Having taken the opportunity recently to get involved with some causes and charities close to our hearts we thought an article on the subject might be a good idea. Both the CRA and provincial governments offer pretty good tax credits for qualifiers contributing to registered charities. In Ontario the combined credits are roughly 20 per cent on the first $200 of contributions and around 40 per cent on everything thereafter. One problem that arises is trying to determine which of Canada’s 85,000-plus registered charities you want to contribute to.
Even in specific categories the numbers can be daunting. Let’s use registered food banks as an example. Food Banks Canada is one entity then, all 10 provinces have Provincial Associations which in turn are connected to 500 affiliate food banks. Then in Muskoka we have additional food banks that are recognized charities but not affiliated. The Table Food Bank in Huntsville, Manna Food Bank in Bracebridge and the West Muskoka in Port Carling for example. Obviously there are dozens of other Muskoka charities equally worthy.
However, the sheer numbers of options should not be an excuse for not giving. Many of the national charities are both worthy and run efficiently. Some simple strategies we used recently for our forays were, to find something local, something we thought important or worthy and something we may have fun being involved in.
One good deed often leads to another. We decided to both volunteer, donate and attend the biennial fundraising dinner, called Muskoka on the Edge, for Muskoka Conservancy. The cause is great, the food was fabulous the auction spectacular and the celebrity gawking worth the price of admission (tax credit aside). While there we also bid on and won the group tour for the Aspen Valley Wildlife Sanctuary in Rosseau. Two weeks ago a group of about a dozen of us volunteered to help care for some of the more than 300 animals currently in their care and make another donation to a cause we love. We then all had an incredible lunch at one of the best restaurants around, Crossroads, literally at the crossroads in town. Just a great time had by all.
Through these and other ventures we also heard about other great events and worthy local charities. We learned how to make maple syrup while contributing to the health of injured Canadian soldiers at an event held by www.syrupforsoldiers.com and www.woundedwarriors.ca. Our next worthy cause is supporting seeing eye dogs. A great cause, don’t you think?
See everything we’ve been up to at here.
This article is supplied by Elizabeth O’Connor, an Investment Advisor with RBC Dominion Securities Inc. (Member–Canadian Investor Protection Fund). This article is for information purposes only. Please consult with a professional advisor before taking any action based on information in this article.
This information is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under licence. ©2016 RBC Dominion Securities Inc. All rights reserved.
Elizabeth O’Connor can be reached at 705-789-2100 or [email protected]
Whether you are looking for a full time, full service financial advisor or seeking expert financial advice as a second opinion, call Elizabeth. With offices in Haliburton, Huntsville and Bracebridge, Elizabeth works closely with clients in cottage country from the lakes and surrounding towns.
Elizabeth O’Connor is an Investment Advisor with RBC Dominion Securities, which is a member of the Canadian Investor Protection Fund. 705-789-2100