Wills and Bequests

UTS 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 UTS 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 Schools
  • Insurance policies and annuities.

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 UTS while at the same time ensuring that the school can carry out your wishes.

Here is an example of suggested wording:

I give and bequeath to University of Toronto Schools Foundation, 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 Martha Drake, Executive Director, Advancement, by email at mdrake@utschools.ca or by telephone at 416-946-0097.

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.

 

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