Did you know that, as part of your Will, you can set aside a gift for charity? You may have heard this is often called “planned” or “legacy giving”. And you’ll probably hear a lot more about it in the coming years: a recent study by Will Power, a public education campaign designed to inspire charitable giving, found a significant increase in the number of Canadians donating to charity in their Wills.
Why the surge in Will-based charitable gifts?
One obvious reason is an economy forcing us to hold our wallets a little tighter. Donating through your Will lets you make a big difference without using the money you need now. Even 1% in your Will could make quite an impact for nature. Try the Will Power legacy calculator to see what 1% of your Will could do.
© Kate2004, istock
Another reason is demographics. Roughly a trillion dollars will be passed down through generations over the next ten years, which signals the biggest wealth transfer in history. It’s reassuring to realize many of us will probably have enough to support our families and the causes we care about in our Wills.
Why include a charity in your Will?
It might sound strange to think of your Will as a tool for change in this world, but when it comes down to it, there are many benefits to donating this way:
1. Contribute more than you could otherwise.
Our donors are often amazed when we tell them how far their donation can stretch, and how much more we can do for nature with every extra dollar. For example, you could name a charity as beneficiary on your RRSP or RRIF. This allows you to retain full control of what you need for retirement, and whatever is left over after you pass goes to your loved ones and chosen charities. Read about Vida’s lasting gift to Ontario Nature.
Vida Bain with showy lady’s slipper orchids
2. Continue the good work you’ve done.
When someone tells us they have left a gift in their Will, we often get into the why. Most speak about their wish to protect nature as an expression of their values; something that provides them with purpose, pride or joy. They see their contribution as an investment in our natural world. It only makes sense that they would want their good work to continue on after they’re gone.
“I joined Ontario Nature to protect the species that have no voice. We are their voice.”
Read her story
— Joanne
3. Tax breaks. Big ones.
Taxes probably aren’t the first thing you think about when it comes to charity. But Canada has some of the most generous charitable tax incentives in the world! In Canada, when you make a donation, you get a charitable tax credit that can go a long way to help pay down what you owe.
If you’re interested to learn more, you can always book a consultation with a financial advisor who specializes in charitable giving.
Bodsworth family studying plants
4. Keep your memory alive in a unique way
Imagine the pride your children or grandchildren will feel knowing that you’ve helped to save piping plovers from extinction or protect an old-growth forest forever? When your loved ones have something tangible, meaningful and bigger than you to associate with your memory, you will have created a legacy that future generations can rally around.
“My father’s decision to protect nature with a gift in his Will means as much to us as it did to him. We’re proud of him, and it’s a wonderful way to remember him.”
— Nancy about her father, Fred Bodsworth
If you’re thinking about making a donation in your Will to Ontario Nature, thank you. Please consider letting us know. You’re welcome to contact Kirsten directly at 1-800-440-2366 ext. 235 or by email at kirstend@ontarionature.org.
Piping plover chick © Stephen Muskie
Ontario Nature is a partner in Will Power, a campaign that encourages Canadians to use their Wills as a force for good. Together we connect people like you with resources to make the best decisions for their family, their future finances, and the causes that matter to them.
Resources
The post A Future Where Nature Thrives: Donating to a Charity in your Will appeared first on Ontario Nature.