Why more Canadians are leaving a gift to charity in their Wills
We are lucky. Supporters of HLF are thoughtful individuals, who share a concern for helping students and are committed to building a better future.
Often people think about contributing to the causes they care about with monthly donations or volunteering time, but a growing number of people 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 just by giving in a different way.
In fact, if more Canadians left even a minuscule percentage of their estate to charity, the sum of all their efforts could represent as much as $40 billion to advance causes like education equity.
When you look into it, you may be surprised to learn that a donation of as little as a 1% of your estate can 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 in your Will can be a very simple process. Here are a few suggestions that can help you take the next steps:
1. 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, a national public education campaign designed to inspire Canadians to think differently about charitable giving.
2. 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.
3. 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.
4. Find out how to keep the love going. Learn how a gift in your Will to HLF would be used to ensure low-income students have equal opportunities in education. Or register for a free webinar on estate planning hosted by HLF and certified financial planner Joan Cosby.
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!