A charitable remainder trust provides you with income during your lifetime while ensuring the property remaining in the trust will benefit North York General.
Because it is a deferred gift, the earnings from a gift made now will be realized by North York General in the future. Essentially, you irrevocably transfer property (investments, real estate, etc.) into a trust to be managed by a trustee (a financial institution, yourself, a lawyer or other individuals), name ‘North York General Hospital Foundation’ as the remainder beneficiary in the trust and maintain use of the asset for life.
As a result, you can receive income or use of the property during life in addition to benefiting from a tax receipt that you can use today. The value of the tax deduction will depend on the value of the property, your age and other beneficiaries and the period of time that the income interest will be paid out.
For more information about establishing a charitable remainder trust, please contact the Foundation at 416-756-6944 or firstname.lastname@example.org.