What is “planned giving” anyway?
“Planned giving” is a phrase that charities use often and donors almost never say! In a nutshell, it means you create a charitable gift now that goes to the organization you love in the future, usually when you die.
It’s “planned” because it takes some thought and preparation, and because you should consult a lawyer and your financial planner about it. The easiest planned gift is part of something you should have anyway: your Will.
Sounds like a lot of work. Is it complicated?
It’s not really a lot of work. Everyone, regardless of income or assets, should have a Will, and everyone should prepare that Will with the help of a lawyer and a financial advisor. Including a charitable gift adds a few minutes to those conversations and just a few sentences to your Will.
Why should I consider it?
A gift in your Will lets you make the gift of a lifetime to a cause you believe in – a gift you might not be able to afford while you’re alive. Here’s a compelling explanation from a lifetime specialist in Wills and estate planning.
People think that leaving money to a charity will diminish what they can leave to their kids. But because of Canada’s tax regulations, you can give money to a charity that you would otherwise give to Canada Revenue Agency in taxes. And if your net income in the year of your death is lower than the amount you give, your executor can claim a rebate against your previous year’s income and add that to your estate.
HART is pleased to refer & recommend Abundance Canada to provide the best advice and direction as it relates to wills, estates, and other planned giving activities. Please follow this link to go to the Abundance Canada website and learn how you can have a lasting impact supporting HART.