Strategic philanthropy goes beyond giving a donation to a charity. It is defining your philanthropic strategy to have maximum impact to both the beneficiary and the donor (individual or corporate).

 

Philanthropic strategy is very individual. It is based on personal values and goals while also considering local community needs. There are many charitable causes to help in our community, from environmental causes, individuals with special needs, food security, to palliative care. There is no right answer when it comes to setting philanthropic goals. Some guiding questions include - what’s important to you; do you want to address one or multiple causes; and what causes matter to you or your family.

 

After the philanthropic goals have been defined, the next step is to devise a plan of how to maximize the strategic benefit, both to the cause and to you. There are a lot of options to consider here, gifts during your lifetime, legacy gifts, estate gifts, private foundations, donor advised funds, and more.

 

Some things to consider to maximize benefits:

• Donating appreciated publicly-listed securities (mutual funds, ETFs, equities, etc.) ‘in-kind’ to a registered charity as any capital gains realized will not be taxable (except under alternative minimum tax calculations).
• There are potentially additional tax benefits for donations through a corporation.
• Using life insurance can provide a large donation with a relatively small cost.
• Strategically planning to make maximum use of the donation credit during higher income years.

 

To ensure you are taking advantage of the relevant opportunities give me a call to discuss and attend the seminar I am hosting later this month.

 

Fraser Willson, CFP, CIM | Senior Wealth Advisor | CIBC Wood Gundy | Collingwood | Fraser.Willson@cibc.com | (647) 588-4344

 

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. Fraser is an Investment Advisor with CIBC Wood Gundy in Collingwood. The views of Fraser do not necessarily reflect those of CIBC World Markets Inc. Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors. If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.