Olive Young, '74 BScN, '78 MEd, '89 PhD, at a teaching and learning day at UAlberta that will be funded through her will
When you name the University of Alberta in your will, you commit to world-changing research and the education of future generations. Your gift can include cash, securities, retirement funds, real estate or other property. Talk to your financial adviser about the options. The most common types of bequests are:
Residual bequests: Designate all or part of your estate to UAlberta. The advantage is that there is no need to update that part of your will, even as your estate adjusts in size.
Specific bequests: Designate a fixed dollar amount or a specific property to UAlberta. The advantage is that the size of the gift remains fixed and is the first to be distributed.
Acts of Life
Like most farm kids, Olive Yonge, ’74 BScN, ’78 MEd, ’89 PhD, contributed to the household at an early age. By eight, she cooked dinner with no help — pineapple upside-down cake was a family favourite — always whipping up extra for regulars Uncle Pete and Aunt Suzie. At 14, the Saskatchewan girl found herself taking on even more. Her mother, Tena, suffered a stroke and was rushed to hospital. She never returned.
As Yonge watched her mother deteriorate, two things helped get her through the punishing sadness: taking on the housework her mother used to do, and her deep respect for the nurses that soothed her mother’s pain. “Everything was very supportive and warm,” she recalls. “I felt gratitude.”
Yonge pursued a career in nursing with an unstoppable thirst to keep her mind active. She has taught with the University of Alberta’s Faculty of Nursing for more than 30 years, and served five years as vice-provost and later as interim provost. She says the legacy she wants to leave can be summed up in one word: Love — for her profession, her children and her grandchildren.
In 2011, Yonge made a bequest — a gift included in her will — to help sustain a teaching and learning day started in her honour. She wants to help a new generation of learners. “They’re the ones that have a future,” she says.
Gifts of cash, securities or combination of both are welcome
Up to 100% of net income can be claimed as a donation in year of death and year preceding
How it Works
A donor leaves $150,000 to the University of Alberta in her will. Assuming the total net income on her final tax return was $100,000, and her net income the previous year was $75,000:
- A donation of $100,000 can be claimed on her final tax return.
- A donation for the remaining $50,000 can be claimed on her previous year’s return.
- Her estate receives a total tax credit of $75,000 between her final two tax returns. *
* Tax credit depends on donor’s income and specific circumstances