Donations also need planning
Canadians are faced with almost constant appeals for support from worthy charities, and many give generously when asked. However, financial experts suggest that people should approach charitable giving with the same discipline and planning that they apply to the rest of their financial affairs.
"In the past, people have typically given to charities on an ad hoc basis," says Bob Goldberger (MBA'82), an investment advisor and vice-president with Macquarie Private Wealth Inc. "Today, people need to adopt a more strategic approach, where they know specifically which causes they want to support and get involved with both their time and their money."
Incorporating your charitable giving into your financial planning process will maximize the amount you can ultimately devote to charitable causes and ensure that you are deriving the full tax relief from your giving.
Read full article: , December 3, 2010