Planned Giving

A Bequest in your Will

A bequest in your Will may specify a certain sum of money, a particular asset, or a portion of the estate to be donated to the Toronto Symphony Orchestra. A bequest is an excellent way to link your name, or the name of a loved one, to the Toronto Symphony Orchestra.

Since a bequest is revocable, it provides no current income tax credit. However, the estate will be entitled to a donation receipt for the full value of the bequest. This can significantly reduce the tax payable with the estate’s final income tax return. Any unused portion of the receipt may be carried back one year.

In gifting by bequest, donors should consider providing the Toronto Symphony Orchestra with a copy of the clause in the Will pertaining to the bequest. This will be particularly helpful for receipting the estate at the appropriate time.

The following sample language is intended as a resource when making a bequest to the Toronto Symphony Orchestra. There are several options in making a bequest; you should seek legal and/or financial counsel to ensure that your intentions are clearly defined in your Will.

1. General Legacy:
   I direct my Trustees to deliver to the TORONTO SYMPHONY ORCHESTRA
   A) the full sum of _____ Dollars ($_________________),
   
   OR
   B) the ____percent (___%) of my estate,
   
   OR
   C) all the rest, residue and remainder of my estate, including real and personal property,
   
   and I declare that the receipt of the person professing to be the Treasurer of the recipient or other proper person to receive such sum shall be sufficient discharge to my Trustees.
2. Real Property Gift:
   I direct my Trustees to transfer and convey to the TORONTO SYMPHONY ORCHESTRA, all my right, title and interest to my real property described as [describe property using legal description]
3. Specific Gift:
   I direct my Trustees to deliver to the TORONTO SYMPHONY ORCHESTRA, my [describe article such as a piece of art, collection, etc.]
4. Gift of Shares:
   I direct my Trustees to transfer my shares in the capital stock of [public company name] (hereinafter referred to as the “Corporation”) to the TORONTO SYMPHONY ORCHESTRA. [If I have sold my shares of the Corporation after the date of this Will, my Trustees shall pay to the TORONTO SYMPHONY ORCHESTRA an amount equal to the net proceeds thereof received by me less the amount, as determined by my Trustees, of income taxes which I paid or am obligated to pay as a result of such sale or sales, calculated at the maximum rate of tax applicable to me at the time of such disposition.]

When making a bequest to the TSO, please use the legal name "Toronto Symphony Orchestra" in your official documents.

Please consider leaving a charitable bequest to the Toronto Symphony Orchestra in your Will or estate plan. For further information on bequests or other planned giving opportunities, please contact Marion York, Director of Major Gifts at 416.593.7769 ext. 259 or myork@tso.ca.

This information is provided for general information purposes only and does not constitute legal or other professional advice. Readers are advised to seek specific legal advice from their own legal counsel before proceeding with a planned gift.

- top -