Satisfying Philanthropic Options

Ali Edgell

When charities have a steady stream of income, they can focus on what they do best—a constant and heartfelt contemplation of the people they serve and the ways they can best offer help.

By 1989, Vancouver Foundation’s total assets of $230 million funded 408 charitable efforts, making it the largest community foundation in Canada. Today, Vancouver Foundation’s assets have topped $1.2 billion. More important, it distributes upward of $50 million per year to thousands of charities across the province.

This is investing in perpetuity: Using financial savvy to give charities the gift of steady income to support their missions. In many cases, the amount of income a fund has generated and shared throughout the community has far surpassed the original capital of the fund itself. The Arthritis Society BC & Yukon Division, which established its first of four funds in 1951 with an initial contribution of $4000, has received over $2.5 million in distributed income, far exceeding the fund’s current capital value.

When charities have a steady stream of income, they can focus on what they do best—a constant and heartfelt contemplation of the people they serve and the ways they can best offer help. Thanks to MacKay’s particular bequest and VanDusen’s being so inspired by it, generations of caring people have been given the licence to envision and build a better community. s Kevin McCort is President and CEO of Vancouver Foundation.

Wealth management is about much more than money.

I believe true wealth is our ability to live the life we want, reach the goals we have envisioned for ourselves, our family, and our business, and create a legacy for the future that reflects our values.

Call it philanthropy or call it charitable giving, the way an individual gives and to whom can provoke intense personal feelings. The philanthropic discussion is a way to design a longterm strategy that may significantly reduce income taxes and estate taxes while making a positive impact on the organizations a client supports.

Research indicates Canadians are more concerned about feeling connected to the organization rather than getting a tax break. Most people want to give but they may have doubts that prevent them from giving confidently. Some may be concerned their donations or gifts won’t be used wisely and some may worry they may not have enough money for themselves. Having a financial plan can provide peace of mind.

Philanthropic activity often includes giving time. In some ways, getting personally involved and taking responsibility for positive outcomes is much more satisfying than writing a cheque. s Alexandra (Ali) Edgell, CIM, FCSI, is Vice President Portfolio Manager and Financial Planner at BMO Nesbitt Burns in Victoria.

The philanthropic discussion is a way to design a long-term strategy that may significantly reduce income and estate taxes while making a positive impact on the organizations a client supports.

BMO Wealth Management is the brand name for a business group consisting of Bank of Montreal and certain of its affiliates, including BMO Nesbitt Burns Inc., in providing wealth management products and services. BMO Nesbitt Burns Inc. is a wholly-owned subsidiary of Bank of Montreal. If you are already a client of BMO Nesbitt Burns, please contact your Investment Advisor for more information. Opinions are those of the author and may not reflect those of BMO Nesbitt Burns Inc. (“BMO NBI”). The information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.