5 Reasons to Leave a Legacy

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5 Reasons to Leave a Legacy

Every year, more and more Canadians are deciding to take the step towards leaving a charitable gift (or bequest) in their Wills. A recent survey by the Will Power campaign found that the number of Canadians who have decided to leave their legacy in the form of an estate gift has risen from 5% to 8%! This increase has been over the past three years, as big life events like the COVID-19 pandemic have put many Canadians’ values to the forefront of their minds.

a mom stands smiling with her arms around her childrenA bequest gift made through your Will allows you to leave a lasting impact to continue supporting children, families, and communities even after your time. It's a way to have a significant impact and extend your values and passions for philanthropy well beyond your lifetime, by providing future generations with the necessary support for them to flourish.

Here are five reasons why you should leave a charitable legacy gift:
  1. A great impact for generations to come. While you naturally want to ensure your loved ones are cared for, allocating just one to five percent of your total estate towards a charitable legacy gift can make a bigger donation than most individuals can manage in their lifetimes! This sizable gift can have a lasting impact on families and help break the cycle of poverty. For instance, it can accelerate women’s businesses, leading to increased income and food for children, enabling them to attend school and grow healthier. This can help kickstart a child’s educational journey, preventing their own family from experiencing poverty someday. And the best part is by supporting a charity whose work aligns with your values and passions, you can ensure your legacy reflects what's dear to your heart.

  2. The incredible tax benefits. The Canadian government has made it easier (and more enticing) than ever to leave a legacy gift. Given that estates are subject to heavy taxation upon the owner's passing, leaving a bequest in your Will can substantially reduce or even eliminate these taxes.

  3. Flexibility in types of gifts. There are many ways to leave a legacy gift that can make a big impact on children. In addition to charitable Will gifts, you can also choose to donate life insurance, stocks & shares, or retirement funds like RRSPs or RRFIs. This flexibility allows you to diversify your estate giving and choose the methods through which you want to support children.

  4. a young boy stands with his grandparents, smilingHonour a loved one. Leaving a bequest gift not only creates a lasting legacy for you but can also serve as a meaningful tribute to a loved one. By memorializing someone near and dear to your heart with a gift in your Will, you honor their charitable spirit and ensure their contribution continues to make a significant difference even after their lifetime.

  5. Inspire others with your generosity. In your Will, leaving a legacy gift is a wonderful opportunity for you to share with your heirs the values you live by, even after your lifetime. By dedicating a portion of your estate to a charity that’s meaningful to you, like Canadian Feed The Children, you can encourage your family, friends, or even colleagues to embrace philanthropy and consider leaving their own Will gifts to a cause that matters to them. This will create a cascade of legacy gifts that can do a world of good in the future.

a mom and dad sit with their son, while holding their family goatA charitable legacy gift can help charities like Canadian Feed The Children further our mission and advance our work in ensuring that all children thrive, free from poverty. An estate gift, no matter how big or small, can have a lasting legacy for generations to come, creating a ripple effect throughout communities worldwide.

Become a Legacy Leader today and leave an estate gift in your Will to Canadian Feed The Children. Explore our Leaving a Legacy Planning Kit for detailed information on how you can leave a legacy gift.

You can also connect with Fawad Iqbal, our Planned Giving expert, for more information and guidance on how to get started on this meaningful journey.