A Guide to Planning Your Legacy

THE HAVERGAL COLLEGE FOUNDATION

A Guide to Planning Your Legacy

Together

Legacy

Contents

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A Message from the Principal Planning Your Legacy at Havergal

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15 Frequently Asked Questions 19 Important Information and Contact 21 Choose Your Legacy 29 Estate Planning Worksheets

A Message from the Principal

Dear Community,

The story of Planned Giving at Havergal College dates back to our first Principal, Ellen Knox, who understood the importance of vision, planning for the future and the impact one's legacy can have on the future of others. It was these values that led to the purchase of the Anderson Farm in 1923, which today makes up our beautiful 22-acre campus located at Lawrence Avenue and Avenue Road, ensuring her legacy is part of every student’s future.

As she reflected on her legacy and plans to include Havergal in her will, Ellen Knox made a thoughtful decision upon her passing, to bequeath her motorcar and financial assets toward the purpose of establishing student bursaries for students for whom tuition was a barrier. Her gift would be among the first of many planned gifts received over the course of our 125-year history. We, at the Havergal College Foundation, understand the importance of taking steps to protect those you love through an updated estate plan. Many Canadians don’t have a will, which means their estate will be decided through a costly process that does not honour an individual’s intentions or wishes for how they want to be remembered. A Guide to Planning Your Legacy offers insight into the types of planned gifts, common questions associated with estate planning and assists with making the process understandable A plan is important as one’s legacy can be transformational. For example, Old Girl/Alum Marion Rooke (Class of 1928) established a fund that today is valued at almost $600,000 and provides over $21,000 annually in financial support for current students and continues to grow in value for future generations. Similarly, much-beloved teacher, Marcelle De Freitas, who taught at Havergal from 1944 to 1984, left the largest staff and faculty estate gift to date with instructions to support the school’s goal of furthering the socioeconomic diversity of our student population. These two gifts alone have supported the education of young women and will continue to do so for generations to come. It is common to attribute one’s formative foundation to their special academic experience. We recognize this meaningful contribution reflects the loyalty and fondness you hold for your time at Havergal College. Thank you for considering Havergal as you plan your legacy.

Sincerely,

Katrina Samson, PhD Principal of Havergal College

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Ellen Knox with Havergal students beside Rutherford House, post 1913.

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Planning Your Legacy at Havergal

I have a lot of family history at Havergal College as my mother and aunt were graduates and even my uncle attended [when boys could attend until Grade 2]. I am also part of the Marguerite Society. I appreciate the value of an independent girls school, its strength and reputation and I want to ensure future students can enjoy the same benefits as I did.

Honor Nivin Havergal Old Girl/Alum Class of 1963

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PLANNING YOUR LEGACY AT HAVERGAL

Benefits of an Estate Plan

Peace An estate plan should give you peace of mind knowing that important— and sometimes difficult—decisions have been made to care for you and your loved ones. Provision An estate plan is designed to support your legacy as it outlines your intentions for who will benefit from your estate. Your plan will help honour your wishes and provide for your family and the organizations that are dear to you. Protection A clear, detailed estate plan will protect you no matter your current age. It may be important to designate a specific person to manage your property, medical care decisions and other unexpected, but important, personal decisions.

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PLANNING YOUR LEGACY AT HAVERGAL

The Process

We have designed A Guide to Planning Your Legacy for your benefit. Please take the time to move through the different sections. You may, however, need to come back later and fill in more detailed information. Most of this information you will know or already have readily available.

How do I get started?

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Write down what you own. It is important to understand what property you own and what property will be transferred through your estate. You can use this guide to help you with this process. Work with an attorney. There are many knowledgeable estate planning attorneys. Your completed guide will assist them in preparing the necessary estate planning documents. It’s best to ask an attorney questions and to express your wishes for your estate. Know how property is transferred. Some property is transferred by will or trust and some is transferred by a beneficiary designation or other form. You need to know how your property may be transferred as you desire. Your attorney can help you with this process. Sign your estate planning documents and medical directives. Finally, it is important to sign the documents that correctly express your wishes and desires, both for your property and for your potential future personal care needs. Be mindful to date and sign your will.

