With money, you can buy many things. Is happiness one of them?
 

Philanthropic giving can be an expression of your beliefs and values. It may deepen connections with family and your community. It can also present you an opportunity to create a legacy that can be passed to future generations.
 

Studies have shown when people give to charities, it activates regions of the brain associated with pleasure, social connection, and trust, creating a “warm glow” effect.¹ So perhaps the age-old adage of “you can’t buy happiness” isn’t necessarily true, after all. If you’re looking to incorporate more philanthropy in your wealth plan and increase your happiness, here are some ways to start.
 

Discover your philanthropic goals
 

There are many reasons people choose to give, including personal fulfillment, tax management and legacy. Determining your goals for giving is an important first step in developing an effective strategy. To discover your motivation, consider asking yourself these questions:

• What values guide you?
• What causes are most important to you?
• What issues in the community concern you?
• What do you worry about for future generations
• Are there tax-saving opportunities that you need to consider?
   

Develop your philanthropic approach
 

There is no single right way to approach philanthropic giving. What’s important is to remember it should connect with what you and your family really value. A variety of strategies can be effective, some include:
 

• Strategic philanthropy: where you are in a financial position to leave a legacy of charitable giving and also wish to measure the impact of your gifts
• Impact Investing: where you intentionally seek to create both financial return and positive social and/or environment changes that can be actively measured and tracked
   

You can also consider The CIBC Wood Gundy Giving Back program, which is a donor advised fund program. This type of fund is like having your own charitable foundation, but without the high costs and complexity. For more about the program, visit the Charitable Giving page on our CIBC Private Wealth site.
 

Start the process
 

As always, we are here to support you. Connect with us to further discover what giving strategies make the most sense for you, your family and your wealth plan.


 

¹https://greatergood.berkeley.edu/article/item/5_ways_giving_is_good_for_you#:~:text=Giving%20makes%20us%20feel%20happy.&text=These%20good%20feelings%20are%20reflected,a%20%E2%80%9Cwarm%20glow%E2%80%9D%20effect.