If you are thinking about including a charitable donation bequest in your will, here are some pointers:
While philanthropy is a noble cause, your family comes first. Make sure that your spouse and other dependents will be adequately provided for after your death, and in accordance with your wishes.
Ensure that your estate will have sufficient liquid [...]
There are various ways of making a donation under your will. A cash gift is the simplest and the most obvious. However, if the gift is large, you need to make sure that there will be enough liquid assets in your estate to enable your executors to carry out your wishes. For example, if [...]
Individuals who make charitable donations are entitled to a tax credit in calculating their federal and provincial income tax. Charitable donations will also reduce an individual’s federal and provincial surtaxes, if applicable. Donations by corporations also receive income tax relief, in the form of a deduction in arriving at the taxable income amount on which [...]