Even in times of economic instability, Canadians remain interested in charitable giving but lack understanding of available options

Younger Canadians have higher rates of charitable bequests compared to older generations; 23 per cent of Canadians are considering making a donation in their Will but have yet to take action

OTTAWA, ON, Feb. 27, 2023 /CNW/ - A new Environics survey commissioned by Will Power reveals that while almost half (46 per cent) of Canadians support a cause or charity on a regular basis, the majority (69 per cent) have not considered how they can continue that support after their death. Will Power is a national public awareness campaign designed to inspire people to think differently about charitable giving by considering a gift to charity in their Will, or via registered funds and other methods of giving - something the survey shows a growing number of Canadians are interested in. 

"Thinking strategically about giving is an important part of how we shape the legacy we leave behind, and it's easier than people may think, but 67 per cent of Canadians are not even aware they can name a charity as a beneficiary of their RRSP, RRIF or TFSA, for example," said Nahanni Ackroyd, Certified Financial Planner and Investment Representative, Ackroyd Financial Services. "With tax season approaching and many Canadians already speaking to their advisors about their finances, now is the perfect time to plan your charitable legacy and learn how to make the most of charitable tax benefits."

The survey revealed a changing tide, with younger Canadians aged 18-37 reporting they have already named a charity as a beneficiary of their registered funds (12 per cent) - more than those in the Boomer generation (3 per cent). Similarly, 12 per cent of Gen Z and Millennials (18-37) have already left a charitable donation in their Will, versus six per cent of Boomers (55-75).

The survey also identified Atlantic Canada and British Columbia as the regions with the highest percentage of people leaving a charitable bequest (13 per cent and 12 per cent, respectively), with British Columbia coming out on top as the province with the highest percentage of people to name a charity as a beneficiary of their registered fund (10 per cent).

"Amongst the findings, the survey showed us that 23 per cent of Canadians have considered or are considering leaving a charitable donation in their Will, though they haven't done so yet," said Laurie Fox, Will Power Campaign Director. "Our aim is to motivate those people to take action in this tax season, and contribute in a really intentional way to our collective social good. It's important to note that a charitable gift in your Will doesn't take away from the money you need now, or compromise your support to loved ones - even 1% of your estate left to charity can result in a truly sizable gift."

Canadians can visit WillPower.ca to learn more about charitable gifts in Wills and the tax benefits, explore how much to leave to charity and family with the legacy calculator, browse 400+ charity partners to see how their future donation could be used, and connect with financial and legal advisor across the country who can answer questions and help with next steps.

About Will Power
Will Power is spearheaded by the CAGP Foundation in partnership with the Canadian Association of Gift Planners (CAGP). The mission of Will Power is to increase the number of Canadians leaving a charitable gift in their Will - from today's 8 per cent to 13 per cent by 2030, creating $58B in charitable giving.

About CAGP and the CAGP Foundation
The CAGP Foundation aims to financially support the development and promotion of excellence in charitable gift planning in Canada; CAGP is a national professional association that brings together charitable fundraisers and advisors advancing strategic charitable giving in their communities. Both organizations believe that we can build a better world by putting the power of philanthropy in the hands of many more Canadians, through gifts in wills and other types of strategic giving. Find out more at www.cagpfoundation.org / www.cagp-acpdp.org 

For media inquiries, please contact: Tenney Loweth, Director, Health, Agnostic Inc., [email protected], 647-782-5094

SOURCE CAGP Foundation