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Residual Interest

A Residual Interest Gift is a method of giving in which property is deeded to Campbellford Memorial Hospital Foundation. However, you retain the use of the property for the rest of your life or a term of years. For example, you might give a residual interest in your cottage, but continue to use it and enjoy it over your lifetime.

These types of gifts are usually given by those who plan to give the property through a Will bequest to Campbellford Memorial Hospital Foundation but would like to reduce income tax now, without any changes in their living arrangements.

How You Benefit from Gifts of Residual Interest

Tax Advantages:
You receive a charitable tax receipt, thereby increasing after tax income.

Fee Reduction:
Your asset has been removed from your estate, thereby decreasing probate fees upon death.

Control:
You have made a significant contribution without loss of enjoyment of your asset.

Recognition:
You and your gift can be honoured during your lifetime.

How does it work?

You give a property to Campbellford Memorial Hospital Foundation and retain the use of it for life. The property is appraised and the value determined. A deed is drawn up and signed by you and Campbellford Memorial Hospital Foundation. You are entitled to a tax receipt for the present value of the residual interest.

Seek Expert Advice

If you are thinking about transferring assets that have appreciated in value, you should seek expert advice from a tax specialist or financial planner. Campbellford Memorial Hospital Foundation strongly recommends professional advice to ensure that your financial goals are considered, your tax situation reviewed and your planned gift is tailored to your circumstances. For further information, please call our office at 705-632-2014.