The Canadian Society of Red Cross
The Canadian Society of Red Cross
10/18/2024 | News release | Distributed by Public on 10/18/2024 09:26
How to Donate to Charity in Your Will and Why it Matters
How to Donate to Charity in Your Will and Why it Matters
Posted October 18, 2024 by Red Cross Talks - Red Cross blogger
Adapted from Will Power Campaign
Did you know that as part of your Will, you can set aside money for charity like the Canadian Red Cross? This is often referred to as planned or legacy giving, and it's becoming more common as people living in Canada are looking for ways to continue supporting causes they care about.
According to a Will Power study, there's been a significant increase - from 5 per cent to 8 per cent - of people in Canada donating to charitable organizations in their Will. These donations help the Canadian Red Cross continue our life-saving work.
One of the main reasons is the increasing need for humanitarian aid and support due to the number of emergencies and disasters in Canada and around the world. People are looking for ways to leave a lasting, and meaningful legacy.
The Canadian Red Cross provides critical support to help people and communities overcome and recover from emergencies and disasters both in Canada, and around the world.
During these responses, the Canadian Red Cross relies on the generosity of donors so we can help those in need. To learn more about our emergency responses and how we help people and communities, visit our current emergency response page.
Use the Will Power legacy calculator to see what 1 per cent of your Will could do to support the mission of the Canadian Red Cross.
From emergency responses and disaster relief to recovery support programs after devastating floods, wildfires, and other disasters, your donation makes a difference.
Here's why leaving a gift in your Will is an impactful way to help the Canadian Red Cross:
When we show them what a small percentage in their Will to the Canadian Red Cross could look like, they do the math and their eyes light up.
If you put just 1 per cent of that aside for the Canadian Red Cross, you'd be looking at a donation of about $10,000. This is a significant contribution that can help provide support to communities in need before, during, and after a disaster.
So, it only makes sense they'd want their good work to continue after they're gone. Not just to keep their investment going, but also to show leadership and motivate others to get involved.
A popular approach to donating to charity in your Will is to name a charity as a beneficiary of your Registered Retirement Saving Plan (RRSP), because the credit received will close to cancel out what would be owed on this heavily taxed asset.
If you're interested in learning more, you can always book a consultation with a financial advisor who specializes in charitable giving.
Choose the causes that are most important to you. If you're thinking about making a donation in your Will to the Canadian Red Cross, thank you. You can speak to Gwen Noble at [email protected] or 416-706-2066.
Make sure you have the charity's legal names and registration numbers. For reference, our legal name is The Canadian Red Cross Society, and our registration number is 119219814RR0001.
Get a rough estimate of the size of your estate and what percentage you'd like to go to family vs. charity.
P.S. The Will Power legacy calculator makes this really easy.
Choose a lawyer, notary (if you live in Quebec or British Columbia), or trusted online Will platform to draft your legal documents.
You can find legal professionals who can help on the Will Power website too.
Make sure your Executor and your family know about your plans.
Download the Step-By-Step Guide to Writing a Will with Family & Charity In Mind.
It's possible to support both family and charity in your Will. Think about your Will in terms of percentages. If you set aside even 1 per cent in your Will for charity you can make a big difference and you're still leaving 99 per cent to support loved ones. It's a win-win.
I don't have much to give.
You might have more than you think. For example, donors are often surprised to hear the RRSP or life insurance policy they have through work can be a smart way to give.
It's worth taking stock of your assets. Even a modest amount can make a big impact.
Do I have to be wealthy to leave a gift in my Will?
No, it's middle-income households in Canada who typically give this way. Did you know the average donation made in a Will, from the average person living in Canada is thought to be around $35,000? That's the power of gifts in Wills!
How will I know what my gift accomplishes?
It's true that you will not be able to see your gift in action. But when you leave a donation to the Canadian Red Cross in your Will, you become part of the family. We invite you to join our Legacy Circle so we can stay in touch and share our future goals with you, and how your gift fits into the plan. Most of our legacy donors find they get closer to the cause. in touch and share our future goals with you, and how your gift fits into the plan. Most of our legacy donors find they get closer to the cause.
What if I change my mind?
Remember, your Will is not set in stone. People generally update their Will at least a couple of times in their life. You can always make changes.
You might also consider tools outside your Will to make a legacy gift. For instance, you can name a charity as a beneficiary of your RRSP or life insurance policy and make changes any time. No hassle, no fuss.
Am I too young to be thinking about this?
If you have any assets, you're not too young to be thinking about what happens to them. Being proactive and planning early can help ensure your wishes are honoured and provide peace of mind for the future.
Is this all a bit morbid?
This is not about death. It's about life, and more specifically, your life. It's about the person you are, the values you demonstrate, and the example you want to set.
Not enough people think about their legacy and take an active role in shaping it. It can be a very empowering process!
If you have any questions Gwen Noble, Planned Giving Manager, Canadian Red Cross can go into more detail with you. You can reach her at [email protected] or 416-706-2066.
Did you know that as part of your Will, you can set aside money for charity like the Canadian Red Cross? This is often referred to as planned or legacy giving, and it's becoming more common as people living in Canada are looking for ways to continue supporting causes they care about.
According to a Will Power study, there's been a significant increase - from 5 per cent to 8 per cent - of people in Canada donating to charitable organizations in their Will. These donations help the Canadian Red Cross continue our life-saving work.
Why the surge in Will-based charitable donations?
One of the main reasons is the increasing need for humanitarian aid and support due to the number of emergencies and disasters in Canada and around the world. People are looking for ways to leave a lasting, and meaningful legacy. The Canadian Red Cross provides critical support to help people and communities overcome and recover from emergencies and disasters both in Canada, and around the world.
