Here are a few reasons why it’s important to think about giving at this time of year.
The busy season is upon us: it’s time for holiday parties, gift-finding missions, and a wrap-up of the year’s to-do list. There is usually a lot going on, but it’s important to take a few moments to think about end of year giving. Not only is it nice to check off a charitable act on your 2019 bucket list, but you can file a tax receipt with this year’s taxes.
Did you know that you may be eligible for tax savings on your donations, up to 75% of your net income? By opening an Impact Account and adding funds, you can get an immediate tax receipt. The total amount of tax credit depends on the size of your donation and your provincial tax rates. For more information, check out the Canadian Revenue Agency’s table of charitable donation tax rates.
Give with benefits
These are some of the reasons why charitable contributions tend to increase around this time. Our own research finds that, over the course of the past six years, an average of 40% of all donations made through Charitable Impact were during the month of December. Up to 13% were in the final three days of the month. This is in line with other estimates, showing that about 30-40% of charitable giving in the United States and Canada happens during the last month of the year.
Avoid the mad dash for the tax receipt by planning your giving today. Also, get a head start on your gift giving. You can thoughtfully check off some names on your gift list by donating charitable dollars with Charitable Impact. Read more about getting the most out of your end-of-year giving from our very own Nicole Macdonald, Charitable Impact’s Manager, Philanthropic Advisory.
Check off that holiday list
In the spirit of giving, give friends and loved ones some charitable dollars in their stockings to spend on the causes they care about. Using the Charitable Impact platform, users can take the time to find causes that align more closely with their interests and passions.
By doing so, you will be giving the gift of joy—allowing others to experience the emotional boost of being generous.
Set your priorities for the new year
With the end of the year around the corner, have you thought about what causes you would like to support? If you have a few moments, ask yourself what motivates you in life.
Are you driven to help others succeed at work? You could consider donating to mentoring or career-services organizations. Do you feel passionate about education and are pursuing a lifelong learning plan yourself? You can donate to major universities or charities offering tutoring or community learning. The Charitable Impact search engine can help you locate charities that match your passions working within your own community or beyond.
Thinking of giving priorities can help to focus on your 2020 goals. Decide how to leap into the next year happily and confidently (whether you believe in setting resolutions or not).
Join #GiveJoy2019 to win charitable dollars!
With that in mind, we are creating a campaign to ask people what the joy of giving looks like to them. How do you enter? First follow us on Twitter and Instagram. Individuals can post to Twitter or Instagram tagging @wearecharitable and using the hashtag #GiveJoy2019. Show us in photos, illustrations, paintings, or even haikus just what the joy of giving means to you.
Three lucky winners will receive BIG PRIZES of charitable dollars. The first prize is $2,500 to give to the cause of your choice, the second runner up will receive $1,000, and the third runner up $500! The contest will run from Wednesday, November 27th through Friday, December 7th. Reach out with any questions.
We are always here to help. Charitable Impact is your giving, your way, with our support. With our free Impact Account, you can support all of your favourite causes all in one place. Add funds to your account at any time, take the time and space to plan your impact, and then send gifts from your account to the causes you care about. Sign up for a free account today to get started!