Philanthropy/Charitable Giving

Total 169 Posts

Estate Donations of Private Company Shares

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One of the concerns about the “estate donation” rules when they were introduced in 2016 is illiquid property would be harder to donate and administer. Perhaps the most challenging type of illiquid property is private company shares. Five years of experience with the system has validated some concerns and produced planning solutions. Pre-2016 The “estate donation” rules, which were introduced alongside the graduate rate estate regime, are a significant departure….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

Restricted Charitable Bequests

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One the biggest trends in philanthropy of the last thirty-years is the rise of donor-directed or restricted giving.  Donors want more control, which typically results in more restrictions being placed on gifts. But there are risks of placing restrictions on a charitable gift by will. Failure and Cy Pres Simply, a restricted gift will fail if the charity is unable to honour the restriction. In Canada, the recourse is to….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving, Uncategorized

How long is perpetuity?

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  [caption id="attachment_16267" align="aligncenter" width="700"] Basilica of Maxentius and Constantine, Rome   Credit: David’s Been Here[/caption]   “Is perpetuity 21 years?”, asked a charity colleague.  “Well, no, it’s forever.  Or until the end of time, or as long as we collectively exist,” I answered. Despite my emphatic response, the question is a good one because it underscores the inherent meaninglessness of the phrase “in perpetuity” in relation to charitable donations, trusts….

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Estate Donations, Estate Planning, Philanthropy/Charitable Giving

The Philanthropist as Villain

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[caption id="attachment_15923" align="aligncenter" width="1400"] Hervé Pierre as Hubert Pellegrini in Lupin, Netflix.[/caption] Some of the most nefarious villains in popular culture are philanthropists. The fabulous – and fabulously junky – Netflix series Lupin makes it clear. Philanthropists are smiling hypocrites with too much money and no scruples. Evil. In Lupin, the villain that bedevils the titular gentleman thief hero (played by the supremely charismatic Omar Sy) is a corrupt, arms….

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Estate Planning, Philanthropy/Charitable Giving

When Private Foundations Die

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[caption id="attachment_15461" align="aligncenter" width="750"] “Vanitas Still Life” by Pieter Claesz, 1630.[/caption] Private foundations are believed to be durable entities.  Perpetuity is assumed.  Canada Revenue Agency (CRA) data shows, however, that 2,319 private foundations closed during the period 2000 to 2021. Growth in Private Foundations There are currently 6,213 private foundations registered in Canada.  The private foundation is the fastest growing category of registered charities.  To provide perspective, from 2013 to….

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Estate Donations, Philanthropy/Charitable Giving, Uncategorized

Foundation Disbursement Quota Increase

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  The 2021 Federal Budget announced the Government’s intentions to launch a consultation with charities about “potentially increasing the disbursement quota…beginning in 2022.”   Any increase of the disbursement quota (DQ) rate above the current 3.5% annual requirement will have significant implications for the charitable sector, foundations and donors.  Below is a longer than usual analysis of what it means and what to expect. Budget Announcement The Budget announcement is curiously….

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Philanthropy/Charitable Giving, Uncategorized
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