What Will Your Legacy Be?

A planned gift is a meaningful way to support Caledon Public Library while creating a lasting impact in the community. By including the library in your financial or estate plans, you can help ensure future generations continue to benefit from programs, services, and spaces that enrich lives.

Planned giving allows you to arrange a gift now that will be realized in the future, often through a will or estate plan. These gifts can help you achieve your personal and philanthropic goals while potentially providing tax benefits for you and your loved ones.

Ways to Make a Planned Gift

There are many ways to include Caledon Public Library in your legacy plans, including:

A gift in your will
Leaving a gift in your will is the most common way to make a planned gift.

It is a simple yet powerful way to make a significant impact on the Caledon Public Library while offering financial benefits to you and your loved ones. Gifts in your will can produce considerable tax savings, reducing or eliminating taxes payable by the estate, while also achieving your philanthropic goals.

This type of gift allows donors to make a significant donation that might otherwise not be possible during their lifetime, while also ensuring they maintain the assets they need with no effect on current finances.

You can name the Caledon Public Library as a beneficiary and designate a specific amount of money, a percentage of your estate, or the remainder of your estate after all other bequests have been paid:

Specific bequest
A specific bequest directs that the Caledon Public Library is to receive a specific piece of property, a specific amount of a certain kind of property, or fixed dollar amount of cash.

Residual bequest
A residual bequest designates all or a portion of the estate which remains after debts, taxes, expenses and all other specific bequests have been distributed to the Caledon Public Library. The bequest automatically adjusts in size as your estate increases or decreases.

Contingent bequest
A contingent bequest takes effect only after a certain condition is met (for example, if the primary beneficiary does not survive the donor). In this case, if the primary beneficiary dies, this ensures that property will pass onto the charity (Caledon Public Library) rather than unintended beneficiaries.

Things to consider:

Gifts in your will can enhance the value of your estate, reducing federal and provincial estate taxes

Bequests can allow individuals to make much larger gifts than they could during their lifetimes – leaving a significant legacy for generations to come, with little or no effect on current finances

Designations are revocable and can be changed if your personal or financial circumstances change

A gift in your will is eligible for a charitable tax receipt that can be applied to the final two income tax returns, reducing the overall tax burden of the estate

There is no minimum giving level

You can make a provision in your will to donate publicly listed securities, which in turn could result in significant tax savings for your estate, as it will be exempt from the capital gains tax.
Gifts of stock or securities
The transfer of bonds, shares, mutual funds, and/or publicly traded securities is one of the most tax effective and cost-effective ways to make a charitable donation.

Gifts of eligible appreciated securities when given directly to charity can eliminate capital gains tax, provide a full tax credit to you, and allow 100% of your gift to go to causes you care about.

By giving this type of planned gift, you can avoid capital gains taxes that would be due as a result of the sale of the stock, instead directing these funds to the Caledon Public Library – translating into community impact, and creating a rewarding return on your portfolio.

Things to consider:

You can donate during your lifetime, or you can also make a provision in your will – both options can result in significant tax savings now or for your estate (eliminating capital gains tax)

With little planning, you can have a meaningful impact on the library, while achieving tax savings during your lifetime and/or through your estate

You will receive a tax receipt for the full market value of your gift on the date of transfer

If you hold appreciated securities and wish to make an outright gift to Caledon Public Library, gifts of stock, rather than gifts of cash, will enable you to make a larger gift at a lower cost

There is no minimum gift level for gifts of Publicly Traded Securities

Our library accepts gifts of stocks or securities through Canada Helps. Learn more about Donating Securities through CanadaHelps.
Gifts of life insurance
Life insurance is an excellent financial and estate planning tool, and a great way to give a charitable gift while preserving other assets for family and loved ones. Gifts of life insurance can provide a substantial gift with manageable, modest, tax deductible premium payments. These types of planned gifts can provide tax benefits during your lifetime or for your estate.

There are several ways to do this:

Designate Caledon Public Library as the beneficiary (in whole or in part) of a new or existing policy

The library will receive the proceeds of the life insurance, while your estate will receive a charitable tax receipt equal to the policy’s death benefit to offset the tax liability of your estate. This can be beneficial if you’ve accumulated certain assets that would be subject to a significant tax liability upon your death, and may allow your heirs to receive a higher value of your estate – while at the same time providing a significant gift to charity.

Transfer ownership of a paid-up policy to Caledon Public Library

Circumstances may have changed so that a current policy is no longer needed. Ownership of the existing policy can be transferred to the library. You receive a tax receipt for the fair market value of the policy at the time of your gift, acquiring immediate tax benefits during your lifetime. The library will receive the proceeds of the policy upon your death.

Donate assets to Caledon Public Library and use a life insurance policy to replace the value of donated assets

You receive a charitable tax receipt for the amount you donate. With the tax savings resulting from the charitable gift, you can purchase a life insurance policy for the value of assets donated, naming your heirs as beneficiaries – a process called ‘wealth replacement.’ The proceeds of the policy will not be subject to probate fees, and can be passed tax-free to your heirs as inheritance. This option ensures that your estate is not diminished even though you are making a significant charitable donation.

Things to consider:

A gift of life insurance may allow you to make a larger gift than you could make from your current disposable income

With little planning, you can have meaningful impact on Caledon Public Library, while achieving tax savings during your lifetime and/or through your estate

You can name Caledon Public Library as a sole beneficiary, co-beneficiary with others or family, or as a conditional or contingent beneficiary

Your gift will not be reduced due to taxes, fees, costs of probate, or administration

There is no minimum gift level for gifts of life insurance.
RRSP/RRIF designations

You can designate the Caledon Public Library as the beneficiary of your RRSP/RRIF. By doing so, your estate can recover most of the taxes paid on this income. Your gift will be treated as a charitable donation in the year of death and you will receive a tax receipt for the full value of your gift.
Other planned giving options

Professional Advice

As every situation is unique, we encourage you to consult a professional advisor when considering a planned gift. Caledon Public Library is pleased to work with you and your advisor to develop a charitable giving strategy that reflects your wishes and values.

For more information, please contact Jill Jambor, Manager, Communications & Community Development.

Legal name and information

The below information is what your professional advisor will need to be able to add Caledon Public Library in your future planning:

Legal registered charity name: The Town of Caledon Public Library Board
Charitable registration number: 129093472RR0001
Primary address: Caledon Public Library, 150 Queen Street South, Bolton ON L7E 1E3

Please note this information is general in nature and does not constitute legal or financial advice. We encourage you to consult with your personal financial and/or legal advisors prior to making this important decision.