Charitable giving in your communitySubmitted by Agrawal Associates on January 10th, 2018
Jan. 12, 2018
Make it giving season year-round
As the Christmas trees come down and wrapping paper heads to the recycle bins, we reflect on a holiday season where charitable giving is at the forefront. From food drives to wreath campaigns, and everything in between, there are many organizations who work around the clock raising money to support those less fortunate throughout the holidays.
According to Statistics Canada’s General Social Survey on Charitable Giving (2015), 91 per cent of us donate because we feel compassion towards people in need. Helping a cause you personally believe in, and making a contribution to your community, are other top motivators for charitable support.
Helping people and causes
The challenge is that the need doesn't only exist during the holiday season. There are many families in Calgary, and the rest of the province, who are struggling to put food on the table and keep a roof over their heads.
If you’re looking for ways to support those less fortunate on a regular basis, consider a few charitable planning options that can optimize the tax benefits.
1. Contribute regular grants to charities
Rather than looking at your bank account to throw the last few dollars to charities in December, incorporate charitable giving into your monthly plan. Building an annual giving contribution into your financial plan allows you to provide ongoing support to those organizations you’re passionate about, while continuing to achieve your personal financial goals.
2. Receive a tax receipt from each donation
Charitable giving can be an important part of the tax planning process. Through careful management of receipts for regular donations, you can give back to the community while also protecting your own interests.
3. Establish an endowment
We all hope to leave a legacy one day, so why not consider establishing a charitable endowment in your name or the name of a loved one? This plan can be created as part of your estate plan and activated now or after you pass away.
For more information or support with establishing a charitable giving plan, please contact Agrawal Associates.