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Gift in your Will
People who have the desire, vision and generosity to make a world a better place often choose to leave a charitable bequest in their Will to their favorite charities. A bequest is a commitment made in your Will to distribute a certain portion of your property upon death. The property may be a specific sum of money, piece of property or portion of your estate.
You do not have to be wealthy to leave a charitable bequest. The majority of charitable bequests are from people who do not have much disposable income. Anyone who has accumulated property of any kind during their lifetime can leave a charitable bequest regardless of their current income. Upon death, the charity will issue a donation receipt for the bequest that may result in significant tax savings in the year of death and the preceding year.
Making plans to leave charitable bequests in your Will is really about your life, not your death; it is about your interests, not your assets. It is the ultimate opportunity to express your personal values and beliefs while still providing for your loved ones.
Bequests are the most common form of estate gifts to charities in Canada, for two main reasons:
- They’re flexible - When major changes happen in your life, you can adjust your Will to address them.
- No money or assets changes hands during your lifetime - Bequests are paid after you’re gone, so you continue to have full access to your assets to handle any unforeseen expenses or circumstances.