10 ways to give back and support your community

While it’s useful to prioritize causes, it’s wise to leave room for unexpected needs that arise, like providing financial help to address a natural disaster or a humanitarian crisis. For example, when budgeting for yearly charitable gifts in your financial plan, you may allocate 80% to your priority cause while leaving 20% flexible to allocate to other causes.

Another meaningful way to give back to your community is by volunteering (PDF, 290 KB) Opens in a new window.. Though charities always appreciate financial donations, they are also grateful for their volunteers. Volunteering can take many forms. If you don’t have much spare time, you can give back in smaller ways, like helping a neighbour carry groceries or volunteering at a charitable event. Those with more flexible schedules can consider a regular volunteer job. It could be something fun like being a trail ambassador at a local park, or you may want to use your professional skills by serving on a charity’s board of directors.

Take the time to spread the word and influence those around you to consider donating to a charity and supporting their community. You could speak with your friends, post on social media and openly discuss your donations and volunteer work to encourage others.

Be a role model and speak to your children about wealth planning and charitable giving so that they learn the benefits of donating and volunteering. Some parents may want to give their children a charity allowance. This helps children to get involved and to think about the needs of others, while also teaching them how to allocate their finances responsibly.

Your will and beneficiary designations provide a significant opportunity to give back. In provinces where you can make a beneficiary designation, you can name a charity organization as the beneficiary of your insurance policy, TFSA or RRSP. If you name a charity as a beneficiary of your estate, this will reduce the taxes you and your estate owe after you’re gone. In your estate, you can give back to both your family and your community.

If you have questions about how to incorporate giving back into your wealth plan, or if you’d like to discuss your investment portfolio, contact your advisor at any time.

¹ Imagine Canada: 30 Years of Giving in Canada: The Giving Behaviour of Canadians: Who gives, how, and why? (PDF, 7.4 MB) Opens in a new window.