Ways to Give
How Can You Help?
As of autumn 2015, the population in Canada experienced a big shift. There are more Canadians over the age of 65 than under the age of 15. This is not an exception in London and has direct impact on the clients we serve. Our current funding has remained static over the last several years and there is very little consistent funding available. Most money received must be applied for and there is no guarantee we will be granted anything. The demand continues to grow; however, we are committed to keeping up with the needs of seniors and adults living with disabilities. We rely on private donations to continue our services, now and into the future. Your donation will help sustain the way we support people who need us.
support Meals on Wheels London
Meals on Wheels welcomes all donations through our website by clicking the Donate Now button throughout our site. All cash donations are automatically entered into our system and receipts are issued.
Although there are many types of ways in which one can give to Meals on Wheels London that may suit varying needs and financial circumstances, it is important to remember that all types of gifts do come with tax incentives and we suggest speaking with your advisor on which best suits you. Credits and information related to donations can change and an advisor would be most up to date on information and how it affects each individual(s) financial situation. Below you will find a short summary of charitable and legacy giving gifts.
Gifts By Will
You may wish to leave a lasting legacy by a bequest, gift of cash, or property made through your Will. A charitable bequest allows you to support the charity of your choice while providing for your own financial need during your lifetime. Assets are not donated until after your passing and you can revoke them by changing your will at any time. If you donate through your Will, your estate will receive a tax receipt for the amount donated. 100% of the donation of your net income in the year of your passing can be claimed.
Designate a Charity as Beneficiary of a Registered Account
If seeking to offset taxes payable upon your passing, your Registered Retirment Savings Plan and Registered Retirement Income Fund (RRIF) may be donated directly to charity through a beneficiary designation on the account. You may also bequest either or both to charity through your Will. In both cases, a tax receipt will be issued to your estate for the full value of the account at the time of passing and the donation may be eligible for federal and provincial tax credits.
Charitable Gift Annuity
This may be an attractive option for those who are concerned about out-living their capital, but would like to support a charity. You can transfer cash to a charity, which in turn will purchase an annuity from an insurance company.
Set Up a Charitable Remainder Trust
This may be an ideal option for those over 80 who would like to make a charitable donation to take advantage of tax benefits but not jeopardize their existing income. You may retain some control over the capital, and the charity receives the capital from the trust upon your death.
In-Kind Donations of Stocks, Bonds, and Other Publicly Listed Securities
If you have qualifying securities, which may include stocks or bonds listed on a designated stock exchange, eligible mutual fund units or segregated funds that have increased significantly in value, consider donating them directly to a registered charity. When you donate property to chairty, you are deemed to have received an amount equal to the fair market value of the property. If the the fair market value exceeds the cost, a capital gain will be realized. However, the fair market value of the qualifying securities may be eligible for a tax credit, and any realized capital gains are not taxable. As a result of this special tax treatment, it may be more beneficial to donate qualifying securities directly to charity than to to the sell the property donate the proceeds. We strongly recommend consulting an advisor.
For gifts of securities please fill out this form: GiftofsecuritiesMOWL
Donate a Life Insurance Policy
If you are interested in making a larger donation at a relatively small cost, this may be an option. This option can avoid or reduce estate taxes and you can determine when you’ll receive tax credits.
There are several ways to do this:
1. Meals on Wheels London can purchase a life insurance policy on your behalf and issue a tax receipt immediately for the premiums you pay directly to the insurance company.
2. You can transfer ownership of an existing policy to Meals on Wheels London. Meals on Wheels London will issue a tax receipt for the fair market value of the policy.
3. If you would like to retain ownership, you can name Meals on Wheels London as the beneficiary. Meals on Wheels London will issue a tax receipt to your estate.
Note that various rules can apply to insurance policy as each is unique.
We highly recommend consulting a qualified tax professional to ensure that you get the desired outcome.
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