How to Create Magic Through Philanthropic Giving

The majority of Canadians are philanthropically-minded people. Simply put, they give back.

That’s what Charities Aid Foundation (CAF) Canada concluded in their 2019 report about charitable giving above the 49th parallel. According to the report, 72% of Canadians engaged in philanthropic activities last year, with 65% of Canadians having made some sort of donation.

The desire to be philanthropic is clearly evident in Canada, but the majority of Canadians are unaware about some of the most impactful ways to give back.

That’s why I had Paul Nazareth (Senior VP of Education & Development, Canadian Association of Gift Planners) join the latest episode of The Wealth Wisdom Podcast to talk about the power of philanthropic giving and the avenues for doing so. Here, we give an overview of what we discussed with links to some short specific clips for you to view.

Paul’s knowledge and expertise on this topic are unmatched in Canada, making this episode a must-listen for those that want to learn more about philanthropic giving in this country.

You can listen to the full conversation here, or you can also watch the video version of the podcast as well.

Breaking myths about philanthropy

There’s a common misconception out there that giving back is for the rich. In case you didn’t believe the numbers above, Paul also talks about why this simply isn't true.

This is a dangerous myth because when people read magazines and look at philanthropy on the global stage, they’re convinced that philanthropy is done by philanthropists.

“Some of the biggest givers in this country don’t think of themselves as philanthropists. We have statistics Canada data that shows community leaders and business owners are the most impactful givers, even more than the national wealthy index.

“Who helps community? People that are involved in the community.”

The best ways to give back

We mentioned off the top that the majority of Canadians do give back in some regard. Some might just put a couple dollars into a local donation box, while others donate large sums to really make an impact while potentially offsetting tax bills.

There are many different ways that Canadians can give back. We go over that in this episode, but Paul makes an astute point about what really drives the best decisions behind philanthropic giving.

The federal government did pass one piece of legislation that was a game-changer for making charitable donations in Canada. We touched on that in the clip below as well.

Teaching power and making magic happen

The head might have some say in your charitable donation process, but often the driver of these decisions is the heart.

It’s very important to realize the power of the heart in the charitable donation process. When you let the heart lead, that’s when you can help the younger generations realize the magic of philanthropic giving.

The statistics back up this notion as well. According to that CAF report from 2019, the two age cohorts that donated the most (in terms of participants, not dollars) was the youngest age group (83% of 18 to 24 year olds donated in 2019) and the eldest in the study (78% of people 55+ donated in 2019).

From my experience in talking to business owners and families about philanthropy, I often find that once we start opening up those doors to teach them about their options, families often wish they knew about their options sooner.

Paul echoed those same sentiments in the clip below.

If you have any questions or comments about options for becoming for philanthropically-inclinedon smart giving strategies, I would be more than happy to have that conversation with you.

Next Guest

Keeping up with the theme of giving back, our next episode will feature SurreyCares Community Foundation’s (SCCF) Executive Director, Christine Buttkus.

Full disclosure (and I mentioned this in the episode), but I am the Chair for the SCCF. That means I know Christine will be a guest worth listening to, especially if you want to learn more about the impact of community foundations.

Thanks again for your support in the early days of The Wealth Wisdom Podcast. Feel free to share this with your friends, family, or someone in your life who you think could benefit from this information.

Sincerely, 

John Lawson