Did you know that, as part of your Will, you can set aside money for charity? You may have heard this called planned or legacy giving. And you’ll probably hear a lot more about it in the coming years: a Will Power study found a significant increase (5% to 8%) in the number of Canadians donating to charity in their Wills.
In real numbers, that’s 1.2 million more Canadians giving in their Wills, creating roughly $37 billion in future donations.
Think about how much good $37 billion could do…how many acres of forest could be saved, how many diseases eradicated, how many people lifted out of poverty.
Think about what impact we can make on the future of healthcare in Scarborough.
Why the surge in Will-based charitable donations?
One obvious reason is an economy forcing us all to hold our wallets a little (or a lot) tighter. Donating in your Will lets you make a big difference without using the money you need now. Even 1% in your Will could make quite the impact.
Try the Will Power legacy calculator to see what 1% of your Will could do
This, coupled with an urgency to do something in the face of growing global need, has made gifts in Wills a popular solution. Inflation and cost of living may have put pressure on Canadian incomes. But the desire to help has never been stronger. Here’s a way for people to drive the kind of change they want, and it’s well within their reach.
Another reason is demographics. Roughly a trillion dollars will be passed down over the next 10 years, the biggest wealth transfer in history. It’s given many of us pause, realizing we probably will have enough to support family AND a charity in our Wills.
Lastly, Canadians are just getting more savvy with their money. This includes harnessing the power of Wills, RRSPs and other assets to give more strategically. More on that later…
If you have any questions Verna Chen, Associate Vice President, Gift & Estate Planning can go into more detail with you. You can reach her at vchen@shn.ca or 416-219-5789.