i. Do many people leave gifts in their wills?
Over one million Canadians have already left charitable gifts in their wills, and with an aging population, that number is expected to increase.
More and more people are finding they are able to both provide for their loved ones and make a meaningful gift to one or more charities after they're gone. Individuals with families often find that with their children well-established, they have the ability to make this kind of transformative gift. And those without children find that they can make an even greater impact long into the future by leaving a charitable bequest in their will.
ii. Why is it important to leave a gift to charity?
Leaving a charitable gift in your will is a powerful investment in the future of animal health care. And it’s not just the elite who leave gifts to charity in their wills. Ordinary people from all walks of life leave gifts to the causes they care about.
Any gift, small or big, makes a difference. You may choose to leave a gift as a small percentage rather than a fixed amount, which ensures that the value of your gift is not reduced by inflation over time.
iii. How will Ontario Veterinary College use my gift?
Most often, supporters who choose to leave a legacy gift decide not to designate their donation. That means OVC can use those funds where they’re needed the most. However, we would be happy to discuss your options if there is an aspect you are particularly passionate about.
iv. How can I leave a charitable bequest and provide for my loved ones?
Leaving a residual gift is a wonderful way to ensure you can provide for your family and also make a meaningful gift to your favourite charities. With these gifts, all other commitments of your estate are met before your bequest is given to your charity of choice.
In fact, in some cases your loved ones may benefit even more when you leave a charitable bequest. When you make a donation to the Ontario Veterinary College through your will, the gift can be claimed against 100% of net income on the final two lifetime tax returns. In some instances, making a charitable donation can offset taxes, ensuring that gifts to family and friends are worth more.
v. What if I already have a will?
If you already have a will, there's no need to re-write your will entirely to leave a gift to OVC. You may simply use a short legal clause known as a codicil to amend your will. This simple step will add OVC into your existing estate plans. As always, we strongly encourage you to speak with your financial planner or lawyer when making a charitable bequest.
vi. Isn’t it better to help now, and not later?
Like all charitable organizations, we certainly have short-term needs. We are grateful to those who give to immediately provide our beloved pets and animals with the best care possible.
But many people find that they can make a larger gift through their will than otherwise would be possible during their lifetime. By leaving a gift in your will, you can ensure money is available for day-to-day expenses and unforeseen circumstances later in life and still make a substantial contribution to the causes you care about.
vii. How can I learn more?
If you wish to obtain sample bequest language, would like further information on planned giving opportunities, or if you would simply like to share with us that you have already included OVC/OVC Pet Trust in your will, please contact Deanna Tigani, Senior Development Manager, Advancement, at firstname.lastname@example.org.