Scotia Private Client Group offers tips on balancing the intellectual and strategic for charitable giving
TORONTO, Dec. 7, 2011 /CNW/ - Prime time for charitable giving has arrived and Scotia Private Client Group reminds Canadians that it's possible to make both a heartfelt and strategic financial decision when choosing a charity. With increased focus on the accountability and transparency of charitable organizations, Canadians are faced with balancing both personal and financial objectives when making charitable donations.
"For Canadians planning to make a charitable donation this holiday season, it's important not to lose sight of why you are giving," says Malcolm Burrows, Head, Philanthropic Advisory Services, Scotia Private Client Group. "Factors such as a charity's transparency and accountability are clearly important, but equally important is the passion you feel for the cause. The charitable landscape has become increasingly dominated by score cards and discussions around administration fees. Canadians need to remember the importance of believing in the work a charity is doing."
To this end, Scotia Private Client Group created the Aqueduct Foundation, a charitable foundation which allows philanthropists to give while earning tax savings. By establishing a donor-advised fund, a philanthropist is able to take advantage of the tax benefits of their full gift right away while managing their gift over a long period of time.
Balance passion with financial 'transparency'
According to Burrows, clients are more concerned than ever when it comes to their charitable giving decisions. Clients are especially worried they have not done thorough enough analysis on the organizations they want to support.
"When your seven year old niece asks you to sponsor her 5km run, your first question isn't, 'Where does this fall in my strategic plan?'" says Burrows. "Understanding how the funds that you give operate is important, but people also need to think about why they are giving. Sometimes, the pendulum has swung so far towards the intellectual and investing side of giving that the personal values side has suffered. The holidays are a good time to put that balance in check."
Follow your heart, build your giving 'map'
It's important to be an effective donor, but equally important to be a passionate donor. When creating a charitable giving map, all decisions should stem from the desire to make a difference. Before writing any cheques, the key questions to ask are: What are my core values? Which causes do I feel most passionate about? Which charities are supporting the causes I believe in?
Pause to choose your cause, beat tax savings deadlines
In addition to making a heartfelt and strategic donation, tax deadlines for charitable giving are also coming up quickly. Nicknamed 'the December 31st boogeyman' by the philanthropic sector, many Canadians worry that they'll miss the December 31 deadline before which they must make their donations to take advantage of tax benefits.
For more information on the Scotia Private Client Group Aqueduct Foundation, visit www.aqueductfoundation.ca.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 73,000 employees, Scotiabank and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $567 billion (as at July 31, 2011), Scotiabank trades on the Toronto (BNS) and New York Stock Exchanges (BNS). For more information please visit www.scotiabank.com.
About Scotia Private Client Group
Scotia Private Client Group consists of private client services from The Bank of Nova Scotia, The Bank of Nova Scotia Trust Company, Scotia Asset Management L.P., Scotia Asset Management U.S. Inc., ScotiaMcLeod Financial Services Inc., WaterStreet Family Capital Counsel Inc., and ScotiaMcLeod, a division of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Estate planning and philanthropic advisory services are provided by The Bank of Nova Scotia Trust Company.
Shelley Thomas, Narrative Advocacy Media, 416-922-2211 x 3364, firstname.lastname@example.org