Here are a few reasons why it’s important to think about giving at this time of year.
The busy season is upon us with its gift-finding missions and the 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 bucket list for the year, 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. Because Charitable Impact operates as a donor-advised fund, you can add money to your Impact Account anytime and take time to decide your giving priorities.
Check off that holiday list
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. 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.
You will be giving the gift of joy—inviting others to experience the emotional boost of being generous.
Set your priorities for the new year
When you add money to your Impact Account, you don’t need to know where to give. You have the time to create your own unique and personalized giving plan.
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 yearly goals. Decide how to leap into the next year happily and confidently (whether you believe in setting resolutions or not).
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!
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