Leaving a Legacy
For many Canadians, charitable giving is about more than just making a donation — it’s about leaving a legacy that reflects their values, inspires their family, and makes a lasting difference in the world. Whether you want to support a specific cause or create a long-term plan for giving, legacy philanthropy can be a meaningful part of your financial and estate strategy.
Key elements of legacy giving often include:
Naming charities in your will
Using life insurance to fund a future gift or endowment
Establishing a donor advised fund or private foundation
Donating registered assets like RRSPs or RRIFs
Engaging your family in multi-generational giving
One of the simplest and most common approaches is to include a charitable bequest in your will — leaving a specific amount, asset, or percentage of your estate to a registered charity. This not only supports causes you care about, it can reduce your overall tax burden on passing.
Another option is to use life insurance as a giving tool. By naming a charity as the beneficiary (or owner) of a policy, you can create a substantial future gift with relatively modest premiums today — and potentially receive immediate or future tax benefits depending on the structure.
For those looking to make philanthropy part of their family’s identity, establishing a donor advised fund or private foundation can offer a flexible, multi-generational approach to giving. These structures allow you and your family to make ongoing decisions about where donations go, while receiving immediate tax relief.
You can also consider naming a charity as a beneficiary of registered accounts like an RRSP or RRIF. This allows you to give directly from your estate, while generating a charitable tax credit that offsets income taxes due on the final return.
Legacy giving isn’t just about the future — it’s about shaping how you’re remembered and the values you pass on. Whether your vision is simple or far-reaching, the right plan can make your generosity endure.
Come visit our resources on Charitable Giving for more information.
We can help you explore the legacy options that best reflect your goals, integrate with your estate plan, and create lasting impact — for the causes you support and the family that carries your values forward.
