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Will Power


Have you heard of this national campaign?  If you haven't, it's not too late to check it out.  

Will Power is a national public education effort designed to show Canadians the power they have to make a difference with their Wills.  Currently, only 5% of Canadians leave a charitable gift in their Wills.  The goal of Will Power is to increase that to 8.5% by 2030.

Here are some of the reasons that clients leave a charitable gift in their Will and that may resonate with you:

1. It's a way to support causes that are important to you.  I'm guessing that you've probably supported a friend running or biking a race to raise funds for an organization.  Or perhaps you already provide ongoing support to a charitable organization.  Preparing a Will is a great time to give some thought to the causes and charities that are important to you, and consider leaving them a gift.  It's an easy way to give, and to continue supporting these causes following your death.  Charities report that even a 1% gift of an estate left to a charity can make an enormous impact to the charity, while still leaving 99% of your estate to your loved ones.

2. Save on taxes. On death, there is a deemed disposition of all of your assets at fair market value.  This often triggers a large tax liability that is paid by your estate.  When a charitable gift is left in your Will, the resulting tax credit can be applied against the taxes owed by your estate, thereby reducing the amount of taxes payable.  Or, if in your Will you gift publicly traded stock on death, then any taxable capital gains on these shares are not attributed to you on your death, i.e. there's an automatic tax saving.  And well, by saving on taxes...there's more money left to be distributed to your loved ones.

3. Model your values.   Leaving a charitable gift in your Will is a way to make a final statement about your values.  For the loved ones who survive you, they will likely cherish this reminder of how you lived your life.

Here's a quick look at what Will Power is all about.

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