Making or revisiting your Will can be a powerful thing. It gives you the opportunity to reflect on your life’s passions. You can remember and recognize your family, friends and the charities that hold a special place in your heart.
Of course, leaving a bequest for an organization like the NAC Foundation also has many financial benefits for you and your heirs. Every charitable gift in your Will to the NAC Foundation will result in a tax receipt for the full amount of the gift. This can be very important when you consider that the income your estate reports in your final year can be much higher than usual. You have to liquidate your RRIF’s, sell open investments as well as property such as a cottage. As a result, your estate can end up paying a lot more taxes, as high as 53%, leaving less than you imagined for the people and causes you hold dear. Tax credits from a bequest can be used to offset these taxes.
Your estate administrator should also consider specifically donating securities with accumulated capital gains so you won’t have to pay the capital gains tax. That means more money is available to distribute to your heirs.
Leaving a gift in your Will is easy to arrange and can be deeply rewarding. It gives you the opportunity to make an impact and share what matters to you well into the future.
For more information about making a gift in your Will to the NAC Foundation please contact Barry Bloom at 613 947-7000 ext. 314.