What you should know about Charitable Giving in Canada ~ Guest Sherri Grosz
Stepright with Lynn Whetham Radio Show
Canadians are generous. We give to many charities every year. In 2013, the vast majority of Canadians (82%) made financial donations to a charitable or non-profit organization. The average annual amount per donor was $531 in 2013, up $61 from 2010. The “top donors,” defined as the 25% of donors who contributed the most money, contribute to about four fifths of the total annual amount of donations in a given year.
Most Canadians give cash directly to the charity but there can be good reasons to explore additional ways to give and resources available to help. Perhaps someone wants to be intentional about their giving. Perhaps they have additional cash to give away this year – due to selling a business or receiving an inheritance. Perhaps they are curious about giving stocks or mutual funds or want to know more about donating life insurance.
Regardless of the amount or method, it’s important that people ensure they can track their donations, both from a financial planning and tax efficiency perspective. Working with a financial planner to build charitable giving into your overall household budget can help ensure you maximize the amount you’re able to give and allow you to take advantage of the tax benefits associated with your donations.