Canadians are known for their generosity. Every May, Canadians observe Leave a LegacyTM Month – a national initiative encouraging individuals to consider the impact they can make through charitable gifts in their Wills and estate planning. It is a time to reflect not only on what we leave behind for our loved ones, but also on the greater legacy we can create for the causes we care deeply about and our communities.
Leaving a legacy means arranging for part of your estate to be donated to charity upon your passing. This can be done by making a charitable bequest in your Will (a specific dollar amount, percentage of your estate, or residual bequest), naming a charity as the beneficiary of a life insurance policy, or donating RRSPs, RRIFs or TFSAs to a charity. There are also more complex options such as creating a charitable trust or donor-advised fund. All of these gifts can be made in honour of you or your family and be tailored to match your financial goals, tax situation, and philanthropic vision. One added benefit of including a charity in your estate planning is the tax credit your estate can receive, offsetting probate and leaving more for your loved ones.
Considering a charitable gift in your Will? We encourage you to speak with your lawyer and financial planner or tax advisor, to learn more about the many different ways you can create a legacy gift.
