Why donate to charity in your Will?

Making a difference matters to you. Giving back is part of who you are. Now, what if there were a way to do more for the causes you care about without taking away from what you or your family need?

• Make a big donation, without using money you need now.
• You can still provide for family in the future.
• A smart way to give – there are tax benefits!
• Keep fueling progress for causes that matter.

Philanthropy often brings to mind billionaires and A-list celebrities. But everyday Canadians have the power to make a big impact too, just by giving in a different way. By leaving a gift in your Will, you could turn a small portion of your estate into a game-changing contribution. You may think you don’t have much to give, but even 1% of your assets could be a bigger donation than you’d normally be able to make (and you still leave 99% to support loved ones).

Simply put, including charity in your Will is a smart way to effect change. It costs nothing now, makes sure family comes first, and even helps save on taxes. Learn more about the benefits of donating in your Will.

Of course this is about more than just finances; it’s about leaving behind something important and long lasting. Imagine the legacy you could create, one that continues to do good in the world…and inspires family, friends and future generations to do the same.

Maybe that’s why more and more Canadians are leaving a donation in their Will – 3 million and counting! Read their stories. 

Ready to get started? It’s easier than you think:

Step 1: Choose your charity

If you’re considering a donation in your Will, the first step is to choose your charity. Think about the issues you care about and the kind of change you’d like to see. Which organizations are tackling the challenges that are important to you? Perhaps it’s one that you’ve always admired, or one you’re already involved with, or a charity that has made a difference in your life.

Our advice? Keep it simple and focus on just a few. Make the best decision for right now, knowing you can always change your mind in the future.

This is the fun part, and we’ve made it easy. Select a cause, pick a charity, and see the impact you could have. Once you’re ready, grab the details you’ll need to include in your Will. 

A common questions people have when planning a gift in their Will is how it will be used. Charities often direct these donations to highest priority needs. This could be anything from groundbreaking research to wildlife protection. These kinds of donations have the power to drive progress, open doors, and keep community services running for years to come. Learn more about how charities use gifts in Wills.

Step 2: Decide on your gift

Your next step is deciding how much to leave for charity while still providing for family.

No need to stress over exact numbers or the future value of your estate (leave that to the experts). What matters most is the bigger picture. Think of your estate as a whole – what percentage do you want to leave for charity, and what percentage to family?

A visual can make this easier, and we’ve got you covered. Our legacy calculator helps you see how much you can give while still leaving enough for loved ones. Give it a try!

Pro tip: Maximize the benefits

Here’s the cherry on top – making a donation in your Will can actually help save on taxes.

Canada has some of the best tax incentives in the world for charitable giving, especially from your estate. But few people take advantage of them. Watch this quick 5 minute video to see how charitable tax credits work:

You might be surprised to learn that after tax credits are applied, the true cost of your donations is far less than you think. A $10,000 gift? It may only cost $5000! Check out our tax calculator to see for yourself.

There are many different ways to maximize these charitable tax incentives. If you’re interested in making a savvy move, a financial advisor who specializes in charitable giving can help. Get expert financial advice for free.

Step 3: Create your Will

You’ve chosen your charities, decided on your gift. Now it’s time to take that last step and put it in your Will.

A Will isn’t just for dividing up assets. It’s a key part of planning for the future – putting safeguards in place in case you’re ever incapacitated, protecting children or pets under your care, and leaving clear instructions for loved ones if you’re not around. So whether you have assets or not, you should have a Will. If you already have a Will, review it every 5 years for any updates that need to be made.

Writing your Will doesn’t have to be complicated. With plenty of quick and affordable options available, it’s an easy task to check off your list. Our step-by-step guide to writing your Will can help you get started.

When it’s time to make your Will, including a charitable gift is a simple part in the process. Just share your decisions with your lawyer, notary, or online Will service and they’ll add a clause to your document.

Pro tip: This is even easier…

Not ready to write or update your Will? No problem. There are other ways to leave a lasting impact.

A popular option is to name a charity as a beneficiary of your RRSP or RRIF. You don’t touch any of the savings you need during your lifetime and whatever is left goes to family and charity. It’s quick, easy and free to set up.

Best of all, donating through your registered funds is one of the most tax-efficient ways to give. Learn about all the things you can do with your RRSP or RRIF.

You can this yourself in just a few minutes, and make changes at any time. Just download your beneficiary form and add your charity.

We’ve made it simple – download your RRSP or RRIF beneficiary form and make your gift today.

What to do after

Pat yourself on the back, you’re one of 3 million Canadians making a big difference with their Wills!

Don’t forget to let your charity know. Your plans are yours to change, but sharing them with your charity has its benefits. It helps them understand your wishes, document your intentions, and—if you’re open to it—keep you updated on the progress you’re now a part of.

What you’ve done is important and should be shared with your loved ones too. Let them know about your plans and the intentions behind them, this helps avoid any confusion later on. These kind of conversations can often spark meaningful discussions about family, values and what’s important in life. You never know who you’ll inspire! Here are some thought starters for talking about your estate plans.