Leave a Lasting Legacy
Since its founding in 1844, Knox College has educated, equipped, and empowered its graduates for Christian ministry in church and society in Canada and around the world. The next 25 years will be critical for Christian churches in Canada, and we need leadership that is up to the challenge.
You can help: Remember Knox College with a legacy gift.
A charitable gift through your estate – often referred to as a legacy gift – is another way you may make a tangible difference in the church and our society.
Legacy gifts allow you to make a significant impact without affecting your current finances. Moreover, the tax savings your estate will receive may even increase the amount of money you can leave for others.
Making a gift is easy. Most legacy or planned gifts are made in one’s will. You may include a gift for Knox College when you prepare a new will or by adding a codicil to your current will. Often lawyers will add a codicil without charge, especially if you provide specific wording.
Other types of legacy gifts include gifts of life insurance, gifts of publicly listed securities, gifts of registered retirement funds, gifts of real estate and trusts. Do remember, however, that when creating a legacy gift of any kind, you should always consult with your professional advisors. Often it is wise to include family members in the process as well.
Gifts by Will
Remembering Knox College with a gift in your will (a bequest) enables you to create a significant gift that you may be unable to do in your lifetime – something that can make a real difference for years to come.
You may leave your legacy to Knox for its unrestricted use, direct that your gift be used for a special project or program, or have your gift endowed. The choice is yours. Your gift can be for a specific amount of money or a specific asset. A gift may also be a percentage of the residue of your estate – the remainder that is distributed after other legacy gifts are fulfilled.
If you are drafting a will or codicil, consider the following wording to guide you.
A gift to support Knox when it is received:
I leave to Knox College, 59 St George St, Toronto, ON M5S 2E6 or its successor, a (state share or percentage of estate, a specific amount of money, the specific securities you wish to leave, or a specific item or items.) I direct this gift be used (as the College chooses or state program or area of work you wish to support.)
A gift to support Knox in perpetuity:
I leave to Knox College, 59 St George St, Toronto, ON M5S 2E6 or its successor, (state share or percentage of estate, a specific amount of money or the specific securities you wish to leave, or a specific item or items). I direct this gift be retained and invested in perpetuity with income generated to support (state program or area of work you wish to support.)
Please be sure to use our correct legal name – Knox College – in any will clause or codicil.
Our charitable registration number is: 107574923 RR0001
Gifts of Life Insurance
A gift of life insurance may offer you great flexibility in supporting Knox College.
Gift of an Existing Policy – You can transfer an existing policy by naming Knox College as the owner and beneficiary. If the policy is completely paid up, you or Knox need pay no additional premiums. The tax receipt is issued for the cash surrender value of the policy plus any accumulated dividends and interest at the time of the transfer. If you continue to fund future premiums, these amounts will also be eligible for an annual tax donation credit.
Gift of a New Policy – You can choose to take out a new policy with Knox College as owner and beneficiary. You must make Knox both the owner and beneficiary. Otherwise Canada Revenue Agency deems that no gift has been made and we cannot issue you a tax receipt. Under this arrangement, you pay the premiums and the College issues an annual tax receipt for the premiums paid. The insurance proceeds will go directly to Knox College upon your passing.
In addition, there are creative options for using life insurance proceeds as a wealth replacement vehicle by replacing the value of any legacy gift from your estate so there is no impact on what your beneficiaries receive.
Registered Retirement Funds
A RRSP or a RRIF can be a large portion of your accumulated assets. On your passing, however, 100% of the proceeds from your RRSP or RRIF are included in your final tax return and your estate must pay taxes on the full amount.
If you make Knox College the beneficiary of the proceeds of any registered fund you have, we will issue a charitable tax receipt for the full amount of the gift. This in turn will have tax benefits for your estate that will significantly offset the amount that you have given away. Your gift will also flow to the school immediately. If you leave the proceeds to Knox in your will, there will be probate fees to pay because your registered funds become a part of your estate.
Recognizing your contribution: Knox College Legacy Circle: Partners in leadership, relationships, and learning
Gratefully acknowledging those who have remembered the College in their estate plans
What serves the Church, today and tomorrow? What makes Knox’s education relevant and ensures excellence?
What aligns us with God’s mission in the world? What supports our diverse constituency?
These questions guide us at Knox College. To help us succeed, Knox needs YOU.
Members of Knox College’s Legacy Circle partner with us as we strive to shape a better world. Together we will enhance Knox’s future by preparing creative spiritual leadership, forging strong relationships, and inspiring excellence in learning. Our circle gratefully acknowledges, either publicly or privately, those who have remembered the College in their estate plans with a bequest or some other type of legacy gift.
To discuss opportunities, please contact the Advancement office at 416-978-8738 or firstname.lastname@example.org.
If you have already remembered Knox in this way, thank you for letting us know.