Whether it’s through our money or our time, we’re all charitable in some form or another. But planning a charitable gift in a Will can be fraught with difficult questions like “am I going to disinherit my loved ones?”
The truth is, when you pass, your estate is likely to receive a hefty tax bill. A charitable gift in your Will can reduce the taxes owed, and in some cases even eliminate them, while leaving the same amount of money to heirs.
How is this possible? Well, it’s actually quite simple. The Canadian government has created some of the best tax incentives in the world to encourage more giving to charity, especially from your estate. Yet many Canadians are not aware of these incentives.