05 May May is Leave a Legacy Month in Canada
May is nationally recognized as Leave a Legacy Month—a national initiative which encourages people to leave a gift through their will or another planned giving vehicle to a charity or cause that is meaningful to them.
Legacy gifts are the answer to: “how would I like to be remembered?”
A legacy gift is a gift to charity in your will. Legacy gifts play a key role in supporting charitable organizations, but many people don’t know that they’re an option.
People often worry that leaving a legacy gift means there will be less to give to their loved ones. The truth is you can make a legacy gift without taking away from the gifts left to your family and friends. The Canadian government has created valuable tax incentives to encourage Canadians to leave legacy gifts. When you leave a bequest, your estate receives a tax credit for the full value of the bequest which adds a tax credit to your final income tax return. This can help to maximize the value of your residual estate for your beneficiaries.
Aside from tax incentives, there are many other reasons to leave a legacy gift. Legacy giving is a way to leave a legacy of generosity and make a cause you care about an important part of your life story.
Legacy giving is also an easy way to support your favourite charity for generations to come. Many charities across Canada rely on legacy giving as a key source of funding, so you can be sure that your gift helps your chosen charity to continue its work.
While legacy giving makes it possible to leave much larger gifts than otherwise possible, it’s important to remember that you don’t have to be wealthy to leave a legacy gift. You can leave as much or as little as you want – there is no gift too small to make an impact. Together, a little becomes a lot. It only takes a few minutes to leave a gift to charity, but it creates a legacy that lives on forever.