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Define your legacy with charitable giving

Continue your tradition of charitable giving and experience the benefits of a private foundation, without the upfront costs and administrative responsibilities.

As a donor, an effective way for you to continue your charitable giving for an extended period is to establish a donor-advised account. This can be done either during your lifetime or after, and will facilitate grants over an extended period or in perpetuity to the charities you choose.

The Investors Group Charitable Giving Program – a partnership between Investors Group and the Strategic Charitable Giving Foundation – is a donor-advised charitable giving program that facilitates philanthropy without the administrative responsibilities, time commitment or the expensive setup and continuing costs of a private foundation. It is designed to help you give in your own way.

Under the program, donations are made to the Strategic Charitable Giving Foundation, a public foundation registered as a charity with the Canada Revenue Agency and the Quebec Ministry of Revenue. The Foundation receives donations, which are eligible for a donation tax credits, and maintains accounts to facilitate annual grants to charities selected by you.

Donation tax credits received by you can be used to provide tax savings and effectively reduce your taxes owing. High income earners can receive additional value from their donation tax credit, providing further tax incentives. There is also flexibility to carry-forward donation credits to any of the following five years or utilize them on your spouse’s tax return.

Managing your charitable giving is easy and convenient. You can choose to establish an account and make donations during your lifetime, or you can provide direction in your last will and testament to donate as part of your estate plan. You can also name the foundation as the beneficiary of a life insurance policy, RRSP, RRIF or TFSA; which can provide further estate planning opportunities and reduce assets subject to estate taxes. In Quebec, there may be restrictions on the circumstances in which you can designate a beneficiary.

You can name the account as you so wish, so that your family name can be associated with charitable giving for years to come. You can also designate successors, such as children or family members, to assume responsibility for recommendations on the account after your death or incapacity. This can establish a multigenerational tradition of philanthropy.

There is significant flexibility in selecting what to donate. A strategic approach to donating can maximize tax efficiency of donations during your lifetime or by your estate. If you hold publicly traded securities; such as stocks, bonds or mutual funds, and choose to gift these investments then additional tax savings can be realized.

After the donation, you can stay involved in the charitable giving process as little or as much as you wish. You will be kept informed of the assets held within the account and grants made. You can advise on how amounts from the account are to be disbursed and which charities are to benefit. You have the ability to vary the amounts paid out and change the recipient charities. This ensures you control how charities you choose benefit in a way that suits you.

To determine where a donor-advised fund best fits into your holistic plan, speak with your IG Consultant.

Written and published by Investors Group as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from an Investors Group Consultant.

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