As the author John Allston wrote, the only thing you take with you when you’re gone is what you leave behind. The spirit of that famous quote has been front and centre this month as the Canadian Association of Gift Planners (CAGP) rolls out a unique campaign called Will Power in Hamilton, Niagara, and Halton. More than 80 charities, financial advisors, and lawyers have joined forces to show Canadians the power they have to make positive change by leaving a gift in their wills to charity.
Each year, 85% of Canadians over the age of 15 donate to registered charities, but many of them are not aware they can amplify their giving with a donation in their wills. Just 5% of Canadians actually make a gift this way. The folks behind Will Power want you to know that increasing the percentage from 5% to 8.5% would result in more than $40 billion for registered charities in the next decade.
The reason most people don’t consider a bequest to charity in their wills is that most believe that it would result in taking funds away from their families. Canada has the most generous income tax regime in the world when it comes to charitable giving. There are strategies that one can put in place to redirect funds that normally would go to income tax to your favourite charities instead, all while preserving desired legacies for your family. If you had a choice to leave money to two out of these three – family, charity, or the Canada Revenue Agency – which two would you choose?
Canada is ranked consistently as one of the very best countries to live in the world. There are many reasons for this, including the tremendous impact that registered charities have in our communities. The breadth of the services provided by healthcare and educational institutions, arts, cultural and recreational organizations, as well as social and foreign aid agencies and environmental groups is immeasurable. The collective impact that makes Canada such a great country is something we should all be extremely grateful for – and support.
The very topic of wills may feel awkward for many to think about or discuss with loved ones. But what if we think about wills as tools for change, perhaps in the same way we think about signing our organ donation cards? The very idea of creating change in the future by doing something meaningful today is truly powerful.
The current Will Power campaign is in its pilot phase this year and is expected to go national in 2021.
To learn more about what’s involved in leaving a charitable gift in your will, and to connect with charities, financial advisors, and lawyers who can provide advice, check out the Will Power website at www.willpower.ca.
Rick Goldring is a CERTIFIED FINANCIAL PLANNER® professional and former mayor of Burlington, ON.
