Gift Planning
Today, many of our students and graduates have been the fortunate recipients of legacy gifts from remarkable people like you who had a passionate belief in youth, education and Ontario Tech University. Gift planning can make an extraordinary difference in the lives of tomorrow’s students. Ontario Tech relies on the investment our donors make in our students today, and those who make a future gift to help the students of tomorrow.
Gift planning allows you to align your values and assets with your charitable wishes. Your legacy will live on at Ontario Tech through a planned gift, benefiting future generations of students. Please reach out to us at any time to ask questions about how to make a gift today, or one that will be received in the future. Your generosity will inspire young minds as they learn how to make their mark in the world.
Growing to meet the needs of our students and faculty
First opening our doors in 2003 with 947 students, today there are more than 11,000 students enrolled at Ontario Tech in 91 programs in our two Oshawa campus locations. We expect our student population to increase steadily in the years ahead and the need to invest in additional space for research and learning is critical. And, as the cost of education continues to rise, the need to support Ontario Tech and our students has never been greater. By choosing to support Ontario Tech, our donors actively contribute to shaping a brighter collective future.
Gift planning to support students and Ontario Tech University
Planning to leave a charitable donation in your will (known as a bequest), allows you the peace of mind of knowing your affairs are in order and the knowledge that your estate appropriately reflects what is important to you. By working with your advisors, you can thoughtfully plan your charitable and legacy giving and manage a reduction in taxes paid. Planned gifts can include bequests, securities and mutual funds, real estate, life insurance or a retirement plan.
A legacy gift to Ontario Tech demonstrates your confidence in our students and their potential. You will make an extraordinary difference in the lives of future generations and help them realize their educational and career goals.
You can build your plan in the following ways:
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Appreciated Securities: Stocks, Bonds, Mutual Funds
Giving the gift of financial assets is easier than you imagine and can reduce capital gains tax.
Securities and Mutual Funds
A gift of securities (stocks, bonds and mutual funds) gives you the opportunity to provide vital support for students and priority areas that will meet the needs of students and contribute to the economy.Benefits of gifts of securities and mutual funds
By including the university as the full or partial beneficiary, your estate will receive a charitable tax receipt for fair market value of the asset and be exempt from capital gain taxation. This means you will receive the benefit of all of the capital gain appreciation to reduce taxes payable on other income. -
E.P. Taylor Legacy Society
For those who advise us of their intention to make a gift in their will or through other forms of deferred gift planning, we welcome you to the E.P. Taylor Legacy Society. The Society is named in honour of Canadian entrepreneur, innovator and thoroughbred horse breeder, Edward Plunket (E.P.) Taylor, founder of Windfields Farm, in Oshawa, Ontario.
E.P. Taylor was a dedicated and passionate supporter of education, from his legendary alumni fundraising drives for his alma mater, to his donation of land in 1966 to support students in Durham Region. In 1996, his son Charles Taylor and daughter Judith Mappin, following in the footsteps of their father, donated a parcel of Windfields property for a future university in Durham Region, now proudly called Ontario Tech University.
The E.P. Taylor Legacy Society provides opportunities for donors to be acknowledged now and connected to the life of the university while securing their place in the history and hearts of the Ontario Tech community by making a planned gift.
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Estate Gifts
Leave a charitable bequest of enduring value through your will. You have the power to use the assets accumulated over a lifetime to provide for your loved ones as you see fit. You can also use your will power to leave a gift (called a bequest) in your estate plans to support students.
You can leave a bequest in your estate by including:
- A residual amount or a portion of your estate, e.g. 10 per cent.
- A specific dollar amount or an asset such as your house, cottage or artwork.
- Your assets are accessible to you during your lifetime.
- Your estate will realize tax-savings and you will be supporting students, who are our future.
- During your lifetime, you can change your will, should your circumstances change.
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Life Insurance
A gift of life insurance can help you fund a truly generous gift tomorrow while realizing attractive tax benefits at an affordable cost today.
Three ways to contribute life insurance:
- You can give the future proceeds of an existing policy. Designate the university as the beneficiary and your estate will receive a charitable tax receipt.
- You can give the policy itself. In addition to designating the university as the beneficiary, transfer the ownership of the policy to the university and receive a charitable tax receipt for the net cash surrender value.
- You can give a new policy. Receive a charitable tax receipt for subsequent premiums paid on the policy.
- Affordable annual premiums often resulting in the largest gift of your lifetime.
- Receive a charitable tax receipt based on the way the insurance was gifted.
- Gifts of life insurance are excluded from probate.
*Please consult your advisor to determine the cost and tax savings for your situation.
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Retirement Funds
The federal government has made it easy to make a meaningful gift beyond your lifetime with your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF).
Contributing the proceeds of a retirement fund to the university allows you an opportunity to make a significant investment in education, receive a donation receipt for the full value of the proceeds and know the resulting tax credits will offset taxes otherwise payable by your estate.
