Like many Canadians, you might be wondering “How much can I afford to give to charity? How can I budget for charitable giving? Is there a smarter way to give?”
The average donation to registered charities in Canada in 2008 was less than $700 in households with gross incomes of more than $100,000. A Fraser Institute Study called, “Generosity in Canada and the United States” revealed that in Ontario, we were giving only 45% as much as those in New York.”
The reason for this is simple:
Most Canadians don’t have the confidence or knowledge to be donating larger amounts of money because no one has ever taken the time to explain to them how much they can afford to donate and the benefits that come along with it.
I believe that if Canadians had a better handle on what they could afford to donate, in many cases they would be comfortable giving more.
To help with this, TriDelta has put together a free and easy online tool called the Donation Planner, which answers the basic question:
The donation planner looks at how much you can afford to donate to charities each year, how much this will save you in taxes, and what your estate will be worth AFTER these donations.
In many cases, the number will surprise you.