Tax season is the best time to think about your future … and what comes afterWill Power™ is inviting average Canadians to calculate the impact they can have if they make even a small gift to charity in their Wills, while still supporting the ones they love.
OTTAWA, March 15, 2022 (GLOBE NEWSWIRE) — Tax season is as good time as any to take stock of your financial situation, and that includes thinking about what will happen to your money after you’re gone.
That’s the message from the organizers behind Will Power™, a national initiative encouraging Canadians to create positive change in the world by leaving a gift to charity in their Will, after taking care of loved ones of course. Anyone interested in learning firsthand about the potential impact they can have on the causes that matter to them is asked to visit the Will Power™ Legacy Calculator at WillPower.ca/legacy-calculator.
Taking Advantage Of Your Tax Season
“Tax time is the one opportunity we have each year to seriously think about where we stand financially,” says Laurie Fox, Will Power™ Campaign Director. “Our message is simple: take advantage of tax season to plan out your charitable giving so that you can do more. Planning to give even 1% of your estate to charity might turn into the single biggest donation you make in your lifetime.”
The campaign’s website, Willpower.ca, provides advice on estate planning and Will writing, tax saving tips, as well as information on charities and how they put future bequests to use. Visitors can also connect with advisors to take their first step towards leaving a charitable bequest in their Will. The website provides a useful guide for people to help them navigate that first conversation with financial advisors.
“Most people want to make sure they’ll have enough money to support themselves through retirement, with some left over for their family and friends,” says Nahanni Ackroyd, a Certified Financial Planner at Ackroyd Financial Services. “But more and more Canadians are also realizing they can go deeper in their estate planning, and support their favorite charities too – plus there are significant tax advantages to be had.”
The Next 10 Years
Imagine Canada projects that in the next 10 years Canada’s charitable sector will need an additional $25 billion to meet spiking demand for services. Will Power organizers anticipate that if enough Canadians join the effort and leave a charitable gift in their Wills, we can raise as much as $40 billion dollars in the next 10 years to fill that gap and keep important social services going.
About CAGP and the CAGP Foundation
Will Power™ is a campaign of the CAGP Foundation in partnership with the Canadian Association of Gift Planners (CAGP). The CAGP Foundation aims to financially support the development and promotion of excellence in charitable gift planning in Canada; CAGP is a national professional association that brings together charitable fundraisers and advisors advancing strategic charitable giving in their communities. Both organizations believe that we can build a better world by putting the power of philanthropy in the hands of many more Canadians, through gifts in wills and other types of strategic giving. Find out more at www.cagpfoundation.org / www.cagp-acpdp.org.