Benefits of retirement fund gifts
All of the remaining money in most retirement funds (RRSP/RRIF) is fully taxed in the year of death, often at the highest tax rate. Designating the university as beneficiary of such plans creates an official donation receipt that offsets taxes owed.When you gift your RRSPs and RRIFs outside of your will, the funds are not part of your estate and your probate fees are reduced.
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Faces of Philanthropy: Gift Planning Testimonials
Local resident Robert Prichard is a lifelong learner with a keen interest in environmental science. Although he was not able to obtain a post-secondary degree, he believes scientific discovery is vital to preserving the planet. To share his love for education and foster the next generation of citizen leaders, Robert established a named award in 2007 and has included a life insurance policy in his estate plans for future student support.
“It’s important to me to know my legacy in this world includes supporting students that wouldn’t have the chance to pursue a university degree. The leadership of our country and our future citizen leaders are relying on us to help them. Not only will my estate have more to distribute because of the tax benefits, but more students will benefit because someone suggested that I should look into tax-smart estate planning. And, I’m so pleased that I did.”
-Robert Prichard
Bob Strickert has been involved with the university since the very beginning. His leadership as founding Chair of the Board of Governors helped to establish the university and he has served as Chair of the Friends of Ontario Tech Committee, diligently working to find new partners and donors to support students. He and his wife Wendy contribute to student bursaries through mutual funds and RRSPs. Thanks to the university and donors like Bob and Wendy, Durham Region’s economic development and revitalization are underway!
“Wendy and I have met many bursary recipients and see the benefits from our donations to date. An investment in our students is the key to a better future.”
-Bob Strickert
For Iris Schickler, a former educator, leaving a legacy at the university was not just about estate planning. It was about allowing a lifetime of charitable intent she shared with her husband Harold to continue to make a difference. Helping others when they have a need had always been in Iris’ nature and Harold had the same philosophy. He often granted co-op placements to engineering students who showed a greater sense of understanding rather than those with the highest marks, giving students the hands-on, practical experience they would need to succeed after university.
When Harold died, fellow members of the Uxbridge Rotary Club decided to honour his commitment to helping students by creating the Harold Schickler Endowed Bursary for students in the Faculty of Engineering and Applied Science.
“If we have some, we can help others. We can always help humanity by offering to help students.”
-Iris Schickler -
Frequently Asked Questions
Where do I start?
After consulting with your family and advisor, select a donation option that is the best for you and your estate. If you have questions, you can also contact a gift-planning specialist at the university. We will work with your timing and at a pace that is best for you and your loved ones.What do Ontario Tech students need?
University students have an ever-increasing need for financial support to help pay for their university education, scholarships to honour excellence and varsity awards for athletic and academic pursuits. As a research-focused university, we have a growing need to fund research projects as well as increased space and equipment needs to provide students with research experiences.The university has grown at an unprecedented rate and we have plans to expand our world-class facilities to accommodate a student population of 18,000. In order for this to be realized, several new buildings will be required, including student spaces, research facilities and additional classrooms.
What naming opportunities are available?
There are opportunities available for donors to have their name associated with student awards, a program, or space to name a few. Please contact Clive Waugh, Director of Gift Planning to learn more at advancement@ontariotechu.ca.Can the university issue a receipt for income tax purposes?
Yes, to the full amount allowed by Canada Revenue Agency.Should I contact you about including Ontario Tech in my estate plans?
It is not necessary but there are four important reasons to do so.We can:
1. Thank you appropriately.
2. Ensure your lawyer has the official name and address of the university.
3. Determine if there are naming opportunities of interest available.
4. Keep you informed of university advancements and events.Does Ontario Tech accept anonymous gifts?
Yes. We honour the wishes of all of our donors.Can I be a member of the E.P. Taylor Society but still keep the amount of my donation anonymous?
Yes. We honour the wishes of all of our donors.
Planning to support Ontario Tech students
This information has been prepared to assist you and your advisor(s) to choose the most appropriate way to include Ontario Tech in your estate plans. Additionally, when gift planning, you are able to take full advantage of the many tax savings that will impact the amount of probate fees and taxes owed.
A will is a legal document and must include the correct name and address of the university to ensure there is no confusion about your wishes. If you wish to direct a gift in your will to a specific program or purpose, please contact us. The university welcomes unrestricted estate gifts. An unrestricted gift can be directed to the highest priority need when it is received.
Please remember if you pass away without a will, your estate is considered “intestate”. Your family will not have input or control over your assets, your estate will be charged a fee to disperse your assets and will be taxed at the highest possible amount.
For more personal and confidential information about making a gift today or a gift in your estate plan, please contact: Clive Waugh, Advancement Office at advancement@ontariotechu.ca.
The information provided in Ontario Tech University materials does not constitute legal or financial advice and should not be relied on as a substitute for working with the appropriate legal, financial or estate-planning professional. Please consult your advisor before making your estate plans.
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