Estate Planning. Leave a Legacy.
We can assist you in leaving a legacy in our community
Your legacy of giving can be as individual as you are. It can reflect your values, interests and hopes for your community.
Whether your passion is to support the arts, food security, the environment or areas of greatest need in the community, the West Vancouver Community Foundation can help you explore a range of giving options to uplift causes that matter most to you.
Wills are one of the easiest and most popular ways to support charitable organizations. Canadians from all walks of life who are looking to do some good in the world can make an impact through legacy giving. Even a small portion of your estate can make a big difference.
Charitable gifts made in a Will result in a donation receipt which can be used to offset the taxes payable on the death of the donor.
If you are thinking of leaving a gift in your Will, we’d love to talk to you. There are a few ways to proceed:
- Open a fund now. This way we can establish the fund and clearly understand what you would like to support.
- Leave a gift in your Will, using the recommended wording.
- Your estate or family may choose to open a Memorial fund in your honor.
Is it Time to Rethink your Estate Planning?
You’ve always found ways to support the causes that you care about. By supporting these charities in your Will, you can keep the love going for many years to come.
Most of us spend a lifetime contributing to causes that are close to our heart. More and more, Canadians are going one step further to leave a gift to charity in their Will. You can make a bigger contribution than you ever thought possible, without using any of the money you need now.
You may be surprised to see that even 1% left to the West Vancouver Community Foundation in your Will can have an enormous impact to the causes you care about, while still leaving 99% of your estate for loved ones.
There are many benefits to giving in this way, including some potentially significant tax savings.
RESOURCES
Providing a Gift in Your Will
Including a charitable bequest in your Will is a simple way to make a lasting gift to your community.
In Memory
Your friends and family want to say goodbye and honour your memory. What better way than to set up a Memorial Fund that is aligned to your wishes and passions? It also makes it easier for your family and friends to celebrate you.
Wills and Estates
The BC government provides some basic information on wills and estates.
Building Your Legacy
See our presentation on building your legacy. Tips on how to build your legacy today and in the future.
Better Ways to Give
If you are one of the generous Canadians who regularly donate to charities, you are giving to causes that you care deeply about, and tax incentives are the last thing on your mind. However, by having a strategic approach to your giving you can substantially reduce taxes on your income, and minimize the significant taxes that will be paid by your estate after you pass.
Leaving a gift in your Will to your favourite charities is about more than just tax savings. It’s a way to make a tremendous contribution to the causes you care about, to make your mark, and inspire your family and friends. But there are some strategic ways of giving through your estate that you may choose to consider:
SECURITIES
Leaving a cash gift to charity is one of the most common ways to make a gift in a Will. However, if you own stocks and bonds and other publicly listed securities with significant accrued capital gains, you should consider gifting them to a charity instead.
If you transfer publicly listed securities or mutual funds to a registered charity, the capital gains on those securities will not be subject to tax. Plus your estate will also receive a donation tax credit based on the fair market value of the securities at the time they are transferred. A double tax savings!
RRSP OR RRIF
You may also consider naming a charity as a beneficiary of your RRSP or RRIF. This can be as easy as designating your charity directly on your plan provider’s beneficiary form (in Quebec this can only be done through a Will).
When you pass, the value of your RRSP or RRIF will be included as income in your final income tax return, and will be fully subject to tax. By naming a charity as beneficiary of your registered funds, your estate will receive a donation tax credit that will help offset the income taxes that are triggered.*
*If you have a surviving spouse, it may be best to name him or her as your beneficiary first as the proceeds of your RRSP or RRIF roll over to your spouse tax free.
LIFE INSURANCE
Using your life insurance policy is another smart strategy for giving through your estate. It can deliver a donation much larger than you ever thought possible.
A life insurance policy can be gifted in several ways: You can simply and easily designate your charity as a beneficiary of your existing policy. You can donate an existing policy to a charity and name the charity as owner and beneficiary. Or, you can purchase a new policy to donate to charity and do the same.
Each of these methods have unique tax implications that should be discussed with your financial advisor. Depending on your desired outcomes, a gift of life insurance can be part of a financial plan that delivers remarkable tax savings.
ESTATE PLANNING SESSIONS
The West Vancouver Foundation can help to build awareness and make it easier for individuals and families to move forward with their personal Wills and Estate planning.
