For those contemplating the legacy they wish to leave behind, BC Women's Health Foundation presents a compelling opportunity to blend philanthropy with fiscal savvy.
The foundation's Legacy Giving program not only offers a way to make a lasting impact on women's health but also provides significant tax benefits, appealing to those at the stage of life where creating or updating a will or estate plan is top of mind.
This initiative underlines the BC Women’s Health Foundation's role as a pivotal force in advancing the full spectrum of women's and newborn health, ensuring that every contribution shapes a healthier future for women across British Columbia.
Tax advantages of charitable giving
Charitable giving not only serves societal needs but also offers significant tax benefits, encouraging donations both during one's lifetime and posthumously.
"Canada's tax system is designed to incentivize charitable donations through generous tax credits," says Lynn Zhang, a chartered professional accountant with Achieve Wealth Management.
For contributions made during one's lifetime, the federal government provides a 15% credit for the first $200 donated, increasing to 29% for additional amounts.
The advantages extend to legacy giving as well.
"Charitable bequests can substantially reduce the tax burden on an estate, thanks to donation tax credits that can be applied against up to 100% of net income in the final two years of life," says Zhang.
This strategic approach to estate planning can significantly benefit both the donor's estate and the foundation.
Impact on women's health
The impact of donations on BC Women's Health Foundation's work is profound.
"Through the generous support of our donors, we're able to fund vital research, healthcare innovations, and programs that directly benefit women across the province," says Lisa Shearer, director of legacy and annual giving at BC Women's Health Foundation.
Legacy gifts, in particular, ensure the continuation of this essential work, helping the foundation to secure the necessary resources and equipment for BC Women’s Hospital + Health Centre.
Personalizing legacy gifts
BC Women's Health Foundation works closely with donors to tailor legacy gifts according to their passions and values.
"First seek professional financial and legal advice. Then, have a conversation with us at the foundation. We can help align your gift with the impact you wish to achieve," Shearer says.
She emphasizes the importance of understanding a donor's wishes and ensuring their legacy gift makes the desired difference.
"Whether you're moved by a specific area of women's health or have a personal connection to our hospital, we can direct your gift to make a lasting impact in that domain," Shearer says, underscoring the foundation's commitment to honoring the intentions behind each donation.
Beyond financial contributions
The foundation also welcomes non-monetary legacy gifts, such as art, jewelry, or property, which can still provide tax benefits to the donor's estate.
"Donating monetary or in-kind gifts allows for a unique and meaningful contribution to our cause," Shearer says.
To learn more and to leave a legacy that enhances the health and well-being of women for generations to come, visit bcwomensfoundation.org/ways-to-support/wills-and-bequests
