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Tuesday, April 22, 2014

Most Canadians are not aware of the tax benefits of charitable giving in their wills

I saw a Scotiabank news release today that contains some interesting facts. One in five people with a written will plan to leave some portion of their estate to charity. I find that number to be higher than I experienced in my own law practice, but perhaps it includes people who direct funds to charity if an individual beneficiary does not live to accept the inheritance.

Only about 40% of Canadians are aware of the tax benefits of leaving a charitable gift in their wills. This make sense to me. For example, the results show that Canadians who are over 55 are more aware of tax breaks than younger Canadians. This is no doubt because the 55+ group tends to go to seminars and talk more with financial advisors.

You don't have to be extremely wealthy to generate tax benefits through charitable gifts in your will. Next time you talk to your lawyer or financial advisor, why not ask about whether you could benefit?

To see more from this press release, click here.

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