A bequest is a direction in your will to leave one or more of your assets to a charitable organization. Many alumni and friends of the College have designated a bequest to benefit GPRC. Gifts by will are becoming an important source of support because they enable individuals to make significant gifts that they may not have been able to make while living.
Making a bequest is easy and does not require the donor to part with assets during life. This provides the donor peace of mind knowing that assets are available to satisfy unforeseen expenses such as medical or nursing home costs.
The benefits of making a bequest
Your bequest can be a lasting legacy for you, your family, or anyone you may wish to honour. You retain full control of your assets during your lifetime. Your bequest can provide tax relief to your estate.
The College will issue a tax receipt for the full value of the bequest. This receipt can be used to reduce the tax payable on your final tax return. If your bequest exceeds one hundred per cent (100%) of your net income, the excess may be carried back to the previous tax year.
Funds are usually bequeathed as a residual amount (for example, a share or percentage of your estate), or a specific dollar amount.
The following is sample language for a bequest to GPRC:
“To pay to Grande Prairie Regional College, Alberta, presently located at 10726-106 Ave. Grande Prairie, Alberta (BN : 118945484RR0001) _____ % of the residue of my estate, or the sum of $___________ to be used by Grande Prairie Regional College for its general purposes.”
This information is general in nature, does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. We strongly encourage you to seek legal, estate planning and/or financial advice before deciding upon your course of action. If you are considering a planned gift, we recommend that you do so in consultation with your financial planner and/or legal counsel.
For more information contact: