Providing for the future is a core Jewish principle. A planned gift to Holy Blossom Temple is an opportunity to leave a legacy that will benefit our Temple community for generations to come.

Any gift you choose to leave to Holy Blossom Temple not only builds upon our strong foundation of prayer, belonging, learning, and acts of service, but ensures that our Congregants will continue to benefit from our unmatched services.

In addition to being able to express one’s commitment financially to Holy Blossom Temple, Canadian tax laws provide incentives for people to support their community through planned giving.

LEAVING YOUR LEGACY AT HOLY BLOSSOM TEMPLE

After providing for dependents, family or friends, many members choose to create a lasting impact by leaving a gift through a bequest – a gift in a will – to organizations they have cherished and supported in their lifetime.  By naming Holy Blossom Temple as a beneficiary in your will, you can leave the congregation a percentage of your estate, or a specific dollar amount.  You can make a significant and meaningful gift. Revising your existing will is a simple process, and a bequest allows you the most flexibility and security should your personal circumstances change.

Please note that the information provided below is not intended as legal or financial planning advice. When considering a legacy gift, you should always consult your legal and financial advisors.

LEGACY GIVING OPTIONS

There are many types of legacy gifts including:

Wills & Bequests

One of the most common, impactful, and simple types of legacy gift is a charitable bequest made through your will.

It can be made through a variety of ways including cash assets, real estate, an entire estate or a residual gift from the estate. This type of gift allows you to make a lasting contribution to our Temple community while protecting your assets now.

A gift in your will to Holy Blossom Temple can also produce considerable tax savings by reducing the tax burden on your estate. Your estate will receive a charitable tax receipt in the amount of your bequest.

The following are examples of language to consider when leaving a bequest to the Temple:

To give a specific amount: “I give the sum of (bequest amount) to Holy Blossom Temple to be used to support the highest priorities as determined by the Temple’s Board of Directors.”

To give a percentage of the estate: “I give the residue of my estate (or X percentage of the residue of my estate) to Holy Blossom Temple to be used to support the highest priorities as determined by the Temple’s Board of Directors.”

To give a specific asset, such as shares in a company: “I give (X shares) to Holy Blossom Temple to be used to support the highest priorities as determined by the Temple’s Board of Directors.”

For a contingent bequest:  “If neither (name of primary beneficiary) nor (name of alternate beneficiary) survives me for 30 days, then I give (describe amount of cash, property, percentage of residue or other gift) to the Holy Blossom Temple to be used to support highest priorities as determined by the Temple’s Board of Directors.”

To designate your gift for a specific purpose: “I give (X amount) to Holy Blossom Temple to be used in support of program, endowment, etc)”

Power of Vary Provision

Where you have a special interest in a specific area of Temple, you may wish to restrict the use of your gift.  Unfortunately, no one can anticipate the changes and developments that may occur in the future. As a result, we recommend that you include a “power to vary” clause to ensure your gift will deliver maximum benefit to Holy Blossom Temple.

In this instance, please incorporate the following will into your clause:

“If, in the opinion of the Temple’s Board of Directors, it should become impossible, inadvisable, or impractical to use this gift for the purposes of supporting (insert initial intent), then the Board may, in its discretion, use the gift to the best advantage of Holy Blossom Temple, keeping in mind the original wishes of the donor.”

Gift of Securities

A gift of securities is a cost-effective way to support Holy Blossom Temple, immediately or through a gift in your will.  When you donate publicly traded securities, you eliminate the capital gains tax that becomes payable if you were to sell the appreciated securities on the market and donate proceeds of sale to Holy Blossom Temple.

Benefits to you:

Holy Blossom staff work with you and your advisors to ensure a smooth transfer and prompt donation receipt. You will receive a tax receipt for the fair market value of your securities.

Making a gift of securities is easy.  Please complete the Securities Transfer Form, found here.

Gifts of RRSP & RRIFS

Giving retirement assets is easy and tax-effective. Make Holy Blossom the beneficiary of your RRSP or RRIF and enjoy your retirement savings today.

Many people have significant assets in their Registered Retirement Savings Plans (RRSP) and Registered Retirement Income Funds (RRIF). These are often the most heavily taxed assets of one’s estates. By naming Holy Blossom Temple as your beneficiary, you can significantly decrease the tax burden on your estate.

The gift is simple to make. You can request a Change in Beneficiary form from your plan provider and name Holy Blossom Temple as the beneficiary of all or a portion of the RRSP or RRIF and return the document to your plan provider.

Gifts of Insurance

Turn a modest investment now into a substantial contribution later.

Naming Holy Blossom Temple as a beneficiary or owner of a new or existing life insurance policy is another cost-effective way to support our future needs.

Your modest premium payments today can be a significant gift to Holy Blossom in the future. Not only are you ensuring your legacy of support continues beyond your lifetime, you also receive sizable tax savings either now, or on your estate depending on how you structure the policy.

There are several ways to make a gift of life insurance. You can:

Establish a new policy that designates Holy Blossom Temple as the owner and beneficiary. You can claim any and all premium payments as a charitable donation on your tax return.  Holy Blossom Temple will issue you an annual tax receipt for the premiums paid on the policy.

Name Holy Blossom Temple as a beneficiary on your existing insurance policy. Your estate will receive a charitable tax receipt for the full value of the policy.

Donate an existing life insurance policy by transferring ownership to the Holy Blossom Temple. This entitles you to receive a tax credit for the cash surrender value of the policy at the time it is donated, along with tax receipts on any future premium payments.

Donate a fully paid policy. Holy Blossom Temple will issue you a tax receipt for the fair market value of the policy or defer the tax receipt for your estate.

 HELPFUL INFORMATION

Our legal name and the proper beneficiary for your gift:

Holy Blossom Temple
1950 Bathurst Street
Toronto, ON M5P 3K9
Our Canada Revenue Agency Charitable Business Number: 88437 7565 RR0001

 

LET US THANK YOU

All donors who make a legacy gift will be honoured as members of L’dor Vador Circle and appropriately recognized. If you wish your gift to remain anonymous, we will always respect your privacy.

IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT:

Ellen Ostofsky
Development Associate
416-789-3291 ext. 261
[email protected]

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