The Power of Philanthropy
According to Statistics Canada, in 2019, charities raised more than $10.3 billion!
Sharing your wealth creates goodwill. Non-profit organizations, charities and private foundations perform very important societal functions. You could donate to your favourite charity or create a new private foundation named after your family.
A private foundation creates a long-lasting family legacy. Your children would be associated with your beneficence. And, you would cement your position in the community based on your philanthropy.
Incorporating Charitable Giving Into Your Financial Strategy
Did you know that donations made to any officially registered charity are eligible for a non-refundable tax credit? As you accumulate wealth, you’ll likely move into higher tax-brackets, furthering the benefit of these incredible gestures.
Philanthropy is a powerful means of networking. Aligning your beliefs with the right non-profit organization can make your voice heard and presence renowned.
Charitable giving upon death can be an extremely effective method to mitigate tax on estate. Some people even choose to contribute some or all their estate to a donor-advised fund – allowing the contributions to continue to manifest growth, all while funds are directed according to your wishes.
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