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A Residual Interest Gift is property deeded to The Canadian Hearing Society, and retained for your use for the rest of your life or a set term of years. For example, you might give a residual interest in your cottage, but continue to use and enjoy it during your lifetime.  This type of gift is usually given by those who plan to give the property through a Will bequest to CHS, but would like to reduce income tax now, without any change in living arrangements.

How it works

• You give a property to CHS and retain the use of it for life
• The property is appraised to determine its value
• A deed is drawn up and signed by you and CHS
• You receive an immediate charitable tax receipt for the present value of the residual interest. The receipt amount is based on the anticipated number of years you retain a life interest in the property, current fair market value and a discounted rate
• You continue to be responsible for real estate taxes, insurance, utilities and maintenance after transferring title

Benefits to You

• Continued support to CHS services and programs without loss of enjoyment of your asset
• An immediate charitable tax receipt, thereby increasing after-tax income
• The asset has been removed from your Estate thereby decreasing probate fees
• You and your gift can be honoured during your lifetime

A Residual Interest Gift can provide flexibility when planning your Estate, allowing you to meet your obligations to loved ones while enabling you to leave a legacy to The Canadian Hearing Society.  To establish a Residual Interest Gift, complete a  Letter of Interest to Form Charitable Trust.

For information on establishing a Residual Interest Gift, talk with your financial or legal advisor, or contact our Manager of Major Gifts and Planned Giving

Seek Financial or Legal Advice
CHS strongly recommends you seek professional advice to ensure that your financial goals are considered, your tax situation reviewed, and your Planned Gift is tailored to your circumstances.