On Day 4 of Philanthropy Week at INRS, the Foundation planned a more practical webinar about charitable donations. IG Wealth Management specialists Anne-Sophie Cogné, Maxime Roy, and Pascale Larivière shared a presentation about how to include philanthropy in your individual or family’s financial planning. INRS graduate Étienne Lyrette (M. Sc. and Ph. D. in Urban Studie), Director of strategic planning and government relations at the Société de transport de Montréal and administrator of the de INRS Foundation, facilitated this accessible and relevant session. Here are some of the highlights.
- In 2019, $5,2 million Canadians made a charitable donation.
- Personal donations totalled about $10,3 billions in 2019.
- The average age of donors is 55 years-old.
- Health, social services and religious organizations are the most common recipients of charitable donations from philanthropists.
Plannning options for charitable donations:
- Charitable bequest in a donor's will.
- Financial donations, securities donations or gift of property.
- Donation of life insurance.
- Donations of registered plans (RRSPs, RRIFs).
What to consider when making a donation:
- The nature of the donation (financial or securities or gift or property).
- The benefits of one type of donation versus another in Quebec.
- The two options for a life insurance donation (designate the charity as recipient or as recipient and owner).
- The donor's tax rate when donating RRSPs or RRIFs.
- There is no need to be wealthy to support an organization financially.
- You can start giving at any age. It's even better to start early in order to plan properly and have more options to give.
- There are several tools and approaches available to help donors plan their donations according to their financial situation and means.
- Donating through payroll deductions is a good option but planning charitable donations over time and taking advantage of assets can increase their impact.
- There are tax benefits.
Ways to give through the Foundation:
- Give back to INRS or plan a donation that will have a positive and tangible impact on its students or scientists.
- Create a personal scholarship in your name or to honour someone you admire.
- See the Contribute section of the Foundation website to find out how you can fulfill your aspirations.
Coming next: Our graduates, INRS ambassadors in the community, on Fiday, October 22 at noon. This is the last event of Philanthropy Week!