Other Ways to Give
Gift of property:
Real estate, jewelry or art can be an attractive way to make a substantial gift to SickKids with significant tax benefits. You can give the property outright, place it in trust to retain the use of it for life, or gift it by will.
Charitable gift annuity:
This allows you to make a gift to SickKids, while at the same time securing guaranteed income for life. An annuity consists of two parts: a gift to SickKids for which you receive a tax receipt, and a guaranteed stream of income for you and your surviving partner.
A minimum of $50,000 is transferred to SickKids. At least 20 per cent is counted as an immediate donation to SickKids, for which you receive a tax receipt. The remainder is used to purchase an annuity from an insurance company providing a guaranteed income.
Charitable remainder trust (CRT):
A CRT is a life income gift that enables you to give today and receive immediate tax savings, while retaining use of the asset.
Essentially, you transfer a property like real estate, investments, or artwork into a trust to be managed by a trustee (a financial institution, a lawyer, yourself, or other individuals). You name SickKids as the remainder beneficiary in trust and keep an interest in the property for the rest of your life. After a prescribed period of time, or upon your death, the asset is transferred to SickKids. This allows you to use the property or receive income from it during your lifetime, while receiving a tax receipt you can use today.
