Many supporters contribute to the causes they care about with monthly donations or volunteering, but a growing number of people are going one step further — they’re leaving a gift to charity in their Wills.
These are ordinary Canadians of all ages who’ve recognized they can make a powerful contribution that will last for generations to come — without taking away from the resources they or their families need — just by giving in a different way.
Their collective efforts will move mountains. In fact, the team at Will Power, a national public education campaign, estimates that if 3.5% more Canadians left a gift in their Wills to charity in the next decade, as much as $40 billion more would go to important causes, like ending hunger.
A donation of as little as 1% of your estate could result in a much more significant contribution than you’d normally be able to make, all while leaving 99% to support your loved ones and not affecting the finances you need now.
The best part is that leaving a gift in your Will can be a very simple process. Here are a few suggestions that can help you take the next steps:
- 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 tool developed by Will Power.
- 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? 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.
- Ask a financial advisor. Consulting a financial expert can help you maximize your donation and ensure it works in your favour. You can use Will Power’s Financial Advisor Finder to match with an expert in your region. There is also a handy guide available to start the conversation with your advisor here.
- Find out how to keep the love going. Learn how a gift in your Will to Daily Bread Food Bank would be used in the fight to end hunger, or contact Andrew Clendinneng at Aclendinneng@dailybread.ca to find out more.
Who would have thought of a Will as a powerful tool to make 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!