Connor Ryan, MBA, CIM

Portfolio Manager & Wealth Advisor | RBC Dominion Securities | Bracebridge

Charitable giving can play a crucial role in addressing social challenges, and many individuals and organizations are increasingly seeking effective ways to make a difference. While financial contributions are essential, true impact can go beyond making monetary donations. Here, we’ll touch on three of The Five Ts of charitable giving that can catalyze lasting change in your community and beyond.

Time: Engaging with charitable organizations and the communities they serve, volunteers develop a deeper understanding of societal challenges and the ways in which individuals can make a difference. Research indicates that volunteering can increase happiness by exposing you to people with common interests and provide meaningful activities which enhance your sense of purpose.

Treasure: The most common form of giving involves making monetary donations, during life or through your estate, to registered charities. This provides the necessary funding for these organizations to create a positive impact on society. By understanding and leveraging tax incentives, donors can amplify the impact of their giving, and benefit from tax credits. For example, while cash is often first thought of, the donation of appreciated securities may provide even greater tax benefits. A donation of life insurance may allow you to turn a modest gift today into a large gift in the future.

Ties: Ties involves creating connections with like-minded individuals, and fostering a community of shared passions, interests, or values. Collaborating with other donors, non-profits, government entities or community leaders can create an effective impact. Through collective efforts, stakeholders can leverage their resources, share their best practices, and address complex social challenges more comprehensively.

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