How To Create A Charity Foundation In Canada

You provide the vision, we take care of everything else.

Overview

If you're like most people, you already give to charity. But perhaps you'd like something more. How would you like to:

– Go beyond checkbook giving and get more out of your philanthropy?

– Unify your family by establishing a permanent philanthropic legacy?

– Build an enduring structure for your giving that can be handed over to your children to continue?

– Have philanthropic experts to help you get started whom you can tap whenever you need advice?

Benefits of a Foundation

Here are a few of the unique benefits of this powerful, flexible giving vehicle:

Get a current-year tax deduction, but give when you feel like it
Retain full legal control over foundation governance, assets, and spending
Create a lasting legacy that links the family name with good works
Hire family members and reimburse foundation-related expenses
Pass on values and skills to younger generations
Make tax-deductible grants directly to individuals in need
Run charitable programs without setting up a separate nonprofit

View Transcript of Video: Benefits of Starting a Private Foundation

Funding and Investment Options

Private Foundations are typically funded by a single individual, family, or business. They can be funded with, and continue to hold, a wide variety of assets. Other giving vehicles typically liquidate any assets that aren't publicly traded securities shortly after funding.

Assets that can be held in a private foundation include:

Cash and publicly traded securities
Alternative assets, including private equity
Real estate
Tangible assets (art, jewelry, collectibles)
Intangible personal property (copyrights, patents, royalties)
Life insurance and annuities

If you have a Charitable Remainder Trust, you can typically name your foundation as the beneficiary.

Foundation Source does not manage assets. We work closely with the trusted financial advisor you designate, and share our expertise on special considerations that affect assets within a private foundation.

Giving Options

Private foundations have broad latitude to pursue any activities as long as they advance a charitable purpose.

In addition to supporting public charities and other types of nonprofit organizations, a foundation can:

Make grants to individuals for disaster relief and economic hardship
Provide loans that are repaid to the foundation
Set up scholarship and award programs, and choose the recipients
Grant directly to international organizations
Provide funds to for-profit companies, as long as they're used for a charitable purpose
Run its own charitable programs, such as a coat drive or soup kitchen

Our staff of foundation experts will guide you every step of the way, so you can easily take advantage of every IRS-sanctioned option to accomplish your charitable goals.