Planned Giving
This is a sentimental time of year. With various holiday and cultural celebrations on the calendar, followed by festivities to mark the end of one year and the beginning of the next, it’s not uncommon to think of times gone by and to remember loved ones who are no longer here.
Add in the fact that this is, traditionally, the “season of giving” and it’s no surprise that charitable giving is top-of-mind. Truly, that help is needed. In April, when CanadaHelps, the country’s largest platform for donating and fundraising online, released Giving Report 2024: From Disconnection to Collective Action, the results were cause for concern:
“For the eleventh consecutive year, the number of Canadians making charitable donations has decreased,” the report notes. At the same time, “Demand for charitable services is high: More than half (57 per cent) of charities are unable to meet current levels of demand, which speaks to the gap between the growing challenges charities face and their ability to provide support.”
highlights significant declines in the number of Canadians donating to charities, while thousands of charities struggle to meet heightened demand for their services, and the level of disconnection experienced by Canadians is making it harder for
So is a bottle of While it’s always gratifying to make wishes come true, why not switch things up a bit this year?
Take the opportunity to do something that’s financially savvy, easy on the old bank account and meaningful – in a big way – for future generations. Make a charitable gift.
There’s never been a more important time to do your bit for the organizations that bolster our community and society. Charities and non-profit organizations have been hit hard by the economic downturn – even though the real needs for assistance never diminish, regardless of market conditions. In fact, more people and causes require help than ever before.
And who doesn’t want to help?
There are campaigns, kids coming to your doorway selling chocolate bars or asking for bottles, neighbours and co-workers selling tickets or asking for donations for what seems like an endless variety of worthy endeavors.
But wouldn’t you like to really make a difference – without any worries about emptying your wallet or stretching your budget too thin?
You can.
It’s straightforward.
Easy.
And stress-free. It’s called planned giving. You don’t have to be a Rockefeller or Bill Gates or have a thick layer of $100 bills tucked between your mattress and box spring to do it. Even folks of modest means can make a considerable impact for years to come by planning a gift to a charity or non-profit group.
A tax-wise move, planned giving makes good financial sense
The benefits are considerable and far-reaching:
- You leave a legacy in a way that supports the things that matter most to you.
- It’s financially pain-free. While you arrange the gift now, there’s no impact on your current lifestyle. The designated gift is part of your estate.
- You’re in control. You get to decide where the money goes and how it is used.
legacy makes a statement about the things that are important to you.
- As part of your financial planning, a charitable gift or gifts can maximize tax and estate benefits, protecting your best interests and those of your family.
- It provides a great opportunity to update your will, ensuring what you want to happen will happen when you die.
- You act on your schedule. There’s time to investigate the different organizations and choose the one that best represents your priorities.
- The choices are yours. Charitable gift annuities, real estate, stocks and bonds, gifts of publicly traded securities, endowments and bequests by will are some of the options.
- There’s no hassle or fuss. A lawyer, financial planner or planned giving expert can take care of the red tape, cross all the Ts and dot all the Is to ensure your philanthropic wishes come true. All you have to do is pick up the phone.
