4 minute read
Giving Behaviour For Our Time, Talent, and Treasure
Sara Neely
Feeding the hungry. Educating children and youth. Caring for the vulnerable, the sick, and the elderly. Finding cures or the best possible treatments. Bringing spiritual communities together. Protecting animals and the environment. Exploring and showcasing our arts and culture.
Charities across Canada are integral to our economy and our well-being. We are fortunate they are supported by individual Canadians at all stages of their lives. Two recent reports shed light on who those generous Canadians are, the causes they support, and how they put their time, talent, and treasure to the task of helping create a vibrant, caring community for all.
The research report “30 Years of Giving in Canada: The Giving Behaviour of Canadians: Who gives, how, and why?” was released in 2018 by the Rideau Hall Foundation in partnership with Imagine Canada.1 It seeks to add to the knowledge and evidence base on how giving in Canada is evolving and to help foster a stronger culture of giving in Canada.
In 2014, TD Wealth, in cooperation with Investor Economics, Charities across Canada are integral to our economy and our well-being. We are fortunate they are supported by individual Canadians at all stages of their lives.
published Time, Treasure, Talent: Canadian Women and Philanthropy.2 The report examines a wide variety of issues associated with the philanthropic activities of affluent women in Canada. Addendum reports were issued in May 20163 and October 2017.4
Taken together, the reports provide an extensive overview of charitable giving in Canada since 1985 with data and commentary offering an in-depth look at trends by sex, age, income, and region.
It is estimated that in 2014, Canadians gave approximately $14.3 billion in receipted and unreceipted donations to registered charities. The motivations for giving have increased or decreased slightly over the years, but their rankings have remained consistent.
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https://www.td.com/ca/document/PDF/tdwpgf-canadian-women-and-philanthropy.pdf
https://www.td.com/ca/document/PDF/ tdw-pgf-canadian-women-and-philanthropyaddendum.pdf
https://www.td.com/ca/document/PDF/ tdw-pgf-canadian-women-and-philanthropyaddendum2017.pdf • Compassion toward those in need, followed by personal belief in the cause and contribution to the community, are key motivators for over 82% of givers. • Religious obligations are the motivation for about 29% of donors. • The tax credit comes in last at 26%.
Although claimed donations have increased 150% in real terms since 1985, a concerning trend is that the proportion of tax filers claiming donations has been falling steadily since 1990. • As the number of tax filers claiming donations has decreased (29.5% in 1990 to 20.8% in 2014), the average donation amounts have increased ($887 in 1990 to just under $1700 in 2014).
Total donations have continued to rise only because those who give are giving more. That also means charities are relying on a decreasing percentage of the population.
Interestingly, men and women have different approaches to charitable giving. Women are driven by issues and have confidence in the charitable sector to get to the solutions. They appreciate the social aspects of giving, in a learning environment, and being active and supporting causes that are important to them during their lifetime.
It has been suggested that men equate wealth with achievement and prestige.
Women view wealth in terms of financial security and their ability to influence the well-being of their family and those less fortunate.
Women are also more likely to involve their children and grandchildren in their giving. In terms of causes, research suggests women are more engaged with relief of poverty, health issues, children, women’s rights, and education.
Men, on the other hand, often focus on large organizations and international causes.
It is estimated that over $750 billion will be inherited by Canadian baby boomers over the next decade. Whether passed between spouses and partners or from parent to child, this transfer of wealth will most likely rest in the hands of women before being passed along to the next generation.
Generally, women over the age of 75 outnumber men due to their good fortune in living longer. It is those women, along with the generations that follow, who will play a key role in the charitable sector.
According to a poll taken in
December 2017 by the Angus
Reid Institute,5 51% of Canadians do not have a Will.
A survey conducted for
BC Notaries in 2016 showed that 45% of BC adults do not have a current legal Will.
With the baby boomer generation reaching an age when their estate planning becomes a financial priority and with rising wealth in financial and real estate assets, it is imperative to raise awareness of the need to have a proper Will in place.
Once that discussion starts, the benefits of charitable giving, from both the personal and financial perspectives, can play a key role in ensuring the causes that are important to individuals and their families are supported after their lifetimes. s Sara Neely is the Director of Philanthropic Services at the Victoria Foundation. I have been a Notary for over 30 years and have used a variety of software solutions for my conveyancing practice. We switched to ProSuite and we have been extremely happy with the product. A great product and a great company to work with!
Patricia Wright, Notary Public
