October - A Month of Gratitude, Giving and Legacy
- Milica Ivaz
- Oct 26
- 3 min read
As the air turns crisp and leaves begin to fall, October reminds us to slow down, reflect, and give thanks. It’s a time to appreciate what we have — and to think about how we can give back. Gratitude and generosity are deeply connected, and this month offers so many opportunities to act on both.
A Season of Fundraising and Community
October is also known as the season of giving — with countless charitable events and campaigns happening across Canada. I’ll personally be attending two wonderful fundraisers that highlight the power of community:
The Visions Gala supporting the Victoria Hospitals Foundation, raising vital funds for healthcare innovation and patient care; and Ignite: Dance Victoria, celebrating the arts and the joy of creativity that connects us all.
Whether supporting healthcare, education, or the arts, every act of giving — big or small — helps strengthen the fabric of our communities.
Turning Gratitude Into Action: How Your Donation Works
When it comes to financial giving, a little planning can make your generosity go further.
In Canada, charitable donations are recognized through a non-refundable tax credit that reduces the amount of tax you owe — not your taxable income. Here’s a quick overview:
The first $200 of donations qualifies for a lower federal credit (about 15%), while amounts above $200 are credited at a higher rate (about 29%) plus the provincial rate.
Combine donations with your spouse or partner to maximize your credit.
Carry forward unused donations for up to five years.
Donate appreciated securities to eliminate capital gains tax while still claiming the full donation value.
Always confirm your gift is to a registered charity or qualified donee.
When you understand these rules, you can make intentional choices that support your causes while optimizing your tax outcome — a win-win for both heart and finances.
Giving Beyond a Lifetime: Charitable Gifts in Your Will 🕊️
True generosity doesn’t end with us — it can continue as part of our legacy. Including charitable gifts in your will allows you to support meaningful causes beyond your lifetime while providing valuable tax relief to your estate.
Here’s how it works:
Charitable gifts in your will are treated as donations made by your estate, and the tax credit can be applied to the final tax return or the estate’s income, depending on what’s most beneficial.
Up to 100% of your net income can be claimed for donation credits in the year of death and the preceding year.
You can gift cash, securities, RRSPs, RRIFs, life insurance policies, or property, depending on your goals.
If you donate publicly traded securities, the capital gain is eliminated — a powerful tax-saving opportunity.
Naming a charity as a beneficiary of your RRSP, RRIF, or life insurance can help offset taxes that would otherwise be payable by your estate.
This kind of planned giving allows you to shape your legacy — one that reflects your values, supports your community, and reduces your estate’s tax burden.
If you’re considering this, coordinate with your financial planner, estate lawyer, and the charity itself to ensure your wishes are properly structured and achievable.
In Case You Missed It: My Interview in Money Sense
I was recently interviewed by MoneySense on longevity planning, especially for Canadians without grown children to lean on. If you haven’t yet checked it out, here’s the article:
It’s packed with practical insights on building community supports, housing/transport considerations, legal back-ups and estate planning.
Advocate for Yourself — Join CARP
While giving back to others, don’t forget to advocate for yourself. If you’re not yet a member, consider joining CARP (Canadian Association of Retired Persons) - carp.ca
Membership provides access to valuable benefits, but more importantly, it gives you a voice — helping shape policy discussions around healthcare, financial security, and aging in Canada. It’s a meaningful way to stay informed and engaged in issues that directly affect your future.
Final Thoughts
October is more than a season of change — it’s a season of thankfulness and impact.
Whether you’re attending a gala, supporting a local cause, or planning your legacy through a will, your generosity matters. It creates ripples of kindness that extend far beyond the moment — and helps build the kind of community we can all be thankful for.
Let this month be a reminder: gratitude grows stronger when shared.
Wishing you a meaningful and thankful fall,
Milica
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