When it comes to setting charitable giving goals, we often ask clients how they want to be remembered. Chances are, you’d rather leave a legacy to a good cause than to the government. Maybe you’d like to make a financial gift to your alma mater, or fund a scholarship program.
Many successful people feel a need to give back to the communities that support them. CRA encourages this desire by offering tax advantages as long as certain requirements are met. Did you know that in the year of death, 100% of the tax owed by an estate can be given to a charitable organization of the estate holder’s choosing? Instead of writing a check to the government, many choose to support a charity or begin a legacy by creating a charity or bursary program. You can even create a private foundation to put your money where your heart is.
Aligning your money with your values via a charitable gift can be one of the most satisfying decisions you’ll ever make. Philanthropy allows you to live on in the hearts and minds of those who come after you – and by giving smart you can make the world a better place for future generations.
Contact us today to redirect your tax dollars to a cause that’s important to you!