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Make a Lasting Impact: Why and How to Include Charity in Your Will

Do you know you can set aside money for charity as part of your Will? 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 Canadians donating to charity in their Wills.

That’s 1.2 million more Canadians giving in their Wills, creating roughly $37 billion in future charitable donations!

Think about how much good $37 billion could do – acres of forest saved, diseases eradicated, many people lifted out of poverty…  

And countless wild animal lives saved and returned to their natural habitat.

 

Why the surge in Will-based charitable donations?

One apparent reason is the economy forcing us all to hold our wallets a little (or a lot) tighter. Donating in your Will lets you make a significant difference without using the money you need now. Even leaving 1% of your estate to charity in your Will could make a substantial impact.

Try the Will Power legacy calculator to see what 1% of your Will could do!

Coupled with an urgency to do something in the face of growing global need, gifts in Wills have become a popular solution. Inflation and cost of living may have put pressure on Canadian incomes, but the desire to help has never been stronger. This is a way for people to drive the kind of change they want, and it’s well within their reach. 

Another reason is demographics. Canadians will pass down roughly a trillion dollars 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 creative with their giving by harnessing the power of Wills, RRSPs and other assets to give more strategically. 

 

Why donate to charity in your Will? 

It might sound funny to think of your Will as a powerful tool for change in this world, but when it comes down to it, there are many benefits to donating this way: 

Contribute more than you could otherwise.

Our donors are always amazed when we tell them how far their donations stretch and how much more we can do for BC’s wildlife with every extra dollar.  

When we show them what a small percentage in their Will to Wildlife Rescue could look like, they do the math, and their eyes light up. 

Remember that the value of your “estate” is the sum of any property and/or business you own, your pension and/or registered funds, securities like stocks or mutual funds, cash savings, and life insurance. It adds up, even if you subtract debt.  

The average Canadian family in 2023 had a net worth of $981,816. If you put just 1% of that aside for charity, you could donate about $10,000 to your favourite cause! When else could the average Canadian make such an extraordinary impact? 

Keep your memory alive in a unique way.

Talk about motivation – imagine the pride your children or grandchildren will feel knowing that you’ve contributed to providing the highest standard of care for sick or injured wildlife for generations to come. Or the honour it would be for them to be involved in giving orphaned or pollution-damaged wildlife a second chance to live a natural life.  

When your loved ones have something positive and meaningful to associate with your memory, you will have created a legacy that future generations can rally around.  

Tax breaks. Big ones. 

Canada has some of the most generous charitable tax incentives in the world! In Canada, when you donate, you get a charitable tax credit, which can go a long way toward helping you pay down what you owe.  

Your loved ones might need that charitable tax credit upon your passing because your estate will likely be taxed, and they will have to pay the bill. You can even structure your donation differently to get the biggest tax break possible. 

A popular approach is to name a charity as a beneficiary of your RRSP (Quebec residents must name beneficiaries of their RRSP in their Will). The credit received will close to cancel out the taxes owed on this asset. 

If you’re interested in learning more, you can always book a consultation with a financial advisor specializing in charitable giving.

 

Writing a Will that includes a charity.

It’s easier than you think!

1. Choose the charity or charities you’d like to support. It’s wise to book a chat with the charity’s gift planning specialist to discuss opportunities and ensure they can fulfill your future wishes. If you are considering leaving a gift in your Will to Wildlife Rescue, thank you! You can contact Sheila Dickinson at s.dickinson@wildliferescue.ca or 604-545-1421 for more information.
2. Make sure you have the charity’s legal name and registration number. For reference, our legal name is WRA Wildlife Rescue Association of BC, and our CRA registration number is 131373490 RR0001. 
3. Get a rough estimate of the size of your estate and what percentage you’d like to go to family and to charity. P.S. The Will Power legacy calculator makes this really easy.
4. Choose a lawyer, notary (if you live in Quebec or BC), or trusted online Will platform, such as Epilogue, to draft your legal documents. You can also find legal professionals who can help on the Will Power website.
5. Make sure your Will’s executor and your family know about your plans. 

Download the Step-By-Step Guide to Writing a Will  
with Family & Charity in Mind

 

Frequently asked questions about donating to charity in your Will.

Most donors have follow-up questions when they learn about the option to leave a portion of their Will to charity. 

What about my family? I want to leave everything to them. 

It’s possible to support both family and charity in your Will. Think about your Will in terms of percentages. If you set aside even 1% in your Will for charity, you can make a lasting difference (and lower taxes owed). And you’re still leaving 99% to support loved ones. It’s a win-win. 

I don’t have much to give.  

You might have more than you think. For example, donors are often surprised to hear that the RRSP or life insurance policy they have through work can be a smart way to give.  

It’s worth taking stock of your assets. Even a modest amount can make a sizeable impact.   

Do I have to be wealthy to leave a gift in my Will? 

Not at all! Middle-income Canadians typically give this way. Do you know that the average donation made in a Will from the average Canadian is around $35,000? That’s the power of gifts in Wills!  

How will I know what my gift accomplishes?  

You won’t be able to see your gift in action, but when you leave a donation to Wildlife Rescue in your Will, you and your family become part of our Wildlife Community. We would love to hear how your vision matches our mission to save BC’s wildlife. 

What if I change my mind? 

Remember, you can always make changes to your Will. People generally update their Will at least a couple of times in their life. 

You might also consider tools outside your Will to make a legacy gift. For instance, you can name a charity as a beneficiary of your RRSP or life insurance policy and make changes at any time. No hassle, no fuss.  

Am I too young to be thinking about this?  

If you have any assets, you’re not too young to be thinking about what happens to them. Without a Will, an executor or administrator will settle your estate according to provincial or territorial laws, which might not coincide with your values and wishes. 

Everyone can leave a charitable gift from their estate, regardless of size. Your legacy reflects your life. It’s about the person you are, the values you demonstrate, and the example you want to set for others.  

 

 If you have any questions, Sheila, WRA’s Gift Planning Specialist, is happy to discuss more details with you. You can reach her at s.dickinson@wildliferescue.ca or 604-545-1421. 

*Consult your financial advisor to ensure the gift aligns with your personal estate plan.

The Will Power campaign

Wildlife Rescue is a partner in Will Power, a national awareness campaign that encourages Canadians to use their Wills as a force for good. Together with Will Power, we want to connect people like you with resources to make the best decisions for their families, their future finances, and the causes that matter to them.  

 

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Posted in Resources, Uncategorized, What's New
Tags: legacy giving, planned giving, will, will power