Originally published in Comments - Spring 2011
In the recent climate of government cutbacks and corporations limiting their donation budgets, it is important for individuals to assess how they can contribute to their communities and continue to assist worthy organizations that serve a much needed role in society. There are various ways to be generous.
With your time:
Many organizations have very able staff but still rely heavily on volunteers to assist in adequately delivering programs and services. There is no shortage of community organizations in need of help. Increasingly, corporations are supporting staff involvement in the community, thus providing an opportune time for individuals to give back. We can all make time to be a giver, be it visiting the elderly, helping with children, mentoring youth or feeding the hungry.
With your expertise:
Charitable organizations benefit from various experiences and skills. Ontario boasts a multicultural community where people from different backgrounds contribute diverse and international perspectives. These perspectives are very useful on boards and committees. As part of a board or committee, your participation provides new insights and ideas that will help the organization operate more effectively. Before volunteering, you should consider, among other things, the time commitment you will be making, as well as the liabilities you are taking on. Directors and Officers Liability Insurance provides some protection as you carry out your duties to the organization.
For more information, visit their website www.ibc.ca.
With your voice:
One does not have to be a celebrity to lend his/her voice to a worthy cause. History has shown that ordinary individuals can accomplish extraordinary things when it comes to issues near and dear to them. Why not put your support behind a cause you believe in and help raise awareness? It takes very little time, funds and effort to spread your message. Whether it is a health, social or political issue affecting people in your neighbourhood or in other parts of the world, now is as good a time as any to speak up!
With your finances:
The not-for-profit sector relies heavily on society's generosity to raise funds to carry out mandates. Giving money continues to be the most convenient way to support an organization. Exercise discretion when investing your donation dollars. Ensure that you are giving to a credible organization where most of the amount of your donation will go towards charitable work. Also, it is worth mentioning that gifts to registered charities qualify for donation tax credits. The maximum donations that can be claimed in a given year, is generally 75% of your net income. Any unused amounts can be carried forward for up to five years. For Ontario residents, the tax credit amounts to 40% on all donations over $200. Consider donating publicly traded securities with accrued gains. In addition to receiving the donation tax credit, there will be no capital gains tax.
The reason why we give should not be based on receiving a donation credit or tax write-off. Rather our giving should be inspired by a desire to support a worthy cause, to help others who are less fortunate and who could benefit from our assistance. A life of giving, in whatever manner or capacity, enriches the giver.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