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PLANNING YOUR LEGACY AT HAVERGAL

Current Will

As you reflect on your legacy and begin to prioritize your bequeathing decisions, we want to express our appreciation to you for considering Havergal College. Many of our alum agree that their Havergal experience shaped their future. Having been provided with a strong foundation beyond curriculum, they discovered their full potential. Including Havergal ensures your legacy of placing emphasis on the education of young women and building strong foundations and futures where they learn to make decisions and continue to be critical, creative thinkers and doers. Here, information is provided to help you better understand how a will supports your legacy wishes. Your will is a written document, signed by you and your witness and should be notarized. If you pass away without a will, your estate is considered “intestate.” The government, as opposed to your family or those you prefer to manage your estate, will intervene and appoint guardians for minor children, and determine the disbursement of your assets, personal property and items precious to you. For this determination and disbursement of assets, your estate will be charged a fee. When tax planning instructions are not indicated in a signed and dated will, the estate is at risk of being taxed at the highest possible amount and many of the government’s decisions may be contrary to your desires. With a valid will, you are able to choose who is to inherit your property and who will administer your estate as executor or personal representative. If you have minor children, you can choose a person to raise your children. With a trust, you are permitted to decide who will manage the trust for family members. A valid will is an essential part of transferring your property at the right time to the right people at the lowest cost. Without a valid will, your family may encounter increased costs, delays and unnecessary conflicts. With an updated will and sound estate plan, you can provide a wonderful legacy for family, friends and organizations or causes that are important to you.

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PLANNING YOUR LEGACY AT HAVERGAL

Ways to Make a Planned Gift to Havergal

Leaving a charitable donation in your will (known as a bequest) allows you the peace of mind of knowing your affairs are in order and the knowledge that your wishes reflect what is truly important to you. A legacy gift to The Havergal College Foundation demonstrates your confidence in our delivery of educating young women to believe in their abilities and achieve their potentials. Your legacy can make an extraordinary difference in helping future Havergal College generations realize their personal strengths and accomplish educational and career goals. Options for Leaving a Gift If you are interested in leaving one of the following charitable gifts to The Havergal College Foundation or require additional information on these options, please contact Planned Giving in the Advancement and Community Relations department at 416-483-3519, ext. 6524.

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Estate Gifts Leave a tax-deductible bequest of enduring value through your will.

Life Insurance Fund a truly generous donation tomorrow while realizing attractive tax benefits at an affordable cost today.

Retirement Funds Easily convert an end-of-life tax liability into a meaningful gift beyond your lifetime.

Securities Giving the gift of financial assets is easier than you imagined and exempt from taxation.

Donor Advised Funds Advised funds provide philanthropic flexibility and are growing in popularity as highly effective giving vehicles in Canada and the US.

Charitable Endowments Leaving property or money in an endowment form means that the charity does not spend the principal. Instead, the charity uses the income generated from the endowment, which may be left with instructions for how these funds are used. It is helpful to suggest a general purpose for the endowment fund because it will last in perpetuity and the original purpose for the gift may one day not exist. Endowments are named and recognized in honour of the family. A minimum investment of $100K is required to establish an endowment within The Havergal College Foundation.

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Frequently Asked Questions

Through your generous support, I can continue my high school education at Havergal College. I am truly grateful and I look forward to the day I will be able to show similar kindness to future Havergal College Students.

Grade 9 Student Havergal College

Havergal has offered me priceless opportunities and has taught me countless lessons, both inside the classroom and outside. I am who I am today because of the loving and supportive community that I am surrounded by and for that I simply cannot thank you enough.

Grade 11 Student Havergal College

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Frequently Asked Questions

Where do I start? After consulting with your family and advisor, select a donation option that is ideal for you and your estate. If you have questions, you can contact a gift planning associate within the Advancement and Community Relations Team at Havergal College. We are available to work with you, your loved ones and advisor at a time and location best for you. How does The Havergal College Foundation recognize a donor’s pre-deceased planned giving intentions? • Membership into The Ellen Knox Society • Create a gift agreement outlining: • The donor's desired naming opportunities

• How the donor choses to have their legacy honoured • The donor's intended area to be supported with the gift

• Inclusion in the annual Impact Report • Invitations to donor appreciation events • Invitations to planned giving events

Should I contact the Advancement and Community Relations Department about leaving The Havergal College Foundation in my estate plans? Here are four important reasons to do so. We can: • Thank you appropriately. • Ensure we are able to fulfill your wishes for the gift. • Determine if there are naming opportunities of interest available. • Receive the pre-deceased donor benefits mentioned above.

