Business & Personal Finance

The holiday season is a time of giving.  Many are interested in making a difference to their communities or contributing to issues or causes that they feel passionate about.  You may decide to offer your time, money, and/or support. 

Financial contributions offer an additional bonus at this time of year.  According to Brad Offman, vice president of strategic philanthropy at Mackenzie Financial, there are tax benefits that "simply cannot be ignored".  The following advice is provided in relation to giving:

• Sit down and make a list of causes and institutions that have meaning to you. 
• Decide how much you are able to give.
• Speak to your financial advisor and accountant about the tax advantages to donating to your favourite cause.
• For longer term charitable commitments, consider a donor-advised giving program.  This allows you to set up a long-term giving program with an initial donation.  It is similar to a private foundation, but without the upfront costs and administrative responsibilities.
• Look at participating in an event for a charity such as a run or walk – you can be active and make a donation.
• Volunteer.  Donations are not only about money.  You can also give time.

Charitable donations may also provide you with a "larger return later".  To obtain more information about the tax benefits of charitable gifts, you can:

• Contact your financial advisor.
• Visit the Canada Revenue Agency's web page Giving to Charity : Information for Donors.
• In the Certified General Accountants of Ontario's free booklet entitled Your Personal Tax Planning Guide, see Part Three:  Tax Credits and Related Items – Charitable Donation Credit.  The 2011-12 edition is now available online or in print at various Toronto Public Library branches.  Contact your local branch to determine if they have print copies.