Canadian donors who wish to support foreign charities and international charitable initiatives have historically had limited options. While there are about 3,000 registered charities with international activities and another 700 foreign universities with qualified donee status, there are coverage gaps. It’s a big world with lots of needs. Starting in…
Malcolm Burrows
Malcolm is a philanthropic advisor with over 30 years of experience. He is head, philanthropic advisory services at Scotia Wealth Management and founder of Aqueduct Foundation. Views are his own. malcolm.burrows@scotiawealth.com
The headline is not intended to scare you off. Admittedly, governance is a notoriously dull topic, made worse by the enthusiasm of governance wonks. Charity governance is rarely a matter considered, at least overtly, by an estate donor when planning a gift by will. But strong governance is essential to good charities….
It’s the holidays. A time for giving, family, and tradition. The holiday mood inspired me to think about “money with purpose” that passes from one generation to the next – a bit like holiday traditions. Seeing my mother last weekend triggered these thoughts. She reminded me of a story of how she led…
Student awards are one of the most popular charitable purposes, especially in estates. Donors often strongly identify with the life changing benefit of direct educational funding to students. Named scholarship funds are often named and constitute part of the donor’s legacy. Educational awards are such a popular purpose that there…
From the 19th century to about 1990, the testamentary charitable trust was an important estate planning structure. These trusts are part of the will and are funded after death from estate assets. At one time, testamentary trusts were the primary way for an individual to support one or more charities…
One of the most common philanthropic clichés is that family foundations produce family harmony. I was recently at a forum of advisors to ultra high net worth clients. In a moment of candour, someone asked “has anyone used family foundations to promote family harmony, and has it ever worked?” The…
Changes to the Alternative Minimum Tax (AMT) rates and rules are scheduled to take effect on January 1, 2024. For the first time AMT will apply to charitable donations from high-income individuals, which is worrying for charities and donors. Simply, targeting donations is poor tax policy that will produce unintended…
Early in my charitable planning career my employer was offered a donation of islands on Georgian Bay. Surrounding the 100-year-old family cottage were sheds, cabins and boat houses. The donors had a vision: it would be a children’s camp. It was a stunning property. Valuable, despite the sagging, mouse-infested buildings. …
I get regular inquiries about donating funds from registered retirement income funds or RRIFs. The value of RRIFs has grown through careful saving and market gains, and these funds may represent surplus wealth. Some RRIF holders resent the requirement to take steadily increasing annual withdrawals from their RRIF. Add a…
Charitable endowments are having a challenging moment. Despite the historical success of this medieval European charitable fund structure, the accumulation of capital for public benefit has always faced controversy. Endowments, which focus on long-term public benefit, have a built-in tension between capital and annual spending. Does the capital exist…