Scotia Wealth Management Senior Wealth Advisor, Dave Lee, offers Total Wealth Planning to clients in White Rock.

Scotia Wealth Management Senior Wealth Advisor, Dave Lee, offers Total Wealth Planning to clients in White Rock.

Your Will is powerful, and can offer a meaningful gift

‘Tis the season for giving thanks, and lending a helping hand.

While Giving Tuesday is officially Nov. 30, many of us have charitable giving on our minds for much of the holiday season. And for Dave Lee, Senior Wealth Advisor, Scotia Wealth Management, charitable giving is something he plans for year-round.

“I offer Total Wealth Planning, which means my clients have access to a complete package of services, not just one person or discipline. Each offers a fresh perspective. In working closely with Estate & Trust Planners, Insurance specialists, Private bankers and more — charitable giving is often part of the conversation,” he says.

READ MORE: Meet the architect, and the project manager, behind your Total Wealth Plan

Legacy gifts make an impact

For many people, the largest tax hit they’ll ever face is the one that comes in the year of death. The CRA treats the entire value of accounts like RRSPs and RRIFs as income in your final year, which catapults many low- and middle- income Canadians into the top tax bracket. Capital gains from investment portfolios and recreational property can also add to the tax bill.

“One of the options available to mitigate this tax bill is designating a charity as a full or partial beneficiary of registered retirement accounts,” Dave says. “You retain full access to your retirement account during your lifetime so you don’t need to worry about giving away more than you can afford — you’ll only be giving to charity what you don’t need for yourself.”

“Another option is to gift stocks, ETFs or other investments that have grown in value. When an investor sells these investments, the growth in value will be taxed as a capital gain — unless you give the stocks directly to a charity,” he says. “Charities are becoming quite familiar with this process and can make it easy. You can also gift property and other assets or designate a charity the beneficiary of a life insurance policy.”

Those who feel their annual income is too small to make a real difference during their lifetime often underestimate the impact they can make by giving to charity the assets they leave behind.

Call 604.535.4743 to book an appointment with Dave Lee in White Rock, or email to discuss investments, life insurance, retirement planning, estate planning, generating income and minimizing your taxes. Follow him on Facebook, Twitter and LinkedIn for more financial insights.

ScotiaMcLeod, a division of Scotia Capital Inc.

Charity and DonationsFinancial planning