Why more Canadians are leaving a gift to charity in their Wills
Often people think about contributing to the causes they care about with a one-time donation or volunteering their time, but there is a growing number of people who are going one step further to leave a gift to charity in their Wills. These are ordinary Canadians who’ve realized they can make a powerful contribution that will last for generations to come, without taking away from the resources they or their families need.
This new mindset among Canadians of all ages has been triggered, to some extent, by the intensity of recent global events and the realization that it’s possible to do more simply by giving in a different way.
In fact, if more Canadians left even a small percentage of their estate to charity, the sum of their collective efforts could represent as much as $40 billion flowing to charities!
When you look into it, you may be surprised to learn that a donation of as little as a 1% of your estate could result in a bigger contribution than you ever thought possible. You are still leaving 99% of your estate to support your loved ones, and you’re not using any of the money you need now.
The best part is that leaving a gift to charity in your Will can be a very simple process:
Calculate your donation: You can determine how much you want to leave to charity, and how much you want your loved ones to receive, with a simple calculation. You can make that calculation using the Legacy Calculator developed by Will Power, a national public education campaign designed to inspire Canadians to think differently about charitable giving.
Discover the tax benefits: Did you know the Canadian government has created some of the best tax incentives in the world to encourage more giving to charity, especially from your estate? Just to cite an example, this article illustrates how a couple’s financial advisor helped them give big to charity and take advantage of the tax benefits, all while leaving a sizeable inheritance for their daughters.
Check in with your financial advisor: Consulting your financial expert can help you maximize your donation and ensure it works in your favour. Here is a handy guide to start the conversation with your advisor.
Find out how to keep the love going: Learn how a gift in your will to Benefaction could be used to support the causes you hold most dear here. Or you can contact us at info@benefaction.ca to find out more.
Who would have thought of a Will as a powerful tool to make positive change in the world? But more and more Canadians are harnessing the power of their Wills to become larger-than-life philanthropists who continue to inspire others and make an impact on the future. Join the movement and keep the love going for what matters to you!