Introduction to Corporate Philanthropy
Introductory to a 3-part series that provides an overview of the tax benefits of charitable giving. Email email@example.com for the full series.
Hi. So today we get to talk about one of my near and dear topics, which is philanthropy. And I know I say that word, not quite right, but I giving back. And so basically strategically giving back to stretch your dollars longer and further than you could otherwise do. So there's strategy behind it. And first off, I think that anybody's listening to this is already doing great because they're thinking about corporate philanthropy and philanthropy in general. And so I think that we can all give so much back to each other and those less fortunate. And so I feel as though that that's a very good start in the right direction. So I wrote an article related to this and it's called corporate philanthropy strategically giving back. And the reason why I wanted to write the article was to give people the concept or idea of trying to expand and what they're already intending to do.
And through, through creative ideas and with Canadian law or the Canadian revenue agency, there's some incentives already built in, especially for corporations, if they were to consider to do charitable donations. So let's dive in. So giving back to the community. So this is just the intro,uvideo, but it's basically, it's such an important objective for so many people. And so many private clients that I work with and it,ujust fills the bucket, fills the bucket of joy within their heart. And they give both the, like both it's no, not just money side. They also are so generous on giving their time and as well as their money. And so then they are part of the boards. They're part of,uyou know, fundraising campaigns, they're part of events, they're coordinating events, they're doing all sorts of wonderful things for the community.
And I very much applaud them. And they're also sharing, they're sharing their heart earned money with ventures and charities that are important to them. And it really, it, it it's a huge benefit to humanity in having that ability, but it also very much improves the donor's quality of life. And it's interesting because there's an article written about how much it improves the donor's quality of life. They get joy from the act of giving. And so sometimes I always, you know, sometimes somebody might give you a present for your birthday and, and you feel, you know, bad about it, but you have to just remember that they are getting joy from the ability to gift you something. And that goes the same way for charity and so greater contentment joy, and they also have a sense of community. And so you can't underplay, especially over these last two years, I'm recording this in 2022, but the last two years of isolation and COVID, and all the trauma that that has caused the sense of community is very important.
And so to get that back is huge and it's conversation. The other thing I guess, would be the improvement of a donor's quality of life in the way that it changes a family. And it changes a family dynamic if you want it to some people really like to be anonymous in their donations and don't share anything with the family, but some other people really want it to be a legacy. And so then they create that ability so that you know, kids can be part of the conversation or nieces or nephews or whomever in the family. And then it creates these family values that just don't exist with, without this type of structure and strategy. And shouldn't say that they don't exist cuz they probably, they might in the background, but it just enhances them, I guess, more than anything. So you get an enhancement of family values through this process.
So the, some of the world's most famous philanthropists are listed here on the screen. I'm sure you recognize lots of these names, but one of, of the things that I was noticing when I was researching this was where are all the Canadians in that list? And I know that I know certain families and I like on the private client side that are incredibly generous with their funds and their time. And I encountered an article written by Dan Moore, and I know that it's not Demi Moore from ghost, which is one of my favorite movies, but anyways, so Denny Moore for the Canadian family offices or, or wrote an article for the Canadian family offices and it outlines how Canadians are just a little bit more anonymous in their donations and you just as much pleasure for being anonymous to being loud. But we're more doing our donations in a quiet way.
We request sometimes when we're doing a donation to a certain charity people request anonymous donations. And so they don't want their family foundation named, they don't want themselves named and you have of that ability to stay anonymous, but still be giving back. And so, and other people want to use their donation as a representation of what they would like other people to do in the corporate side. And so then they are trying to, so by not being anonymous, sometimes they're trying to encourage others to follow suit and I myself have set up a family for foundation and, and my husband and I, and I feel as though that it's a really great thing to share because I think that more people could do that type of thing. And, and so I'm less on the quiet side, I suppose, even though that I am full fledged Canadian from Saskatchewan.
And so then I feel as though that there's all sorts of different ways of doing it, but good examples are Roger's family foundation, the Western family foundation here in Canada. So Canadians are extremely generous with both their time and their money. So the majority of private clients get to a age and especially if they're very, very successful, they typically get to a stage where they're, they're almost compelled or called to give back. It's almost like an inner drive that they have through their success that they wanna share, which is lovely. It's beautiful. And with corporate Phat, I broke, broke this topic into three separate series, so that if you wanted to just watch one, or you just have limited time, you could just click play and just hear about one specific topic. So I wanted to break it down, just a tad, but these are the three parts that I'll be talking about in the next 3, 3, 3 videos. And it's the tax benefit of corporate charitable giving the strategic, the strategy of creating a family foundation or the consideration of doing that and the advantage of, of using life insurance policies in a corporate sense to again, enhance what you are able to give. So with that, I'm gonna turn to notes and references and then followed by disclaimer. But I hope that you'll join me in the next three series as I go through and delve into the topic a little bit more. Thank you.