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What naming opportunities are available? Naming opportunities are available for endowed funds valued at $100,000 or greater. Please contact a planned giving representative in Advancement and Community Relations to learn more about recognition and to discuss the impact your legacy may have on The Havergal College Foundation. Can The Havergal College Foundation issue a receipt for income tax purposes? Yes, a receipt will be issued for the full amount allowed by the Canada Revenue Agency.

Does the Havergal College Foundation accept anonymous gifts? Yes. We honour the wishes of all of our donors regarding confidentiality.

What do Havergal College students need? Students have an ever-increasing need for financial support. Financial assistance ensures all of those deserving of a Havergal College education are not disadvantaged because of personal finances. Assistance is available on an annual basis to assist with a variety of needs, allowing for a student to experience an esteemed education. What is the proper name and address to include when leaving a gift to The Havergal College Foundation in my will? The Havergal College Foundation 1451 Avenue Rd. Toronto, Ontario M5N 2H9 416-483-3519, ext. 6524 Charitable BN/Registration number: 119237212 RR 0001

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Junior School Dining Hall

TOM ARBAN PHOTOGRAPHY

Important Information & Contact

For more information about making a gift today or a gift in your estate plan, please contact:

The Havergal College Foundation 1451 Avenue Rd. Toronto, Ontario M5N 2H9

Charitable BN/Registration number: 119237212 RR 0001

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The Old Girls Biowall in the Learning Commons.

TOM ARBAN PHOTOGRAPHY

Choose Your Legacy

I want to credit my late husband with the insight to leave a legacy. He saw the difference Havergal made on young women and wanted to ensure this experience was available to girls who were deserving and interested in an independent education in a community supportive of young ladies. He was making a legacy gift to Upper Canada College and said he was also making one for my school. In his will he clearly stated instructions on the amount he wanted directed to Havergal. I also have Havergal in my will as I want other girls to receive a quality education regardless of their economic status.

Beverly Hargraft Havergal Old Girl/Alum Class of 1959

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CHOOSE YOUR LEGACY

Estate Gifts

Will power! This is the power to use the assets accumulated over a lifetime to provide for your loved ones and organizations—such as Havergal College—that have left an impact on your life. Leaving a gift in your will is called a bequest and is directed as you determine prior to your journey’s end.

You can leave a bequest in your estate plans by including: • a specific dollar amount or a percentage of your estate; or • an asset such as your house, cottage or other asset.

Benefits of a Bequeathed Gift • You have the power to access your assets in your lifetime. • Your estate will realize tax-savings while, at the same time, supporting Havergal College students. • You can change your mind. A bequest can be revoked or modified if your circumstances change. Bequest Wording We encourage you to consult and review the suggested wording on the next page with an advisor or attorney.

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CHOOSE YOUR LEGACY

Estate Gifts

Unrestricted Bequest I (insert full name and middle initial), give, devise and bequeath to The Havergal College Foundation (Charitable ID: 119237212 RR 0001) located at 1451 Avenue Rd. Toronto, Ontario, Canada M5N 2H9 (a) the sum or $ or (b) % of my estate to be used for the benefit of Havergal College as determined by the Board of Governors.

Signed by: Date:

Restricted Bequest I (insert full name and middle initial), give, devise and bequeath to The Havergal College Foundation (Charitable ID: 119237212 RR 0001) located at 1451 Avenue Rd. Toronto, Ontario Canada M5N 2H9: (a) the sum or $ or (b) % of my estate to be used for (a) the benefit of Havergal College for the purpose(s) of or, shall the purpose become impracticable or unwise, for such purpose(s) as the Havergal College Board of Governors shall determine.

Signed by: Date:

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CHOOSE YOUR LEGACY

Gifts of Life Insurance

Three Ways to Contribute Life Insurance

1. You can give the future proceeds of an existing policy. Designate The Havergal College Foundation as the beneficiary and your estate will receive a charitable tax receipt. 2. You can give the policy itself. In addition to designating The Havergal College Foundation as the beneficiary, transfer the ownership of the policy to the foundation and receive a charitable receipt for the net cash surrender value. 3. You can give a new policy. You can establish a new policy and receive a charitable tax receipt for any premiums paid on the policy. For example, you can establish a new policy valued at $100,000 naming The Havergal College Foundation as owner and beneficiary. Benefits of Gifts of Life Insurance • Affordable annual premiums that often result in the largest gift of your lifetime. • A charitable tax receipt based on the way the insurance was gifted. • Gifts of life insurance are excluded from probate.

