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Gifting Money Tax-Free in Canada

Gifting money tax-free in Canada may be of interest to you when looking to support your loved ones or planning the distribution of your estate effectively. Unlike some other countries where large financial gifts may be subject to taxation, Canada presents a more favorable scenario if you are looking to transfer your wealth.

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What’s the Difference: Donor Advised Funds vs. Private Family Foundations

When starting your philanthropic journey, it is just as important to plan how you are going to give as it is to decide the cause you want to support. Understanding the difference between a Donor Advised Fund and a Private Family Foundation, and deciding which is right for you, is a great starting point for this journey.

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What to Consider Before Establishing a Private Family Foundation

There are many ways you might have ended up with wealth in excess of your needs. Maybe you have experienced a liquidity event such as an inheritance or sale of a family business, or you have retired with more savings than you need to support your desired retirement lifestyle.

However you have come to this excess wealth, you may want to set up a philanthropic program to donate some of your excess savings to charity. One of the ways to do that is to establish a private family foundation.

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Charitable Giving: Tips for High-Net-Worth Individuals

For a high-net-worth individual, charitable giving presents a unique opportunity to make a significant impact on society. With the ability to contribute substantial financial resources, you have the power to create lasting change and support causes that align with your values.

However, navigating the world of charitable giving can be complex and overwhelming. That’s why it’s important for you to clearly understand how to maximize your charitable efforts to ensure that your donations are having a meaningful impact.

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