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A bequest is a donation in your will that is distributed by your estate after your death.
Your gift is a reflection of your interest in making your City a stronger and more prosperous place for current residents and future generations.
A bequest to a particular City of Toronto program (e.g. animal care) or to City services (e.g. museums, child summer camps, seniors’ homes, etc.) in general, can be made by you, in your will in several ways by:
- specifying a percentage of your estate;
- stating a specific dollar amount;
- choosing to bequeath an asset such as property, artwork, or securities, for example; or
- you can direct the City to receive a portion of your estate only if the primary intention cannot be met. For example, if other beneficiaries do not survive you.
The City will issue a donation receipt for the bequest. This receipt will result in a tax credit that may be claimed for up to 100 per cent of your taxable income in the year of death and the preceding year.
We recommend that you consult with your financial planner or estate lawyer who can provide advice on tax benefits, the best gift options for you and the wording you should use in your will.