Charitable donations are on the rise for a third consecutive year, finds a BMO survey.
Most Canadians say they have made a charitable donation in the past 12 months, giving an average of $624 – up 8% from 2013. Last year, 77% of Canadians reported making a donation, worth an average of $580.
The most popular methods for donating among Canadians are:
- Donations of cash at specific locations (46%)
- Purchasing of products to be donated (40%)
- Donations added to point of sale transactions (29%)
- Online donations via credit cards (24%)
If your client is interested in donating to charity, ensure they maximize the tax benefit of their generosity. As Advisor’s Jessica Bruno reports,
“Anecdotal evidence suggests as much as two-thirds of the value of donation tax credits in Canada go unused.”
Read more here.