History can be a useful lens for understanding the moment we’re in. It can remind us what we’ve learned before and help us decide what to do next.
I recently pulled out the November 1990 issue of Maclean’s. It captured a constitutional crisis after the collapse of the Meech Lake Accord, a war in the Gulf, recessionary pressures and questions about Canada’s role in global oil markets.
A lot of it feels familiar.
The cover story (and why I kept the issue) “A Trillion-Dollar Windfall” anticipated the accumulation of wealth among Canada’s Baby Boomers and the scale of intergenerational transfers over the following two decades. It cited average household assets of about $350,000 for those over 50 years of age (including real estate valued at $150,000) and projected the intergenerational transfer of wealth of about $1 trillion.
That expectation helped fuel growth in the advice sector. Many legal, accounting and financial advisors were working with clients who had lived through leaner times and didn’t always see themselves as “wealthy,” even when their eventual estates told a different story.
Building on the generosity of Canadians, conversations about transferring some of this wealth to charities began in earnest, facilitated by opportunities to engage with program and development staff at charities.
Many donors were trying to do two things at once: look after family and support the causes they cared about. In many cases, a modest percentage of the estate made a meaningful difference in community impact. Charities benefitted from this transfer and have worked to deliver impact in response to the donor’s belief in their mission and alignment with the values of those who have left those legacy gifts.
So what are we seeing now, especially when it comes to legacy giving?
The Canadian Association of Gift Planners has released its 2025 research on charitable bequests, gifts in wills and estate planning trends. This report compares 2019 and 2025 data collected for the CAGP Foundation’s Will Power campaign designed to help Canadians reimagine how a gift to a charity in their Will can create lasting change.
For advisors, the takeaway is straightforward: more Canadians are open to legacy giving, and the moments when clients update their plans are when those intentions are most likely to be acted on.
Here are a few numbers that caught my attention:
This fits what many advisors see in practice: charitable giving tends to increase when clients engage in estate planning and have real conversations with their advisors, with family, and with the organizations they want to support.
The motivations are familiar: connection to a cause, a desire to leave a legacy and values-based planning for the next generation while still keeping family first.
Good planning can hold both goals at the same time by coordinating charitable intent with overall estate and tax outcomes.
We’re in another significant period of wealth transfer in Canada. Estimates suggest that roughly $1.6 trillion will move between generations, from Baby Boomers to younger generations, by 2030.
Estate planning and charitable giving considerations:
The report notes that estate planning is a key factor. Canadians who engage in estate planning are more than twice as likely to include a charitable gift in their Will compared to those who do not.
In practice, this aligns with a deeper review of one’s estate assets, how those assets will be distributed, the impact of taxation and how charitable gifts may offset taxes that are payable on death.
With most Canadians turning to lawyers, accountants and financial planners for help when planning their estate, these are often advisor-led conversations.
73 per cent of Canadians have a registered fund (registered retirement savings plan, registered retirement income fund or tax-free savings account) and 53 per cent have a life insurance policy. And yet, only half are aware they can name a registered charity as a beneficiary of these assets.
A community foundation can be named as the beneficiary of these assets. The proceeds may be used to establish a fund to support the donor’s chosen charities in perpetuity, or they can flow into an existing fund either for short-term granting or long-term support.
Healthcare and social services are the most frequently cited causes for legacy gifts. On average, the respondents intend to include two charities in their Will. Legacy gifts are not an either-or decision – there is space for more than one cause.
By naming a community foundation as the beneficiary in a Will, registered fund or life insurance policy, the donor can make one gift and still support multiple causes. Depending on the structure, there may be tax benefits to consider.
This approach can simplify administration: a donor can make one testamentary gift and provide a list of recommended registered charity recipients. As circumstances change, charitable preferences can typically be updated with the foundation without requiring a new Will.
Of those who are interested in leaving a gift to charity in their Will, some are in the decision-making phase – trying to decide which charities to support, needing more information or just not quite sure where to start.
For advisors, clients who are “interested but undecided” are often the ones who benefit most from a bit of structure, clarifying philanthropic priorities and fitting charitable intent into the broader estate, tax and family plan.
In the right circumstances, working with a community foundation can make it easier to implement a client’s charitable goals, potentially improving tax outcomes, adding flexibility in charitable allocations and establishing a long-term family-based community legacy.
Most Canadians (88 per cent) rely on legal professionals when drafting their Will, with lawyers (and notaries in Quebec) the most popular across genders, ages, incomes and ethnicities. Online Will services are increasing with 7 per cent of Canadians using those platforms. Interestingly, the research shows that more will makers recall being prompted by the online services (57 per cent) to consider giving to charity, than by their lawyers (37 per cent).
The Victoria Foundation has recently partnered with Epilogue for Charities as one option to help make legacy giving more accessible.
This partnership offers a simple, online way for individuals to create their Wills while supporting causes they care about.
We acknowledge that this online Will planning option is one pathway of many and may not be the right fit for everyone. Our Philanthropic Services staff can help donors explore different options that best reflect their philanthropic goals and circumstances.
Legacy giving is often about values: looking after family, contributing to community and leaving a sense of purpose behind. For many donors, it doesn’t have to be an either-or choice.
For 90 years, the Victoria Foundation has helped connect donors with community priorities. We work with donors, charities, First Nations and other partners to generate ideas, fund solutions and support projects addressing complex challenges and opportunities and strengthening the region over the long term.
If you would like to talk about legacy options, our Philanthropic Services team is available.