How can you leave a legacy for less money? Here is one way of making a major charitable contribution, even if you are not wealthy.
As an example, let’s say you are 50 and in decent health (assuming a 35 year life expectancy). You are able donate $1,000 a year to your favourite charity.
Here is what you could do:
With a donation amount of $1,000 a year, this would cost you $550 per year after tax credits.
The total is $19,250 over a 35 year period that would come out of your pocket. Using our strategy, you could actually end up donating $162,000 to your favourite charity! This is an effective rate of rate (after tax credits) of 10%! Continue reading ‘How to Leave a Legacy for Less: Affordable Giving’ »