.org to inform us of your legacy gift.