Kicking off the Season of Giving
‘#GivingTuesday’ signals the restoration of humanity after the overconsumption of Black Friday followed by #CyberMonday. #GivingTuesday also kicks off the season of giving and gifting. These last two months of the year are popular times for giving back and making donations, financial and otherwise. Community is very important to our team at Sea Glass Wealth. We enjoy volunteering and supporting causes we care about close to home and around the world.
We love working with clients on the giving portion of their financial wellness. Planning charitable donations is rooted in a client’s values in the same way saving for a home is. Values are the foundation of any good financial strategy. People support the things they care about, so working with clients to determine donations based on their values has multiple benefactors. There are several reasons why we recommend giving and community as strong components of any financial strategy.
Charitable giving can make an impact on your community that outlives you and sets an example of support for future generations. Charitable Giving Foundations are more attainable than people think – you don’t need millions of dollars to set one up. We often see families come together with $10,000 and set up a Charitable Giving Foundation in the name of a relative or for a cause they’re passionate about supporting. These foundations can be effective ways to create ongoing support for causes that are important to a family or group of individuals.
For individuals, the fiscal year runs January to December. In November and December, we have a good idea of how the year is going to shape up, so we work with many clients to look at potential opportunities for tax savings, including making charitable donations. The CRA in Canada allows individuals to donate securities that have a capital gain. If they’re donating that full amount, the government will waive the tax on the capital gain and the individual receives a full tax receipt. While it’s not the warm and fuzzy side of giving, making donations is an important element of tax planning.
Planning to Give
A healthy financial plan allows a buffer for on the spot or unplanned giving. Whether that’s an unexpected ask from a charity or a response to an emergency, you can plan to have money available to give when required. Often organisations or countries need extra support quickly so we set our clients up to have money available, should they need it.
Giving your time is one of those most valuable contributions a person can make. There are also opportunities to give used clothing or encourage children to donate used toys. Volunteering time is a great way that people can give if money isn’t the best option at any given time or in addition to financial contributions they make.
Many people think they must retire before having the time to volunteer and give back to their community. We encourage our clients to create financial health that allows for the flexibility to volunteer throughout your career and your life. There are various volunteer opportunities that might appeal depending on different stages of life and we encourage clients to set themselves up to have those options.
Automate Your Giving
If time is not a luxury in your current stage of life, individuals can automate their giving. Many organisations offer donation subscriptions that automatically deduct a monthly amount for a chosen cause. Donors then receive a tax receipt at the end of the year totalling their giving. Giving in this way is often appreciated by organisations as with regular monthly donations they’re able to better plan their budgets.
Being a good corporate citizen is important. Some companies don’t put enough planning into their corporate giving. There are a lot of very generous companies who could do more with their charitable budget. Corporate giving is an opportunity to connect with your employees and find out where their values lie. Ensuring that corporate giving is in alignment with what employees care about can play a role in recruitment, retention, and in your community. Monthly payroll deductions offering employees to choose a beneficiary of their choice in addition to corporate contributions either locally or globally can also offer tax benefits. Large donations or event sponsorships can showcase the values of a company while benefiting community organisations. Giving should play an important part of a corporate budget.
Instilling values of donating, volunteering, and giving back from a young age creates a practice of lifelong giving. When supporting the community and giving back to, or fundraising for, charitable or non profit organisations is ingrained into what children are taught, they carry it throughout their life. Raising better global citizens is a goal for many these days and demonstrating giving back is a great way to instil those values. Involving children in the act of giving donations and fundraising helps them define their role in the community.
Sea Glass Local Giving
Giving, whether it’s your time, your money, items, or passive financial support, benefits society. Many charitable organisations exist only due to donations and volunteers. We’re proud to be part of a company, Harbourfront Wealth Management, that values giving back. Harbourfront Gives supports multiple initiatives both locally and around the world including urgent earthquake relief efforts, addressing child hunger and supporting families in need.
Some organisations our team at Sea Glass enjoys supporting throughout the year include:
Annual Walk to support Diabetes Research at UBC
Post-Secondary Scholarships for local Taekwondo students
Big and small charitable contributions have an impact. Get in touch with us today to talk about how to include giving and community in your financial plan. https://seaglasswealth.com/contact/
We are looking forward to the opportunity to meet you! For more information, please feel free to reach out.
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