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Canadians give only 0.52 per cent of their income to charity, according to tax data from the Canada Revenue Agency. Keep in mind this only speaks to a percentage of income as we don’t have any true data on the percentage of net worth that is given to charity.

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But when I say “only 0.52 per cent,” I recognize Canadians don’t have to give anything to charity. After all, charity begins at home; family members are in need. Some even say you can’t trust charities to properly spend their donations anyway.

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Here is the problem: I see estate plans all the time that show likely estate values of $10 million plus and the question I always ask is, “Is this large estate value a good thing to you?”

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The answers may surprise you. Some say it is great. Others say it is too high and they need to start spending more. Some say that is too much to leave to their one or two or three kids. In some cases, they say their kids already have too much money or they don’t have children.

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Regardless of the response, I ask if charitable giving is part of their goals. It is for some and it isn’t for others. Everyone is entitled to their own view on the subject.

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But the potentially large size of some estates should start a serious discussion about charitable donations, including annual giving, major gifts and legacy or estate giving.

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Many people don’t realize that the cost of giving a dollar to charity can range from pennies to about 60 cents since if you give a dollar to charity, you will lower your tax bill by a minimum of 40 cents to more than 90 cents.

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How can that gap be so wide? Here are the basics:

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North York General Foundation, the charitable arm of the similarly named hospital in Toronto, is helping people better understand how different levels of charitable giving would specifically impact their estate value and lifetime tax bill through an online estate and donation planner calculator. (Full disclosure, our firm has worked with them on this project.)

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“We speak with many donors who underestimate how much of an impact they can have while they’re still around to see it,” Laura Cuthbertson, chief development officer at the foundation, said. “When someone can see clearly that a gift won’t put their financial security at risk, it changes the entire conversation from ‘Someday, in my will’ to ‘What can I do now?'”

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Understandably, not everyone is able to or prioritize giving to charity, but my sense is that many would give a lot more if they saw how much they could easily afford to give. It certainly makes the decision easier when you’re educated on the various ways to do so more effectively.

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Giving to charity earlier may also have meaningful advantages for you over waiting to leave it all in a will.