During these responses, the Canadian Red Cross relies on the generosity of donors so we can help those in need. To learn more about our emergency responses and how we help people and communities, visit our current emergency response page.
Use the Will Power legacy calculator to see what 1 per cent of your Will could do to support the mission of the Canadian Red Cross.
Why donate to charity in your Will?
When you include the Canadian Red Cross in your Will, every gift, no matter the amount, helps the Red Cross continue to provide critical support.From emergency responses and disaster relief to recovery support programs after devastating floods, wildfires, and other disasters, your donation makes a difference.
Here's why leaving a gift in your Will is an impactful way to help the Canadian Red Cross:
- A gift in your Will doesn't cost you anything now.
- Your gift doesn't have to take away from what you plan for loved ones.
- You can make a more impactful gift than you thought possible.
- You can reduce the tax burden on your estate.
- You can choose to make changes to your Will at any time.
When we show them what a small percentage in their Will to the Canadian Red Cross could look like, they do the math and their eyes light up.
How your donation impacts the Canadian Red Cross
The average family living in Canada in 2023 had a net worth of $981,816. This number includes the sum of any property and/or business you own, your pension and/or registered funds, any securities like stocks or mutual funds, any cash savings, and life insurance. It adds up, even when you subtract debt.If you put just 1 per cent of that aside for the Canadian Red Cross, you'd be looking at a donation of about $10,000. This is a significant contribution that can help provide support to communities in need before, during, and after a disaster.
Continue the good work you've done
When a donor tells us they've included the Canadian Red Cross in their Will, they often share that it provides them a sense of purpose and satisfaction, knowing they are investing in humanity, ensuring that their values of compassion, kindness, and support for humanitarian work will live on.So, it only makes sense they'd want their good work to continue after they're gone. Not just to keep their investment going, but also to show leadership and motivate others to get involved.
Keep your memory alive in a unique way
Talk about motivation - imagine the pride your children or grandchildren will feel knowing you've helped communities prepare for disasters, combat social isolation, and reconnect families impacted by conflict. Or the honour it would be for them to be involved with generosity that will become food, shelter, or much-needed comfort to people facing future emergencies and disasters in Canada and around the world.
Photo credit: Angela Hill/IFRC
When your loved ones have something tangible, meaningful, and bigger than you to associate with your memory, you will have created a legacy that future generations can rally around. Tax Benefits of Leaving a Legacy Gift
Canada has some of the most generous charitable tax incentives in the world. In Canada, when you make a donation to an organization like the Canadian Red Cross, you get a charitable tax credit that can go a long way to help pay down the tax you owe.A popular approach to donating to charity in your Will is to name a charity as a beneficiary of your Registered Retirement Saving Plan (RRSP), because the credit received will close to cancel out what would be owed on this heavily taxed asset.
If you're interested in learning more, you can always book a consultation with a financial advisor who specializes in charitable giving.
How to write a Will that includes a charity
It's easier than you think. In fact, it can actually be fun to dream about the future and give shape to the mark you will make.Choose the causes that are most important to you. If you're thinking about making a donation in your Will to the Canadian Red Cross, thank you. You can speak to Gwen Noble at [email protected] or 416-706-2066.
Make sure you have the charity's legal names and registration numbers. For reference, our legal name is The Canadian Red Cross Society, and our registration number is 119219814RR0001.
Get a rough estimate of the size of your estate and what percentage you'd like to go to family vs. charity.
P.S. The Will Power legacy calculator makes this really easy.
Choose a lawyer, notary (if you live in Quebec or British Columbia), or trusted online Will platform to draft your legal documents.
You can find legal professionals who can help on the Will Power website too.
Make sure your Executor and your family know about your plans.
Download the Step-By-Step Guide to Writing a Will with Family & Charity In Mind.
FAQs about donating to charity in your Will
When donors find out about the option to leave part of their Will to us, they almost all have follow-up questions:
What about my family? I want to leave everything to them.It's possible to support both family and charity in your Will. Think about your Will in terms of percentages. If you set aside even 1 per cent in your Will for charity you can make a big difference and you're still leaving 99 per cent to support loved ones. It's a win-win.
I don't have much to give.
You might have more than you think. For example, donors are often surprised to hear the RRSP or life insurance policy they have through work can be a smart way to give.
It's worth taking stock of your assets. Even a modest amount can make a big impact.
Do I have to be wealthy to leave a gift in my Will?
No, it's middle-income households in Canada who typically give this way. Did you know the average donation made in a Will, from the average person living in Canada is thought to be around $35,000? That's the power of gifts in Wills!
How will I know what my gift accomplishes?
It's true that you will not be able to see your gift in action. But when you leave a donation to the Canadian Red Cross in your Will, you become part of the family. We invite you to join our Legacy Circle so we can stay in touch and share our future goals with you, and how your gift fits into the plan. Most of our legacy donors find they get closer to the cause. in touch and share our future goals with you, and how your gift fits into the plan. Most of our legacy donors find they get closer to the cause.
What if I change my mind?
Remember, your Will is not set in stone. People generally update their Will at least a couple of times in their life. You can always make changes.
You might also consider tools outside your Will to make a legacy gift. For instance, you can name a charity as a beneficiary of your RRSP or life insurance policy and make changes any time. No hassle, no fuss.
Am I too young to be thinking about this?
If you have any assets, you're not too young to be thinking about what happens to them. Being proactive and planning early can help ensure your wishes are honoured and provide peace of mind for the future.
Is this all a bit morbid?
This is not about death. It's about life, and more specifically, your life. It's about the person you are, the values you demonstrate, and the example you want to set.
Not enough people think about their legacy and take an active role in shaping it. It can be a very empowering process!
If you have any questions Gwen Noble, Planned Giving Manager, Canadian Red Cross can go into more detail with you. You can reach her at [email protected] or 416-706-2066.