As we approach the end of the year, you may be thinking about charitable giving options. The Giving Report 2021 found that 55% of charities have seen a drop in revenues over the last year resulting in many charities in need of donations.
Not only do charities need support more than ever, but charitable giving can also be an excellent way for you to lower your tax obligations. Do you have investments that have had large capital gains? Maybe you recently sold a business that could bring a large tax liability? Are you philanthropic and want to support charities that have been impacted by the pandemic? Whatever the reason, charitable giving can be beneficial to good causes and your tax returns.
The Mackenzie Charitable Giving Program is designed to easily integrate charitable giving into your overall financial plan. Simple and convenient, this solution provides immediate tax benefits for you while empowering you to oversee grant amounts to your favourite charities and grow your donation to make an even greater impact over time than donating directly to those charities.
Research shows that only 6% of investors have talked to their advisor about charitable giving. At the same time, 39% of Canadians would like to donate more to charities.**
Please see attached an excellent article written by Jackie Power, Assistant VP, Mackenzie Tax & Estate Planning on the types and benefits of donating. Please don’t hesitate to contact us if you have any questions.
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