(NC) When you hear a word like philanthropy, you might think it only applies to the extremely wealthy. But the term simply means a desire to promote the welfare of others. That can be achieved by donating your time, expertise or money.
There are countless ways people can donate their time, from volunteering at their children’s school and shovelling the sidewalk of an elderly neighbour to helping out at a food bank or soup kitchen.
Similarly, we each have different skills we’ve developed over our careers that we can use for good. Options range from mentoring young people looking to get into your field to doing pro bono legal or medical work.
But there’s one unique way to gift a significant amount of money, even if you don’t have any to spare at the moment: make a donation in your will. While it may be a new idea to you, it’s something that more than three million Canadians have already done, and that number increases every year.
And the benefits are multifold. By donating through your will, you’re able to give more money than you might be financially able to today. Even giving a small percentage of your estate to charity could help create a conservation area, fund lifesaving research or keep your local foodbank going through tough times.
Your family will also be protected from a potentially large tax bill that would have to be paid on your estate. How? When you pass, a secondary home, leftover savings in your RRSP, and other assets will turn into taxable income – often a very big number. But a donation to charity in your will can help offset the taxes. It’s a win-win: you support the causes you care about while helping your family at the same time.
Plus, you get to know that you’re leaving a legacy.
Learn more about the benefits of donating through a will at willpower.ca.
Reference: https://newscanada.com/
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