You’ve unexpectedly received a large sum of money—what should you do? You may find yourself overwhelmed—perhaps even paralyzed—as you try to work out how to deal with the significant surplus you now have over your everyday needs. This article highlights 3 key steps in planning how to handle sudden wealth in ways that are fulfilling and meaningful to you.
When you strategize and plan your philanthropic efforts, you not only control how and when your time and resources will be allocated, but you might also be able to add real value to your overall wealth through significant tax savings, which can be allocated back towards philanthropy.
In this article, we will break down the process of formalizing your philanthropic vision, touch on how to choose which organization to give back to in Canada, and highlight one powerful philanthropy strategy with the opportunity to minimize tax.
Building wealth is the process of generating and maintaining long-term income from your assets. It also entails protecting your wealth. We’ve all heard of the basic formula—earn more money than you spend, save, and invest wisely—but if you are responsible for the household investable assets of a high-net-worth family, what else can you do to protect and build family wealth? Here are some tips.
When you think of a traditional philanthropist, who do you picture? With the philanthropic space so often dominated by very wealthy individuals, it can at times feel intimidating to enter into this endeavour if you feel you don’t quite fit that description. The truth is, philanthropy is not limited to the ultra-elite, and the charitable giving space is constantly being rewritten to invite everyone in on their own terms. The community is always open to deriving new ways to contribute, support redesign and redefine what it means to give—and doing it together.
Whether you’re an ultra-high-net-worth individual, high-net-worth individual, or still working to build your wealth, there is a place for you in the philanthropic space. Read this guide to understand all things philanthropy, including what motivates one to give, the main difference between charity and philanthropy, how to select an organization to give back in Canada, and more.
Do you have someone in your life who seems to have complete financial independence, and wondered how they got there? It’s very common for financially successful people to own a property, or even a few and rent out for extra income. While owning a property can be very lucrative, there are a fair share of downsides associated with it, such as high upfront costs, property taxes, and volatile markets. In this guide, we shed light on one of the best kept real estate investment secrets—an alternative to owning a property and renting it out that still lets you reap the benefits of rental income.