{"id":4306,"date":"2015-01-09T03:11:00","date_gmt":"2015-01-09T03:11:00","guid":{"rendered":"https:\/\/oafdn.ca\/?p=4306"},"modified":"2022-02-12T03:13:07","modified_gmt":"2022-02-12T03:13:07","slug":"the-value-of-a-charitable-remainder-trust","status":"publish","type":"post","link":"https:\/\/oafdn.ca\/fr\/the-value-of-a-charitable-remainder-trust\/","title":{"rendered":"The Value of a Charitable Remainder Trust"},"content":{"rendered":"
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\"picture<\/p>

In 1994, 61 people contributed\u00a0$44,000<\/strong><\/b>\u00a0to a charitable remainder trust, administered by the Ontario Arts Foundation to create an income for\u00a0Mary Jolliffe<\/a>\u00a0(1923-2014) one of Canada\u2019s best known publicists.<\/p>

Mary was a character, who like many artists, devoted her life to supporting the arts in North America. Her first role as a publicist was with the Stratford Festival at its beginning in 1953. From there, there were few significant public relations roles that Mary did not hold \u2013 O\u2019Keefe Centre in Toronto, the Guthrie Theatre in Minneapolis, the Metropolitan Opera touring company in New York, Expo 67 in Montreal, the National Ballet of Canada, National Arts Centre, the Canada Council and the Ontario Arts Council.\u00a0Her passion and commitment to\u00a0promoting artists and arts organizations\u00a0was lifelong and she left her mark at every organization. Mary was recognized for her efforts by being named to the Order of Canada in 1985.<\/p>

Like many artists, Mary moved from role to role and devoted most of her resources during her working life to her lifestyle and the organizations she supported. When retirement became a reality, she found herself with limited sources of income. As a way to recognize her many accomplishments, the individuals contributing to the trust wanted to provide an income supplement to help cover Mary\u2019s costs of living.\u00a0 The OAF successfully managed the\u00a0Mary Jolliffe Fund<\/strong><\/b>\u00a0for 20 years. Quarterly annual income payments were made Mary totaling over\u00a0$80,000<\/strong><\/b>.\u00a0 At her death, the fund was valued\u00a0$46,000<\/strong><\/b>.<\/p>


C<\/strong><\/b>haritable Remainder Trusts<\/strong><\/b>
Charitable remainder trusts (\u201cCRT\u2019s) are a tax planned way to create a fund to provide an annual income for life to a named beneficiary. On the death of the beneficiary, the remaining capital is transferred to a registered charity. There are several advantages, to this form of trust, which is not often used by Canadians as part of long-term tax and estate planning.<\/p>