Frequently Asked Questions
How will MFC help me support the causes I care about?
Are there restrictions on the types of charities that can receive my funds through MFC?
What are the advantages of working with MFC rather than giving directly to a charity?
What are the advantages of working with MFC rather than establishing my own family foundation?
What will it cost me to use MFC’s services?
How knowledgeable are MFC consultants?
Can MFC help me make sure my needs are met now and my giving goals are carried out when I die?
Does MFC work with people like me?
Can I just prepare my will myself with a will kit from the Internet and save the legal fees?
Can MFC prepare my documents for me?
What advantages are there for making a bequest to MFC rather than to a charity directly in my will?
MFC is donor-advised—that means that you have a voice and lots of flexibility in the distribution of your charitable gift to MFC. Your wishes and intentions for your charitable giving are respected. MFC consultants advise you on how best to structure your donation for maximum tax savings. And we can help you find the charities that best support the causes you care about most.
Are there restrictions on the types of charities that can receive my funds through MFC?
MFC can direct funds to all registered Canadian charities, not just Mennonite-related charities. The only restrictions that MFC places on the recipients of its grants are the restrictions imposed by the government through the Canadian Income Tax Act. Other than that, your options through MFC are wide open.
What are the advantages of working with MFC rather than giving directly to a charity?
MFC is uniquely set up to receive gifts of securities, real estate, life insurance and more, which many charities are unable to accept. MFC then passes along the proceeds as your donation. MFC also offers you the option of making your gift anonymously. We can manage long-term gifts and support your favourite charity by paying out the earnings on your gift annually.
What are the advantages of working with MFC rather than establishing my own family foundation?
Setting up an endowment within MFC means you and your family do not have to bear the legal and technical responsibilities and expenses of creating a new incorporated foundation—but you still get to identify which charities will receive your support every year. For more information on the advantages of setting up an endowment through MFC, click here ...
What will it cost me to use MFC’s services?The bulk of MFC’s expenses, including salaries for all staff, are covered by its return on investments. MFC does not charge donors for its services. We provide general advice on estate planning and gift planning at no cost to you—although we strongly encourage charitable giving as part of the advice we give.
How knowledgeable are MFC consultants?Consultants come from a number of professional backgrounds and are able to provide a wide variety of options and ideas to people exploring estate and gift planning. Professional development continues on an on-going basis, to ensure knowledge in finance, tax, charitable services and theology is current. At present there are Certified Financial Planners and Elder Planning Counselors on staff.
Can MFC help me make sure my needs are met now and my giving goals are carried out when I die?Part of estate planning is ensuring that you have sufficient assets so that you enjoy the standard of living to which you are accustomed in your retirement years. There are several vehicles through which you can make charitable donations when you die—without jeopardizing your present asset base.
Does MFC work with people like me?MFC provides estate and gift planning services to anyone who has charitable intent, regardless of the amount or faith background. Sometimes the most creative gifts are the smaller ones—and every gift is appreciated!
Can I just prepare my will myself with a will kit from the Internet and save the legal fees?
Will planning should be done properly and efficiently. At MFC, we encourage clients to seek appropriate legal and accounting advice. If you do not seek advice and then make an error in your will, it can cost your estate much, much more to rectify that mistake than it would have cost to have a lawyer prepare a will properly in the first place. And sometimes a mistake cannot be remedied.
Can MFC prepare my documents for me?MFC consultants will review your situation with you and once you have a plan, they will provide you with a written summary of your wishes. You may then take this summary to your lawyer to draw up the required documents. Legal documents are best prepared by a lawyer. MFC consultants cannot prepare these documents for you.
What advantages are there for making a bequest to MFC rather than to a charity directly in my will?When you name MFC to receive a bequest in your will, the distribution recommendations you leave with MFC can be changed without charge at any time. If you decide to change a charity in your will, you will likely incur additional legal costs. And if the charity you identify under your will is no longer operating when you die, a gift to that charity is void. But a bequest to MFC with your recommendation for the benefit of that charity means that we will, in consultation with your family where that is appropriate, find a similar charity to benefit from your gift.