Charitable giving

Legal pitfalls of charity pledges

You don’t usually hear about the unenforceability of pledges. This is because the vast majority of pledges to charity are honoured. They are simply paid by the donor without dispute. But promises to donate to charity are not enforceable. A promise to make a gift speaks to a future event. The gift is incomplete until […]

By Daniel Dochylo |February 11, 2011

5 min read

Industry

Mackenzie honours teen philanthropy

Mackenzie Financial has named the winner of its 2010 Top Teen Philanthropy Search. Sixteen-year-old Darren Cole, of Toronto, was recognized for his work with Food Banks Canada, which will receive a $5,000 donation in his name. Cole also receives $1,000 personally. “Once again, our contest has demonstrated that Canada’s younger generation have big hearts,” says […]

By Staff |December 29, 2010

2 min read

Tax News

Clock is ticking on 2010 donations

The federal Minister of National Revenue is reminding Canadians that they have until December 31, 2010 to make a charitable donation that will generate a tax receipt for 2010. “Donating to registered charities is truly a win-win situation. Donors receive tax relief and charities continue to carry out work in the community,” said Keith Ashfield. […]

By Staff |December 29, 2010

1 min read

Industry

Countdown is on for charitable gifts

The countdown has begun. The CRA website is reminding taxpayers that ‘charitable donations must be made by December 31, 2010 in order to qualify for a tax credit in the 2010 tax year.’ For advisors this may be a good time to discuss charitable giving with their clients. “Every time there’s a tax situation, there’s […]

By Vikram Barhat |December 22, 2010

3 min read

Philanthropy rounds out planning

Philanthropic activity in Canada is in top gear. As the season for charitable giving draws to an end, with December 31 being the deadline for a 2010 tax receipt, Canadians are looking for ways to keep the tax man's hand out of their pocket. Charitable giving as a tax-reduction strategy is one of them.

By Vikram Barhat |December 15, 2010

3 min read

QE2 likely won’t help U.S. economy

While the stock markets have (eventually) responded enthusiastically to the Federal Reserve’s second round of quantitative easing, economists question whether the program will have the desired effect of re-inflating the U.S. economy. At best, the Fed appears to have simply ensured interest rates will remain at rock-bottom levels at least until June. That would be […]

By Steven Lamb |November 4, 2010

2 min read

Charitable giving: A win-win-win proposition

With recent improvements in the financial markets, your clients may be more inclined to open their hearts and their wallets for charitable giving. It’s a win-win-win proposition—the charity gets its needed funds and the donor wins twice: he satisfies his social conscience and reduces his tax bill. Fortunately, there are many ways to donate, and […]

By Gena Katz |November 1, 2010

3 min read