According to a TD report1, by 2026, the share of Canadian wealth controlled by women is expected to rise to 48% from 35% in 2016, with an estimated $900 billion flowing to Canadian women’s bank accounts over the ensuing years. How will those women choose to leave a legacy? That same report suggests that while women are increasingly in a position to give, they may also make their giving decisions differently from men. For instance, Miranda Hubbs found that her donations to the Red Cross were made greater by her ability to get involved with the charity’s Tiffany Circle of supporters.
We asked Jo-Anne Ryan, Vice President, Philanthropy, TD Wealth, to share three things she thinks women should consider when deciding on an individual donation:
Do your due diligence
“I always suggest looking at an organization’s financials and strategic plan,” Ryan says. “You can ask yourself: Is it in line with their mission and vision. Is it in line with yours?” The Canada Revenue Agency website maintains a list of registered charities where you can view current financial statements and activities.
What tax incentives are available?
It’s good to ask. The combined federal and provincial tax credits can add up, in some cases up to 50% of your donation, depending on your circumstances and your province of residence. But saving money isn’t the only reason to ask, says Ryan: “Giving tax efficiently may also allow you to give more generously,” she says.
Ask how you can get involved
Some women might appreciate the opportunity to build relationships with the organization before making a major gift, says Ryan. “It can be a chance to get to know the staff, board and other stakeholders before making a decision.”