Want to support your favourite charity?

Consider a donor-advised giving program to help out those who need it

It is not unusual for those making charitable donations to have concerns. Consider, for example, the case of a person wishing to make a legacy donation to one or more of his or her favorite charities.

Typical concerns may be as follows:

How quickly will the money be spent? It is not uncommon for donors to want to create a legacy — to provide support for years to come, or even in perpetuity.

The donor may feel some apprehension with respect to providing a charity with a lump sum, with the freedom to spend it without any control.

A preferred option may be to have the money invested, with an annual amount going to one or more charities.

In such a case the donor may want to have some input as to how their donation is invested.

A donor may have a number of preferred charities today, but may wish to have some flexibility to look at other options in the future.

A donor may wish to have some input as to how donations to a charity are used.

There are a number of ways to deal with these concerns, but in many cases the solutions are complex and expensive, and require significant administration.

An alternative may be to consider a Donor-Advised Giving Program.

Offered by a number of Canadian institutions these programs simplify much of the legal, accounting and administrative issues involved in setting up a charitable foundation, and in the process provide a simple and effective way of addressing the above-mentioned concerns for Canadians wishing to support their favorite charities.

For example:

• The donor can control how much will be dispersed in any given year.

• The donor has input with respect to investment options.

• The donor can change his or her mind at any time with respect to which charity to support.

• The donor can maintain a dialogue with specific charities for the purpose of understanding how ongoing support will be used. If the donor does not approve of the charity’s plans, he or she can consider other options.

 

 

Donor-Advised Giving Programs can be used for inter-vivos or testamentary donations. CRA regulations surrounding these programs have changed recently (for the better). For more information please feel free to call or email.

 

 

To receive PDF versions of this or previous articles please email jim.grant@raymondjames.ca.

 

 

 

 

 

Jim Grant, CFP (Certified Financial Planner) is a Financial Advisor with Raymond James Ltd (RJL). The views of the author do not necessarily reflect those of RJL. This article is for information only. Raymond James Ltd. is a member of Canadian Investor Protection Fund.  For more information feel free to call Jim at (250) 594-1100, or email at  jim.grant@raymondjames.ca. and/or visit www.jimgrant.ca.

 

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19: Qualicum Beach man stages concerts for charity out of his garage

Larry MacDougall says reception from neighbours has been heartening

RDN says water in French Creek still potable despite levels of iron, manganese

Strategy to improve water quality being established

COVID-19: City of Parksville to open offices on June 1

Health and safety restrictions will be in place

Program at Parksville’s McMillan Arts Centre offers chance to connect art, environmentalism

MAC program works to create community arts installation in city

RDN Transit to see rollout of 15 new HandyDart buses

Buses will have temporary protective barriers installed to prevent spread of COVID-19

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

Man who bound, murdered Vancouver Island teen still a risk to public: parole board

Kimberly Proctor’s killer is still ‘mismanaging emotions,’ has had ‘temper tantrums’

VIDEO: Humpback whales put on quite a show

The ‘playful’ pod lingered by a Campbell River tour operator’s boat for quite some time

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Revelstoke woman finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Stolen gargoyle returns to its perch on central Vancouver Island yard

Petey, a concrete gargoyle statue, was returned by Nanaimo RCMP after being found by city crew

Spirit bear possibly spotted in West Kootenay

A local resident spotted the white-coloured bear while on an evening trail run near Castlegar on May 27

B.C. teacher reprimanded for sharing homophobic and sexist memes, making racist comments

Klaus Hardy Breslauer was accused of making a laundry list of concerning decisions as a science teacher

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

Most Read