This year we will once again be hosting straight-forward, accessible information sessions led by local estate planning professionals. Information is provided as a public service, for information purposes only (no solicitation).
Our next session is May 26, on the Tax Advantags of Charitable Giving. Register here>
Talk to an Advisor
Are you interested in starting a conversation with your financial advisor about leaving a gift in your Will to a cause that you care about? Here are a few tips:
- Open the conversation by sharing your intentions. Talk about why you want to leave a gift in your Will to the cause, and what kind of impact you want to have.
- Work with your advisor to better estimate the future value of your estate. Think about what percentage you would like to go to your loved ones, and what percentage to the charities/causes.
- Speak to your advisor about the best ways to make your gift. Some options, like gift of securities or life insurance, might come with tax savings.
- How do you want your future gift to live on? Would you like to get your family involved?
- We're happy to talk to your Advisor. We also have a page with resources for Advisors.
Start the Conversation about your Legacy Today
For many of our donors, leaving a gift to charity in their Will is a way to celebrate their life and their values. A gift in your Will to help the causes you care about says a lot about who you are and what you care about. Leaving a gift in your Will is often discussed with a loved ones to make sure that everyone is on the same page, and that your wishes are honoured. Having this important conversation can sound uncomfortable. But it doesn’t have to be! Talking about your values and the change you want to see in the world can kick-start the conversation. Here are 3 questions to get you started:
- How do you hope your family history and life story will live on after we are gone?
- How will the causes or charitable work you’ve invested in continue?
- What kind of message do you want to pass on to your kids and grandkids about helping others?
Common Myths that Get in the Way of Your Will Power
I can't support loved ones and my favourite causes
Most people choose to leave everything they have to their family and loved ones. On the surface, it makes sense. However, a careful calculation can demonstrate that a small percentage of your estate left to charity still leaves enough for you to support your loved ones.
I need to be wealthy to make a gift to charity
The majority of charitable gifts in Wills are left by Canadians of average means. You may be surprised to find that when all of your assets are realized, you too will have a tidy sum for support of both loved ones and your favourite causes. We estimate that if only 3.5% more ordinary Canadians included a gift in their Will in the coming decade, this would result in $40 billion dollars being directed to charitable causes. No matter the size of your estate, you can be a part of this impressive movement for change.
Leaving a gift in a will is complicated
Leaving a gift to charity in your estate can be as easy as adding a clause to your Will. Notify your lawyer or notary, and they can take care of adding it in. In fact, there is an a sample text form here that will get the process started quickly. We encourage you to involve your loved ones in your decision. Make the process about celebrating who you are, the values you hold, and the life you lead. We have some tips to make this a positive experience for everyone.
I’ve already written my Will and there is no going back
The truth is you can amend your Will at any time. Adding a gift is as simple as letting your intentions be known to those who drafted your documents in the first place. Another option is to open a fund at the West Vancouver Community Foundation and then if you decide to change the causes you want to support you simply notify us.
I will never see the impact of the gift I make in my Will
It can be discouraging to think that you will not be around to see the impact of the gift you leave in your Will. We understand that you would rather do what you can now. Absolutely. However, you and many other Canadians will never be able to make as big a gift while you are alive as you can through your Will (when the value of your estate is realized). So, here are three ways you can see the impact your future gift will have — before you are gone. 1. Many donors give smaller gifts to the causes they love when they’re alive. They become engaged with the charity or cause, so they get a feel for what the impact of their future gift will be. 2. Many charities have established legacy societies to help donors get a sense of the impact their future gift will have. By letting charities know that you’ve included a gift to them in your Will, you’ll become a part of these groups that will show you the difference you will be making after you’re gone. 3. A gift in a Will can help your family feel part of the impact you are making, as many charities involve the family in the implementation of the gift. Knowing your loved ones will remain connected with you through your contribution after you’re gone can be a very comforting experience.
See the Power of a Gift in a Will
The Howard Martin Memorial Fund was established with a $3.6 million gift from Howard’s Will in 2014. Since then, the fund has granted $2.1 million (2014 to 2026), from the interest earned, to hundreds of projects on the North Shore.
Contact us to create your legacy
We can help you take the next steps to include a charity in your Will. Email info@westvanfoundation.ca or call 604-925-8153.
