Clearing up biggest misconception about philanthropy can encourage more Canadians to give back

The Globe and Mail
May 11, 2023.

Life can be like a boomerang in that what you put out into the world may come back to you, albeit in different ways.

When we think about being a “philanthropist,” many picture having enough wealth to see our name emblazoned on a new hospital wing or the doors of a university lecture hall.

But ideas around philanthropy, and more specifically how much wealth is needed to become a philanthropist, are largely misunderstood. That has led charitable giving to be often overlooked as a critical part of a wealth management strategy.

One of the biggest misconceptions among Canadians is that philanthropy is only accessible to people of a certain net worth. But advisors can play an important role in dispelling that myth so that money isn’t left on the table when it could benefit clients through tax refunds and personalized wealth management strategies.

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