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A guide for philanthropic and charitable giving

Your charitable giving may include cash donations made in response to a specific request, a donation of your time or ongoing financial support through a pre-authorized donation plan. However, if you’d like to be more strategic with your gifting, consider incorporating charitable giving into your wealth management plan. A formalized giving strategy can be much more fulfilling, provides an opportunity to leave a legacy and offers some very attractive tax incentives.

The COVID-19 pandemic heavily impacted the charitable sector. According to Imagine Canada, at the height of the pandemic, charities saw a 43 per cent decline in donations and income from other sources. Many of these charities continue to struggle financially, while the demand for service provision continues to grow. This article provides considerations for donating private company shares as a way to support Canada’s charitable sector.

Welcome to tomorrow. Prepare now to retire well later.

A clear path to retirement requires a clear plan. If retirement is now on the horizon and no longer a distant goal, you’ll want to make sure preparing for it is a priority. Using this time to continue to save and build your assets, while paying off outstanding debt can really make a difference. This is also the perfect time to put some serious thought into what your retirement will look like. This checklist will help you do just that.

Transition into retirement with confidence. As you transition into retirement, keep in mind your income could come from multiple sources at different times of the month. You’ll need to know where that income will come from, how much you’ll receive, and when you’ll receive it. Before you retire, you’ll need to complete a variety of employer and government forms. This checklist will help you move into your retirement seamlessly.

A RRIF is very much like a Registered Retirement Savings Plan (“RRSP”) in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement.

Plans change. A child may take a gap year, choose an apprenticeship, start working, or decide post‑secondary isn’t the right next step – at least not yet. If you’ve been saving through a Registered Education Savings Plan (RESP), the good news is you still have choices. The right approach depends on what you’re withdrawing (contributions vs. grants vs. growth), whether the beneficiary is enrolled in qualifying post secondary institution, and your broader family plan.

Separation from a spouse or common-law partner can be a distressing and difficult experience. It is important to understand how a relationship breakdown may affect your future financial situation. Your wealth is comprised of the assets and property owned by you and your former spouse or common-law partner and will be profoundly impacted by a separation or divorce.

A Registered Retirement Savings Plan (“RRSP”) remains the cornerstone of most retirement plans, particularly if you don’t have a company pension plan. An RRSP is a tax-deferred plan designed to help you save for retirement. With an RRSP, contributions are tax deductible and once in the plan, continue to grow on a tax-deferred basis until the funds are withdrawn. Any funds removed from the RRSP are taxed in the year they are withdrawn. At retirement, the money in the plan may be rolled into any of the RRSP maturity options where they continue to be tax sheltered, except for withdrawals made from the plan – which are treated as income – each year.

Both TFSAs and RRSPs can be valuable — but they work differently.