How to Start a Charitable Fund

Introducing the 'CIBC Wood Gundy Giving Back' Program

December 15, 2016

The CIBC Wood Gundy Giving Back program is an innovative way to found and name your own charitable fund. As you know, supporting and donating to charitable campaigns and by volunteering your own time to causes you believe in are just two ways to give.

But if you are looking for a strategic and tax-efficient way to achieve your philanthropic goals, the CIBC Wood Gundy Giving Back program might very well be the vehicle you’re looking for. With this program you can enjoy all the financial advantages, and personal satisfaction, that comes by creating an enduring legacy through a credible and secure donor advised fund.

As the result of a strategic partnership between CIBC Wood Gundy and BenefAction Foundation*, a public foundation registered with the Canada Revenue Agency, setting up your charitable fund is simple:

  1. Choose a name for your Fund and establish the fund with an initial contribution of $25,000 or more. You may donate cash, publicly listed securities, life insurance policies, and gifts from your estate through your Will.
  2. Select the charities you would like to support.
  3. A charitable tax receipt will be issued for the value of your donation.
  4. Your Fund will be administered by BenefAction Foundation and your donation
    will be invested and professionally managed by The Michael Fahy Group.
  5. You will be kept informed on the status of your Fund. You will receive a semi-annual report outlining the granting activity and current value of your Fund.

The CIBC Wood Gundy Giving Back program delivers two advantages: (1) you benefit from the professional investment advice of The Michael Fahy Group; (2) you enjoy the peace of mind that comes with knowing that the administrative responsibilities relating to the fund are professionally taken care of.

It’s worth remembering the long standing reputation for generously supporting charities that Canadians enjoy. According to Statistics Canada, between 2004 and 2013 the total amount of donations made to charitable and non-profit organizations rose from $10.4 billion to $12.8 billion – a rise of 23%.

Dedicating a portion of your wealth to charity is one of the noblest gestures you and your family can make. The CIBC Wood Gundy Giving Back program makes it easy and tax-effective to do just that. Please call us if you have any questions about it.

* Canada Revenue Agency Registration # 80421 3759 RR0001