Why Canadians Should Start a Legacy
Did you know an incredible 82% of Canadians make donations to charities and non-profits? That’s amazing! Surprisingly though, only 5% leave a gift to charity in their Will. Despite life-long dedication to a charity, many people don’t feel inclined to leave a legacy gift in their Will. We know Canadians are generous, as evidenced by the 82%, so why is this?
Loved ones.
Many Canadians believe leaving a legacy gift to charity will take away from the support they are leaving for their loved ones. This is a very understandable concern but is typically not the case. You can do both! A gift to charity can be a specific value or percentage, leaving most of the support for loved ones.
Plus, Canada has excellent tax incentives to promote charitable giving, especially for estates, but many people are not aware of this and the impact on final contributions. In fact, you could receive up to nearly half of your donation back as a tax credit. Due to these tax incentives, a charitable gift can help reduce the tax bill of the estate, ultimately leaving loved ones with a similar level of support as you originally intended.
Beyond just taxes, giving a gift to charity can help shape your legacy to reflect your values and passions while leaving a positive impact on your community. For more information about how to #StartALegacy with Calgary Meals on Wheels, please visit www.mealsonwheels.com/give-tomorrow or contact Christine Hentschel
References
https://www150.statcan.gc.ca/n1/pub/89-652-x/89-652-x2015008-eng.htm