November is Make a Will Month, a time designed to consider your estate plan and the importance of having a Will. It’s also the perfect time to reflect on how you can continue supporting the causes that mean the most to you beyond your lifetime. Many people delay writing a Will, but it’s one of the most impactful ways to ensure your loved ones and the charities you care about are taken care of. By having a Will, you can leave a legacy that reflects your values and provides meaningful support for organizations like the Community Foundation.
To make the process easy, we’ve partnered with Epilogue, Canada’s only online Will platform created by estate planning lawyers. Epilogue allows you to complete your Will in as little as 20 minutes—from the comfort of your home. It’s quick, simple, and affordable.
Writing your Will now not only gives you peace of mind but also provides an opportunity to make a lasting impact on the causes close to your heart.
Did you know charitable donations in a Will can reduce taxes?
Here are three tricks you may not know about:
Donate securities in-kind:
If you have publicly traded securities that have appreciated in value, you can donate them to a registered charity and get a double tax benefit. You eliminate both the capital gains on your securities plus get a tax credit for your estate.
Name a charity as a beneficiary on a life insurance policy:
Whether you took out a policy yourself, or were given one through work, adding a charity as one of your beneficiaries will allow you to multiply your donation (and get a bigger tax credit).
Naming a charity as a beneficiary of your leftover RRSPs/RRIFs:
If you have any money left over in your RRSP or RRIF when you die, it will be heavily taxed. But if you name a charity as a beneficiary you can nearly eliminate the taxes that would have to be paid. It’s also the most quick, easy, and flexible way to leave a legacy gift.
You can provide financial support to your loved ones and the causes that matter to you in your Will. Leaving a charitable gift in your Will can reduce the taxes on your estate.
If you’d like to know what works best for you, we encourage you to speak to a financial advisor who knows about estate and charitable planning. If you want to know more about the benefits of leaving a gift in your Will, or if you’d like to get started with Epilogue with a 20% off discount, please click the buttons below.