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.

*Globe Advisor subscription required.

Read more.

Related articles

2023

Richardson Wealth recognized as a Best Workplace in Financial Services & Insurance for 2023

Richardson Wealth is honoured to announce that our organization has been named on the 2023 list of Best Workplaces™ in Financial Services & Insurance by…

2 minute read

2023

Many Canadians are leaving this registered savings plan's money on the table

May 25, 2023 - Susan O'Brien writes about one of the most useful tools available to Canadians living with a disability is the RDSP, a…

2 minute read

2023

RRSP season investment fund flows falter to weakest level since 2009 as investors opt for cash

May 23, 2023 - Andrew Feindel, Portfolio Manager and Investment Advisor at Richardson Wealth writes on how he has seen clients’ reluctance to get back…

2 minute read