Legacy gifts are a powerful tool for individuals wishing to support the new Sinai Health System as it becomes Canada’s leading integrated health care system to better serve our community and patients. Sinai Health Foundation is very grateful to those who have already chosen to demonstrate their support to Sinai Health System through a legacy gift and to those who are considering one.
Legacy gifts are most commonly structured through bequests or gifts of life insurance, but also include registered retirement savings plans (RRSPs and RRIFs), Tax-Free Savings Accounts (TFSAs) and gifts of publicly traded securities. For many donors, making a legacy gift is a realistic and thoughtful way to make a significant future contribution to the Sinai Health System and to our patients while maintaining financial security for themselves and their family during their lifetime.
Bequests: Gifting through your will, such as a bequest, can have an incredible impact when realized on the ability of the Sinai Health System to fund patient-centred critical programs and new, innovative research. Bequests may be structured in your will as a specific dollar amount that you wish to donate, or by allocating a percentage or the entire residue of your estate. Once a bequest is realized, these gifts may also reduce taxes payable, offset by a tax receipt for the value of your gift. By planning now for your estate, you can have a wonderful impact on the future of health care across Canada for generations to come.
You can find our sample bequest wording here.
When wording your bequest, it is important that you use our legal name: Sinai Health System Foundation and, ideally, include our charitable registration number which is: 119048106 RR0001.
Life insurance: A gift of life insurance can be an affordable way to make a significant difference to the Sinai Health System. You may choose to:
Depending on how your gift of insurance is structured, you may receive tax benefits now or later through your estate.
Registered Retirement Savings Plans: Sinai Health System Foundation can be named a beneficiary of part, or all, of a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF). Gifts of RRSPs or RRIFs are a tax-smart option to make an extraordinary gift. By naming the Foundation as a beneficiary, funds that would be lost to taxation are redirected to support Sinai Health System. Your estate will receive a tax receipt for the full value of the gift while also allowing use of your retirement saving plans during the course of your lifetime.
If you are considering making a legacy gift, it is important to discuss your plans with your professional financial or legal advisor and with members of your family. As well, we encourage you to contact Sinai Health Foundation, in confidence, so that we can thank you for your generosity and help to ensure your intentions are fulfilled exactly as you wish once your gift is realized in future.
If you have already named a legacy gift to Mount Sinai Hospital Foundation of Toronto, rest assured that your gift will be honoured exactly as you intend it to be and will not be affected by our recent name change to Sinai Health System Foundation.
Legacy Sinai is a special group of dedicated individuals who have committed to ensuring quality patient care at Sinai Health System for generations to come. Should you choose to leave a legacy gift to the Sinai Health System, we would be grateful to recognize you as a member of Legacy Sinai. Your generosity will be recognized on our newly designed Legacy Sinai Donor Wall, located on the mezzanine (4th floor) of Mount Sinai Hospital.
Legacy gifts, like yours, have helped to establish the Sinai Health System as an internationally recognized leader in state-of-the-art patient care and innovative research. By supporting the Sinai Health Foundation, you are playing a critical role in our community and helping to serve the needs our patients, from healthy beginnings to healthy aging. Thank you.
For more information, please contact in confidence:
Director, Legacy Giving
Sinai Health Foundation
1001 – 522 University Avenue
Toronto, ON M5G 1W7
T 416-586-4800, ext. 2955