BMO Harris Private Banking Annual Philanthropy Report: Charitable Giving is On the Rise in Canada
November 14 2012 - 6:00AM
Marketwired
With tomorrow marking National Philanthropy Day, BMO Harris Private
Banking has released the findings of its Second Annual Philanthropy
Report which found that the number of Canadians giving to
charitable causes - and the amount they are giving - is rising.
The report revealed that almost 79 per cent of Canadians made a
charitable donation over the last 12 months, up from 68 per cent
last year. The amount they are giving has also increased, from an
average of $487 in 2011 to $557 this year.
Ontario led the country with both the highest percentage of
individuals (85 per cent) who donated in 2012 and with the highest
average amount ($778) given as well. The Prairies were the second
highest region in the country with 84 per cent donating and an
average amount of $751, followed by residents in Atlantic Canada at
78 per cent with an average of $616.
According to the report, the most popular causes Canadians
supported include:
-- Health and medical (60 per cent)
-- Anti-poverty (45 per cent)
-- Animal welfare (30 per cent)
-- Education (19 per cent)
"Canadians continue to demonstrate their generosity in
supporting charitable causes," said Marvi Ricker, Vice President
& Managing Director of Philanthropic Services, BMO Harris
Private Banking. "It's very gratifying to see that not only are
more Canadians choosing to donate, but the amount they're giving
has increased too. Donating to a worthy cause is a great way to
support one's community and help the less fortunate."
Ms. Ricker noted that studies have shown that supporting
charitable causes can increase one's overall happiness.
Additionally, it allows individuals to take advantage of valuable
tax benefits.
The report also found that only 18 per cent of Canadians have a
specific strategy for giving; meanwhile, 45 per cent donate on an
ad hoc basis. Furthermore, just half (51 per cent) involve their
spouse or partner in their giving decisions and only 15 per cent
involve their children.
"In order for your donations to have the maximum impact,
consider working with a financial professional to develop a giving
strategy that becomes part of your overall financial plan," added
Ms. Ricker.
BMO Harris Private Banking provides the following tips for those
looking to develop a giving strategy:
Speak with a professional: Regardless of the amount you are
going to be donating, work with a financial professional to develop
a plan that includes a budget for giving. This is an important
first step to a sound strategy.
Gifts of securities: Recent federal budgets have fully
eliminated the capital gains tax on donations of publicly traded
securities to a registered charity. These include shares, bonds and
mutual funds. Donating securities is more advantageous than selling
them and donating the cash proceeds; the capital gain on the
donated securities is tax-free.
Consider alternative methods: Credit cards, like BMO's World
Elite MasterCard, provide cardholders with the ability to donate
their points to charities. Customers can use their points to make a
donation to five charities: United Way of Canada, The Canadian
Cancer Society, The Canadian Red Cross, Make-a-Wish Foundation of
Canada, and Community Foundations of Canada.
Regional Breakdown- BMO Harris Private Banking Philanthropy
Report
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Total ATL QC ON MB/SK AB BC
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Percentage who donated to a charity 79 78 72 85 84 77 77
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Average amount donated (in $) 557 616 129 778 751 558 512
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Percentage who have a donating
strategy in place (i.e. a
philanthropic plan) 18 23 9 21 17 20 20
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For more information, please visit:
http://www.bmo.com/harrisprivatebanking
Get the latest BMO press releases via Twitter by following
@BMOmedia.
The online survey was conducted by Pollara from November 2 to
November 5, 2012 among a randomly-selected, representative sample
of 1,000 Canadians aged 18 years and over. A probability sample of
this size would yield results accurate to +/- 3.1%, 19 times out of
20.
Contacts: Media Contacts: Amanda Robinson, Toronto
416-867-3996amanda.robinson@bmo.com Valerie Doucet, Montreal
416-877-8224valerie.doucet@bmo.com Laurie Grant, Vancouver
604-665-7596laurie.grant@bmo.com
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