In this conversation, Joe Pochodyniak from MacNicol and Associates Asset Management discusses charitable giving and donor-advised funds (DAFs) with Meredith Agnew, Chief Investment Officer, and Joely Elkins, Director of Granting and Philanthropy, from the Benefaction Foundation. They explain that a DAF is a charitable investment account where individuals or families can deposit funds and then grant them out to registered Canadian charities or other qualified donees. The discussion covers the benefits of DAFs, including tax advantages such as the capital gains exemption, the flexibility of giving, and the ease of making changes to charitable instructions. They also highlight the importance of philanthropic intent and the personal connection donors often have with the charities they support. The conversation concludes with a discussion on how Benefaction Foundation gives back through various funds and supports underfunded communities. Donor-advised funds (DAFs) offer tax advantages and flexibility for business owners and individuals looking to donate to charities. DAFs are especially beneficial for business owners with appreciated securities in their holding companies. While there have been some tax changes that limit the use of capital gains exemptions, Canada remains a favorable tax venue for charitable giving. DAFs also provide employee satisfaction and enhance a company’s reputation as a good corporate citizen. The minimum initial donation for a DAF is $25,000, and fees are based on a scale depending on the amount of donations and assets in the account.
Charitable giving, donor-advised funds, DAFs, tax advantages, philanthropy, registered Canadian charities, qualified donees, capital gains exemption, flexibility, giving back, underfunded communities, donor-advised funds, tax advantages, appreciated securities, capital gains tax, charitable giving, employee satisfaction, corporate social responsibility, minimum donation, fees
Donor-advised funds (DAFs) are a charitable investment account that allows individuals or families to deposit funds and grant them out to registered Canadian charities or other qualified donees.DAFs offer tax advantages, such as the capital gains exemption, and provide flexibility in charitable giving.It is important to have philanthropic intent and a personal connection with the charities being supported.Benefaction Foundation gives back through various funds, including the Director’s Fund, Philanthropy Fund, and Reciprocity Fund, to support registered Canadian charities and underfunded communities. Donor-advised funds (DAFs) are highly advantageous for business owners with appreciated securities in their holding companies.Canada is still one of the best tax venues for tax savings for charitable giving, despite recent tax changes.DAFs provide employee satisfaction and enhance a company’s reputation as a good corporate citizen.The minimum initial donation for a DAF is $25,000, and fees are based on a scale depending on the amount of donations and assets in the account.
MEREDITH AGNEW
Chief Investment Officer, Cause Strategies Inc.
Since September 2014, Meredith has been employed as CIO at Benefaction. Previously, she consulted private high-net-worth clients aiding in their asset management. From 1992 to 2005 she worked in the securities industry as both Sales Assistant and Investment Advisor at private investment firms – Moss, Lawson & Co. Limited and Mackie Research Capital Corporation. Meredith obtained a BA with a double major in Economics and Sociology from the University of Western Ontario and is a CFA Charterholder.
JOELY ELKINS
Director, Granting & Philanthropy, Cause Strategies Inc.
Joely joined the Benefaction team full-time in September 2020 after finishing an MSc at Bayes Business School, in the U.K., with Distinction. Her research project focused on how small charities can use technology to adapt to COVID-19. She was previously involved with Benefaction for over three years working part-time as Grants Administrator while completing her BA at McGill University. In her current role, Joely is responsible for overseeing all of Benefaction’s granting to charities and qualified donees across the country. She is a Communications Volunteer of the CAGP GTA Chapter.
