Learn tax-efficient charitable giving in the UK | Scott Gallacher - Chartered Financial Planner posted on the topic | LinkedIn (2024)

According to a new Ipsos poll for CanadaHelps--one that reminds us of the ongoing support that #charities and #nonprofits require from #philanthropists--24 per cent of Canadians say they'll need support from a charitable organization with the next six months to meet their essential living needs, with 69 per cent pegging that need for support to #inflation and rapidly increasing cost of living expenses.

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PhilanthropyIt’s a big word. But how big is philanthropy really?·29% of Australians claim a tax deduction for donations made to charities;·In Australia, 7% of total charityrevenue comes from donations & requests;·Australia is ranked 19th in the world for giving (Norway and Switzerland lead the way in case you’re wondering!);·Whilst giving has recovered to pre-bushfires and COVID levels, we lost $3billion in donations;·The average annual donation is $107 per person; and·Charities are seeing record levels of need fuelled by consecutive interest rate rises & cost of living pressures.With a mostly abundant and affluent country, and an estimated $2.6trillion to pass between generations over the next 20 years, these figures look low.In my business, I have the privilege of matching people with big ambitions to those with spare funds to work together to make the world a kinder, better place. For those to whom, the world isn’t a kind place.In Australia, in 2024, let's do better.

Last week the Fraser Institute published an article highlighting that the number of taxpayers who gave to charitable causes dropped to 17.7 percent in 2021, which is a 20-year low, according to the Fraser Institute’s annual report measuring generosity in Canada. Charitable giving hit a high in 2004, with 25.4 percent of tax filers making donations, but gifts to charity have dropped each year since. Twenty-three percent of taxpayers gave to charity in 2011.People are also donating less money, the study said, with the total amount given dropping to 0.55 percent of income in 2021.At McMillan Wealth Solutions we encourage are clients to break this trend for several reasons:- Cultivate generous kids & younger generations.- Impacting your community- Personal Tax deductions- Gratitude- Create a sense of belonging.

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PhilanthropyIt’s a big word. But how big is philanthropy really?·29% of Australians claim a tax deduction for donations made to charities;·In Australia, 7% of total charityrevenue comes from donations & requests;·Australia is ranked 19th in the world for giving (Norway and Switzerland lead the way in case you’re wondering!);·Whilst giving has recovered to pre-bushfires and COVID levels, we lost $3billion in donations;·The average annual donation is $107 per person; and·Charities are seeing record levels of need fuelled by consecutive interest rate rises & cost of living pressures.With a mostly abundant and affluent country, and an estimated $2.6trillion to pass between generations over the next 20 years, these figures look low.In my business, I have the privilege of matching people with big ambitions to those with spare funds to work together to make the world a kinder, better place. For those to whom, the world isn’t a kind place.In Australia, in 2024, let's do better.

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‘Tis the season for giving! You’re familiar with tax deductions for donations to charitable organizations in Canada, but what if you want to give to a US-based cause? Here’s how to give wherever your heart and wanderlust lead you. -Gifts to “qualified donees,” including some universities, can be treated the same as donations to CA-based charities. See a list here: https://lnkd.in/gcy3vReg-Contributions to non-qualified donees can be claimed against US-sourced income on your return as long as the organization meets certain criteria.-If you live near the border and work in the US, you may be able to claim against worldwide income instead of just US income.#SeasonOfGiving #CharitableDonations #Giving #TaxTips #CrossBorderFinance #Snowbirds #SnowbirdsUSDayTracker

The latest Giving USA report on giving in 2022 confirms that both giving and number of donors declined in 2022. Let us all do out part to help charitable giving.#lifeinsurance#charitablegiving#plannedgiving#estateplanning#insuringabetterworldfund

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“Despite the backing of more than 1,400 charities, our call on the Chancellor to address chronic underfunding of public services was overlooked.“Not uplifting grants and contracts to cover the true cost of delivering them means some charities will be forced to close or reduce the services they offer, leaving people at risk.” From Thirdsector.co.uk This is telling is it not? We now expect charities to be supported rather than the public services themselves? Surely we have to look again at what is public-private partnership? Much of this is contracting out of services and support and how can another set of administrative costs deliver value for money? Through the goodwill of people volunteering their time and skills? Where are lobbying organisations to challenge the void apparent in public service provision? Philanthropic giving a critical ingredient beyond public funds and much talk of moving from public-private partnership, PPP, to 4Ps with the philanthropy adding the 4th P and causing thought on the role and remit of so many organisations. Fundamental: what is the role of government in social wellbeing?

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Charitable giving to be used abroad can be tricky since, in addition to making sure your dollars are used wisely and get where you intended for them to go, there may be #tax and other legal considerations. Here's what you need to know. #goingbeyond #jnrcpas #charitablegiving Will Russell Bill Jarrard Chris Nowell Laura Eberhardt

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🔍 Unveiling the Reality: Trust in the nonprofit sector has seen a decline in recent years, impacting public confidence and charitable donations. According to the Environics Institute's survey, Canadians link their willingness to donate with the trust they have in nonprofit organizations. The consequences are staggering—charitable donations have seen a decrease alongside diminishing trust in charity leaders. In 2000, 25.5% of Canadian tax filers reported charitable donations, dropping to 19.4% by 2018. The implications? Potentially billions in unrealized donations. Trust is the bedrock, and without it, the sustainability of nonprofits is at stake. Discover more about this critical issue in our latest white paper: https://lnkd.in/eqnd6w93.#NonprofitTrust #CharitableDonations #GovernanceMatters #ResearchInsights

Section 135 of companies Act 2013 :Any CSR( corporate social responsibility ) expenditures amount merely given to any charitable organisation called " Implementing agency" not qualified for claiming CSR expenditure done. Application of money by Implementing Agency is more important and certificate of such utilisation of Amount is evidence of CSR expenditure.#csr #companiesact2013 #donation #incometax

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