Leavea Legacy

Many people pay more income tax in their year of death than they do in any year during their lifetime. This may be due to additional income created by a deemed disposition of certain assets on death, as well as inclusion into income of registered retirement savings plans (RRSPs) or registered retirement income funds (RRIFs), especially if there is no spouse as the designated beneficiary.

The gift that gives back. A charitable gift annuity allows our more senior donors to make an immediate donation of a capital sum to ROM, in return for regular payments at a specified rate for life. The amount of income paid to the annuitant (donor) and the portion that is tax-free depends on the age of the annuitant. Joint life annuities, that provide income for the lifetime of both lives involved, are also available.

By making a direct gift of publicly traded securities to ROM, you can achieve far greater tax savings than by donating the cash proceeds from the sale of the securities.

Learn more about giving securities.

An endowment fund is similar to a charitable investment fund, where a donation is permanently invested and the income earned provides a sustained source of funding, vital to ROM’s ongoing activities. These funds support ROM in many fundamental ways, including research expeditions, acquisitions, public and educational programs, curatorship, and the purchase of equipment.

A bequest is a future commitment that does not restrict your current financial security as both the principal and income of your estate are available during your lifetime. Bequests are of significant value to ROM. It is the easiest and most popular way to leave a legacy to your Museum.

Bequests are accomplished through a written and executed will naming the Royal Ontario Museum Foundation as a recipient of a specific piece of property, collection, sum of money, or portion of your estate. Bequests may be tailored to your wishes or circumstances and no bequest is too small to make a difference.

Undesignated bequests support the Museum’s highest priorities in the year the gift is received. Your estate will receive a donation receipt for the full amount of the bequest, which can assist in reducing the tax payable on your final income tax return.

Types of Bequests

Specific Bequest
Directing a specific dollar amount or percentage of your estate to ROM

Residual Bequest
After all specific bequests have been fulfilled, some or all of the remainder of your estate will be left as your legacy to ROM

Contingent Bequest
A gift to ROM will be made only in the event of the death of a named beneficiary

Sample Bequest Wording
To pay to ROYAL ONTARIO MUSEUM FOUNDATION at TORONTO, ONTARIO the sum of $.. (or …% of the rest, residue and remainder of my Estate) to be used for such purposes in connection with the work of the Royal Ontario Museum as the Royal Ontario Museum Foundation may from time to time determine. Legal Name: Royal Ontario Museum Foundation | Charitable Number: 13628 2126 RR0001.

By making a direct gift of publicly traded securities to ROM, you can achieve far greater tax savings than by donating the cash proceeds from the sale of the securities.

Learn more about giving securities.

The gift that gives back. A charitable gift annuity allows our more senior donors to make an immediate donation of a capital sum to ROM, in return for regular payments at a specified rate for life. The amount of income paid to the annuitant (donor) and the portion that is tax-free depends on the age of the annuitant. Joint life annuities, that provide income for the lifetime of both lives involved, are also available.

It is a safe investment which can offer a significantly higher cash flow return than a GIC. Annuity payments are insured by the Canadian Life and Health Compensation Corporation and can be purchased now while deferring payments to a later date.

Having a portion of your investments in a charitable gift annuity ensures that you receive a stable lifetime income unaffected by fluctuating economic conditions or having to manage your investment.

A charitable gift annuity provides both an immediate and future legacy to ROM. While you are investing to secure the quality of your life, you are also investing in a future of wonder and discovery at ROM.

Your donation may be applied against 100% of your taxable income in the year of death and, to the extent the gift cannot be fully used, it can be used as a deduction for taxes paid in the immediately preceding tax year.

Many people pay more income tax in their year of death than they do in any year during their lifetime. This may be due to additional income created by a deemed disposition of certain assets on death, as well as inclusion into income of registered retirement savings plans (RRSPs) or registered retirement income funds (RRIFs), especially if there is no spouse as the designated beneficiary.

Gifts made through RRSPs and RRIFs are a popular way to eliminate or greatly reduce the deferred tax burden owing on these funds at the time of death.

By naming ROM directly as the primary beneficiary, co-beneficiary or contingent beneficiary, your estate can avoid the application of estate administration tax (commonly referred to as probate fees) as the donation comes directly from the fund, as the proceeds will not form part of your estate.

You retain use of the fund during your lifetime and the remainder is transferred to ROM upon your death. Your donation may be applied against 100% of your taxable income in the year of death and, to the extent the gift cannot be fully used, it can be used as a deduction for taxes paid in the immediately preceding tax year.

Alternatively, if you wish to make a gift of cash or property now and watch it work, an insurance policy can replace those assets in your estate, and your current gift will earn tax credits that can be spread over six years.

An endowment fund is similar to a charitable investment fund, where a donation is permanently invested and the income earned provides a sustained source of funding, vital to ROM’s ongoing activities. These funds support ROM in many fundamental ways, including research expeditions, acquisitions, public and educational programs, curatorship and the purchase of equipment.

Endowment funds can be established during one’s lifetime, at death through a gift under your will or a combination of the two. Named endowment funds are a meaningful way to commemorate a loved one, your involvement with ROM and your commitment to its future.

In setting up a personal named endowment fund with ROM, you have the ability to create your own special fund highlighting your passion at the Museum. This kind of fund represents the fulfillment of one’s personal values and provides dependable revenue to help enhance and preserve Canada’s world museum. 

A gift of life insurance is a simple and affordable way to make a future major gift to ROM without reducing the assets in your estate.

• Donate an existing policy making ROM owner/beneficiary. Receive a charitable tax receipt for the cash surrender value and for all future premiums you pay. Save estate probate taxes when proceeds on death pass on to ROM.
• Take out a new policy and assign ownership to ROM. Receive a charitable tax receipt for all premiums you pay. Save estate probate taxes when proceeds on death pass on to ROM.
• Retain ownership of the policy (personal or Group Life); name ROM as the direct beneficiary upon your death. Your estate will receive a tax receipt for the amount of the proceeds received by ROM.

Alternatively, if you wish to make a gift of cash or property now and watch it work, an insurance policy can replace those assets in your estate, and your current gift will earn tax credits that can be spread over six years.