Five Top Tips For Making Year-End Donations
It’s the most wonderful time of the year. It’s also the time when mailboxes – of both the sidewalk and electronic variety – are filled with donation requests.
But trying to choose among the many worthwhile causes hoping to gain a place in your heart, and some of the cash from your bank account, can be overwhelming.
Here are five tips for ensuring the season of giving is also the season of financial savvy:
Align your giving with your values.
- Do you want to give locally, nationally or globally?
- Are you a friend of the environment or animals?
- Are you concerned about the plight of refugee children?
- Is there health research that is near and dear to you?
When it comes to charitable giving, it’s best to align with something you believe in.
When giving to a large organization, be specific about how you’d like your gift to be used. The Canadian Cancer Society, for example, seeks funding for many different areas of the disease. Determine which area of cancer research you wish to support and be sure to specify when sending in your gift.
Do your due diligence.
- Check the numbers to see how much of your gift will actually go toward the intended use versus admin costs.
- Ensure you’re dealing with a registered charity. You can search Canada's registered charities here.
- Obtain a donation receipt so you can get a tax credit for your gift.
Due diligence is a key element of financial planning whether you’re saving, investing or giving.
Think outside the box.
If you’d like to support more charities than your wallet will currently allow, consider other ways to contribute. Ask what you can do to help, whether it’s knocking on doors as an ambassador, donating gently used clothing, or cleaning out animal cages. Your time can be just as valuable as your dollars. You can also talk to Statera Financial Planners about leaving a legacy in your will or through an insurance policy.
It’s okay to say no.
The reality is, you can’t give something to everyone.
There are a myriad of charitable giving options and federal and provincial governments offer tax incentives that encourage Canadians to contribute. We can help navigate the alternatives and establish a comprehensive plan that maximizes tax benefits and fits within your means, whether the budget is large or small.
Article details from www.financialplanningforcanadians.ca