Donating to Charity in your Will: The Why & The How

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…and what a big difference we could make at Peace Arch Hospital with even a small fraction of that!

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.

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. Leaving a gift in your Will is 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…

Why donate to charity in your Will?

It might sound funny 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:

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 Peace Arch Hospital with every extra dollar. When we show them what a small percentage in their Will to Peace Arch Hospital Foundation could look like, they do the math and their eyes light up.

Keep your memory alive in a unique way.

Imagine the pride your children or grandchildren will feel knowing that you’ve help fund state-of-the-art equipment for Peace Arch Hospital for generations to come? Or the honour it would be for them to be involved with upstream initiatives to help create the healthiest community possible? Your gift doesn’t even have to be that grandiose. 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.

Tax breaks. Big ones.

Taxes probably aren’t the first thing you think about when it comes to charity. But Canada actually 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.

Your loved ones might need that charitable tax credit when you pass, because your estate is likely to be hit with a huge tax bill they’ll have to take care of. You can even structure your donation in different ways so that you get the biggest tax break possible. If you’re interested to learn more, click HERE.

To start today, try using Will Power’s legacy calculator by pressing the link below! If you have any questions, Ilona Scott, our Legacy Giving Philanthropy Officer, would be happy to go into more detail with you. You can reach them at ilona@pahfoundation.ca or 604.535.4520.

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Peace Arch Hospital Foundation 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 connect people like you with resources to make the best decisions for their family, their future finances, and the causes that matter to them.