Charitable giving has long been a vital part of our social and economic system. To encourage philanthropy, the federal and provincial income tax laws have granted favoured tax treatment for charitable gifts.
The humanitarian aspects of private philanthropy have traditionally been its primary motivating force. The tax benefits resulting from charitable giving, however, have assumed increasing importance as our tax system has grown in complexity and scope. To ensure the greatest possible tax advantage when making charitable contributions, it is extremely important to be aware of the impact of the individual's tax bracket, the form of the gift, and the timing of the gift.
The term "planned giving" connotes the act of charitable giving in a thoughtful planned manner which presumably considers the particular attributes and desires of the donor.
Canadian product and mechanism must reflect the needs of Canadian donors, which in many ways are quite distinct. There are many Canadian planned giving mechanisms that are available for Canadians. As planned giving requires the customization of a plan BFG Inc will provide guidance through extended services.
These services involve:
- Philanthropic planning and strategy
- Assistance with establishment and administration of charitable institutions
- Guidance in planning a donation strategy
- Advice on technical and operational management of charities
- Formation of grant-making foundations and trusts
- Organizing charitable activities and related due diligence