Charitable donations rise 8% in 2014

Charitable donations are on the rise for a third consecutive year, finds a BMO survey.

Most Canadians say they have made a charitable donation in the past 12 months, giving an average of $624 – up 8% from 2013. Last year, 77% of Canadians reported making a donation, worth an average of $580.

Read: Advisors don’t understand rich donors: BMO survey

The most popular methods for donating among Canadians are:

• Donations of cash at specific locations (46%)
• Purchasing of products to be donated (40%)
• Donations added to point of sale transactions (29%)
• Online donations via credit cards (24%)

If your client is interested in donating to charity, ensure they maximize the tax benefit of their generosity. As Advisor’s Jessica Bruno reports,

“Anecdotal evidence suggests as much as two-thirds of the value of donation tax credits in Canada go unused.”

Read more here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.