What is Legacy Giving at Holy Blossom?

Wouldn’t you like to know that after you’re gone, generations of future Holy Blossom members will benefit (or “blossom”) because of a donation you made? That is Legacy Giving at Holy Blossom Temple.

We work with financial advisors to facilitate giving to Holy Blossom Temple that meets personal and estate objectives and helps support Temple now and in the future. In addition, we will ensure that any gift you decide to leave to Holy Blossom Temple will ensure Congregants can continue to benefit from our unmatched services 365 days per year.

As a Donor to Holy Blossom Temple, you will be remembered (and recognized if you so choose) and your legacy will live on through each of the lives you impact with your generous donation.

Leaving your legacy at Holy Blossom Temple

After providing for dependents, family or friends, many members choose to make 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 that has little to no effect on your current lifestyle, or on the gifts you intend to leave to your family. Revising your existing will is a simple process, and a bequest allows you the most flexibility and security should your personal circumstances change.

Legacy giving options

There are many types of legacy gifts including:

  • Wills & Bequests – A gift in your will is one of the most common, and often the simplest legacy gift to make.
  • Gift of Securities– When you donate a gift of securities, you eliminate the capital gains tax.
  • 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.
  • Gifts of Insurance – Turn a modest investment now into a substantial contribution later.
Let us thank you

All donors who intend to make a legacy gift have the opportunity to join Holy Blossom Legacy Society. Please know that if you want your gift to remain anonymous, we will always respect your privacy.

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:

If you are advisor looking for information on making a planned or estate gift to the Holy Blossom Temple, please click here.

If you have any questions, please contact:

Jonathan Ain
Director of Development
416-789-3291 ext. 249
[email protected]

Please note that the information provided here is not intended as legal or financial planning advice. When considering a legacy gift, you should always consult your legal advisor, banker, financial planner or your family members.

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 residual gift from the estate. This type of gift allows you to make a lasting contribution to healthcare in your 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 the 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 (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 (unit, equipment name 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 value 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.”

For more information, please contact Jonathan Ain, Director of Development at 416.789.3291 ext. 249 or at [email protected]

Gift of Securities

Donate appreciated stocks, bonds, mutual funds, flow-through shares or stock options and take advantage of tax benefits.

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.
  • Your donation will be exempt from the capital gains tax that would otherwise apply to the sale of your securities.

Making a gift of securities is easy.  Simply download and complete our Securities Transfer Form.

For more information, please contact Jonathan Ain, Director of Development, at 416.789.3291 ext. 249 or [email protected].

RRSP & RRIFS

Make a gift by changing the beneficiary information on your RRSP or RRIF to Holy Blossom Temple.

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 eliminate or 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.

For more information, please contact Jonathan Ain, Director of Development at 416.789.3291 ext. 249 or at [email protected].

Gift of Insurance

Pay modest premiums now to make a significant gift in the future.

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

Your modest premium payments today can turn into a significant gift to Holy Blossom in the future. Not only are you ensuring your legacy of support continues even after your death, 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 you no longer need. 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.

For more information, please contact Jonathan Ain, Director of Development at 416.789.3291 ext. 249 or at [email protected].

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