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CHOOSE YOUR LEGACY

Donor Advised Funds (DAF)

Advised Funds provide philanthropic flexibility and are growing in popularity as highly effective giving vehicles in Canada and the US. Here are five advantages to consider in your planning: • Efficient. Offers the same benefits as a private charitable foundation without the operating and overhead costs • Flexible. Allows the donor to give a range of non-cash assets, such as publicly traded securities, stock shares and gifts-in-kind, among others. • Designated beneficiaries. Donors have the ability to choose which causes will receive their support and when it will be granted. • Tax-free growth now and for the future. Having the potential to grow tax free allows the amount of money available for granting to a donor’s preferred charity even greater. • Support more causes with a single gift. A donor has the option to make a single contribution to the DAF and the organization distributes the grants in accordance with the donor’s wishes. The donor may have the option of topping up their gift amount whenever the time is right and making recommendations on future granting. They will receive a single tax receipt for their gift annually.

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CHOOSE YOUR LEGACY

Gifts of Retirement Funds

The federal government has made it easy to make a meaningful gift beyond your lifetime with your Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). Contributing the proceeds of a retirement fund to The Havergal College Foundation allows you an opportunity to make a significant investment in education, receive a donation receipt for the full value of the proceeds and know the resulting tax credits will offset taxes otherwise payable by your estate. Benefits of Retirement Fund Gifts All of the remaining money in most retirement funds (RRSP/RRIF) is fully taxed in the year of death, often at the highest tax rate. Designating The Havergal College Foundation as the beneficiary of such plans creates an official donation receipt that will offset taxes owed. You can gift your RRSPs and RRIFs outside of your will by designating them to The Havergal College Foundation, therefore they are not part of your will and your probate fees will be reduced.

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CHOOSE YOUR LEGACY

Gifts of Securities

A gift of securities (stocks, bonds and mutual funds) gives you the opportunity to provide vital support for innovative education programs that will meet the needs of students and contribute to the economy.

Benefits of Gifts of Securities By including The Havergal College Foundation as the full or partial beneficiary, your estate will receive a charitable tax receipt for fair market value and be exempt from capital gain taxation. This means you will receive the benefit of all of the capital gain appreciation to reduce taxes payable on other income.

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Estate Planning Worksheets

Visit the link below to access worksheets that you can fill in with information to help you with the estate planning process. They are provided to help guide your meeting with an advisor. Please note that these worksheets are tools to help with the planning process and are not a request of The Havergal College Foundation.

Download Worksheets

Estate Planning Worksheets: • You and Your Family • Your Children • Your Executor • Power of Attorney: Healthcare and Finances • Estate Finances: Assets • Estate Finances: Liabilities

Tips on Completing Worksheets: • Spell names exactly as you want them to appear in your estate documents. • Use full legal names, not nicknames.

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Thank You

Your thoughtfulness to honour your memories of time spent at Havergal College in your estate plans is sincerely appreciated. We understand the connections between a donor’s meaningful intentions to have their investment live on and to leave an impact on the lives of others long after the journey has ended. Our community has experienced record enrollments over the last two years. Students are benefitting from our focus on wellbeing, the recent campus expansion featuring new and refreshed learning spaces and the unique experiences that support their personal development and zest for achievement. Donors make an enormous difference to students in need of financial assistance and in support of the school’s plans for continuous improvement. We give you our word that your wishes for how you would like your gift invested will be honoured, and your memory— or that of your loved one—will be sincerely cherished. Thank you for thinking of The Havergal College Foundation as you contemplate your legacy.

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Art, Design and Tech Wing

TOM ARBAN PHOTOGRAPHY

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I would like to express my appreciation for your generous donation. Allowing me to have the excellent opportunity to be a part of the HC community. As a Havergal College student I have access to outstanding education, fantastic extra curricular and endless opportunities to further benefit my future. Havergal rigorous, engaging education is providing me with just the right amount of challenge to keep me thriving to excel.

All this would not be possible if not for your generous donation. Thank you for helping me attend Havergal.

Grade 7 Bursary Recipient Havergal College

Advancement and Community Relations—Planned Giving

1451 Avenue Rd. Toronto, ON M5N 2H9 416.483.3519, ext. 6524