Charitable giving and philanthropy
Among Canadians, Canada is often viewed as a society with a strong sense of philanthropy. In looking at the past 15 years, for example, the rate of Canadians who give to charities or non-profit organizations has remained above 80 percent, and just under half of Canadians give back through volunteering.1 But more specifically than being part of a country with embedded philanthropic values at the collective, national level, individuals may wish to consider philanthropy and charitable giving within their own families and in individual terms — what it means to them and how it may contribute to leaving a lasting legacy, how they want to give back, what the best approaches are, and how to maximize potential tax benefits.
Among many individuals, making charitable donations is a regular aspect of life, whether that’s an annual gift to a charity they feel strongly about or to an organization that has helped a family member, or it may be more spontaneous through responding to a need for donations following a natural disaster, for example. Philanthropy, on the other hand, is a more strategic approach to charitable giving through establishing a long-term plan for giving, setting out an individual’s or a family’s goals and working to make that vision a reality. Plans may be very personal in reflecting the donor’s convictions, beliefs and values and may require a greater commitment from those involved to monitor, carry out and evolve the plan
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