Summer 2015 – What’s The Deal With Donations

By November 24, 2015Uncategorized

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When you donate your hard earned income to registered charities, you want to know that your charitable donations are being spent effectively and responsibly.

There have been numerous stories in the media regarding charities spending more money on fundraising and other administrative costs than actual charitable work.

This is not to suggest that administrative costs and fundraising are not required as part of charitable organizations. However, I always want to know that the donations I make have a higher percentage being allocated to actual charitable work rather than overhead costs.

Before donating to any registered charity in Canada, you can actually go onto the Canada Revenue Agency website and search the charity’s financial statements and related information.

Every registered charity is required to submit their financial statements annually to the CRA within six months of their year-end date. The CRA then posts these online for the Canadian public to access.

Visit: http://www.cra-arc.gc.ca/chrts-gvng/lstngs/menu-eng.html and search for the name of the charity you are considering to support to ensure their financial operations reflect your values.

Of course, be sure to keep copies of all charitable donation receipts so they can be claimed as a tax credit for the year in which you made the donation.

Here are some helpful resources to guide you in deciding which charities to support:

http://www.charityintelligence.ca/

http://www.moneysense.ca/planning/2015-charity-100-a-smarter-way-to-give/

http://business.financialpost.com/news/financial-post-charities-of-the-year-2014

Please contact me should you have any questions or concerns at neal@winokur.ca or 416-722-1543.