Author Archive

Tis the Giving Season – Do So With Care!

Posted by 30 Nov, 2010

The CRA is encouraging donors to donate wisely this holiday season.  Sometimes we can get caught up in the spirit of giving and forget to conduct due diligence on charities during this hectic time.  It is always a good idea to see if the charity seeking your generous donation is actually registered with CRA and […]

The CRA is encouraging donors to donate wisely this holiday season.  Sometimes we can get caught up in the spirit of giving and forget to conduct due diligence on charities during this hectic time.  It is always a good idea to see if the charity seeking your generous donation is actually registered with CRA and in good standing. Take a good  look at the organization and see if they have a website or publicize their programs. Ask around to see if any of your acquaintances know of their good work. Call or visit the charity and see if it fits with your philanthropic goals and see what impact their work is having. Ask them how your donation will be used. Check out their board members. Lastly, take a look at their annual report and financial statements to make sure they are solvent.  Give generously and give wisely for the greatest impact of your philanthropic gift.

Comments Off Categories : Terry Smith

Tax Shelters – Beware!

Posted by 25 Nov, 2010

If you are approached by someone seeking a charitable donation and promising you huge tax saving that are greater than your gift, take caution.

If you are approached by someone seeking a charitable donation and promising you huge tax saving that are greater than your gift, take caution. Such shelters will ask the participant to make an investment and in return, receive a charitable donation receipt for a greater value than the donated cash or property. If it looks too good to be true, it probably is. For complete details, see the donor alert section of www.cra.gc.ca

Comments Off Categories : Terry Smith

Should I Create a Charitable Foundation?

Posted by 19 Nov, 2010

If you want to leave a lasting legacy, engage your children in philanthropy, want to have control of your philanthropic investments and manage grant making yourself (or hire someone to do so), then you may wish to consider establishing a foundation.

You have no idea how many times I get asked this question.

The answer:  it depends!

If you want to leave a lasting legacy, engage your children in philanthropy, want to have control of your philanthropic investments and manage grant making yourself (or hire someone to do so), then you may wish to consider establishing a foundation. However, if you do not want the administrative burden of managing a foundation, dealing with a myriad of charitable organizations, filing with the CRA and following up on grants, you may wish to consider other options that are now readily available to donors. Read More >>

Comments Off Categories : Terry Smith