Most plan to donate about $700 next year

Eighty percent of Canadians plan to make a charitable donation in the next 12 months, averaging an annual total of $694, according to a BMO report.

Read: Tax-efficient gifts: sharing donation credits at death

The report, based on a poll conducted by Pollara, found that while the number of people planning to donate is down 10 percentage points from last year, it is in line with the four year average of 81%.

Annual donations — regional breakdown:

The report also revealed that 69% plan to donate during the holiday season this year, compared to 75% last year. The average holiday contribution is expected to be $167.

Holiday donations — regional breakdown:

Despite the overall decrease, more than half (54%) said they plan to donate about the same amount to charities this holiday season as last year, and 13% plan to donate more.

Also read:

A new formula for tax-efficient philanthropy

Tax benefits of new donation rules

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.