While many of us give to causes and charities that matter to us in our lifetime, we may not consider the opportunity to continue those meaningful community connections after we're gone.
However, even a small gift in your Will, in addition to the bequests to your family, can mean a great deal to local non-profits and charities. In short, you can look after your loved ones while also giving to your favourite causes, continuing to make a difference long into the future.
While a common misconception is that charitable bequests limit the funds available to loved ones, consider that even setting aside a small amount can make a big difference. A gift of just 2 per cent from a $700,000 estate (including real estate, RRSPs and other investments) is $14,000 – a significant sum. Additionally, donating funds to registered non-profit also generates a charitable receipt that can also help off-set taxes the estate will need to pay after your passing.
The possibilities are resonating, with the number of Canadians leaving a charitable donation in their Will rising to eight per cent in 2022, up from just five per cent two years earlier.
While some donors leave a legacy directly to their charities of choice in their Will, perhaps a continuation of a relationship built in their lifetime, other options can offer a ongoing impacts, responsive to the evolving needs of the charities and community.
Establishing a fund held at the Victoria Foundation, for example, lets you provide an annual grant to your chosen charities or non-profit sector. With a fund, grants are provided from the interest generated from the initial donation, and loved ones could also add to the fund in your memory, if they chose, increasing the invested amount and available grant funds.
Alternatively, you can support the community's evolving urgent needs and new opportunities for local charities by contributing to the Victoria Foundation's flagship Community Action Funds. Whether you want to support an organization in your neighbourhood or a registered charity anywhere in Canada, the Foundation can help.
Two donors, Kristen and barb, are working with the Victoria Foundation to further the work of charities working toward women's equality, for example. “At a certain point in your life, you need to really think about what you want your legacy to be,” barb reflects.
No matter how you want to give, the Foundation offers a range of giving options to help you give easily and give with confidence. Beyond cash donations, for example, options range from real estate to RRSPs to life insurance.
To learn more about the possibilities of your Will, visit victoriafoundation.bc.ca/legacy-giving-and-wills or call today at 250-381-5532.