Creating your own Family Foundation and other Tax Effective Philanthropic Ideas:
In today’s world of heightened social awareness, the desire to make a difference is quickly gaining momentum. You may be viewing your personal wealth as a means to live well and as a way to create a meaningful legacy for future generations.
Whether you wish to support the arts, conserve natural resources, advance medical research or help the world’s underprivileged children, giving back speaks volumes about who you are and the values you hold dear.
In addition, there are many strategic financial benefits to charitable giving. Whatever your objective, choosing to support a charity is an important and personal decision that can make a positive impact on your cause, your charity and yourself.
At CIBC Private Wealth, we will evaluate your philanthropic goals and provide you with a recommendation to accomplish them (many times in association with your trusted Accountant, Lawyer and Private Banker). At times, depending on your goals, we might recommend establishing a family foundation. One simplified version of setting up this structure is through our in-house CIBC Giving Back Program, which is run in partnership with the registered charity Benefaction.
Many of my private clients as well as my personal family have set up their own family foundations in this manner, as it is as easy as setting up an account. Many times, the structure creates a lovely multigenerational conversation and much joy is attained from gifting in this manner.
For more information on this program you can download Giving Back brochure here