The call to Canadians to increase their commitment to charity is part of the Canadian Association of Gift Planners (CAGP )’s second annual National Willpower Campaign. Laurie Fox, her campaign director, said she wanted to increase the number of Canadians who donate to charities through her wills from 5% to 8.5%. Your goal is to raise $ 40 billion over the next decade, as the UK did. Similar campaigns are running in 20 other countries.
“There are charities dealing with these issues – environmental crises, international crises and economic inequalities – but funding has not kept pace,” said Fox. “So we as a country can help, among other things, by donating in various ways, such as life insurance and wills.”
Girgis said half of its clients have stated they are philanthropic. While it may initially appear in discussions about tax cuts, for those whose lives or families have been changed by universities or hospitals, it can be a very emotional topic, even if they hadn’t thought of changing their will.
Fox encouraged its advisors to tell their clients that “even 1% of your wealth – or even 5% of your wealth – can make a world of difference”. CAGP’s study shows that the biggest obstacle Canadians face in leaving such a gift is making them feel like they are being taken by loved ones. “So if you can show them that 99% of your wealth is left for loved ones and 1% goes to charity, this is a great way to start the conversation.”
Girgis said most Canadians tend to underestimate their possessions and the taxes they have to pay on them. So, as the philanthropic discussion gets more detailed, advisors can help clients by looking at this potential instability as well as the beneficiaries they want to leave their wealth to.