Charitable giving is one of the most important values and traditions for Canadians. Every year, Canadians like to support the causes that matter to them, as well, to support organizations they know are doing a meaningful impacting in people's life. Although, it is important for Canadians to know that their donations really contribute to improve the life of those in need, it is important also for them to know that they also are benefiting of the tax incentives associated with making donations to charities.
The Canadian Government makes attractive for Canadians to donate. Indeed, the government increased the total amount of charitable gifts eligible for a tax credit in a particular taxation year from 20% to 75% of the individual's net income for that year. Statistics from CRA show that the average Canadian donation in 2010 was $1,517 and that four out of every five Canadians donated an average of $259. Near to 76% said that they intended to claim a tax credit, while 20% of those stated that the income tax credit was the prime motivation for their donation.
The above conditions are exactly the ones Canadians are looking when deciding to give back and enhance other people's life. After doing some research and due diligence, I came across of Mission Life Financial. It is a private, for profit organization established to offer creative financing arrangements for those Canadians wishing to make donations to charity.
The way Mission Life Program works is first, helping donors to choose charities, and second, the complete support it provides to donors; ranging from financing to teaching donors about how they can make the best of their donations under tax advantages perspective. For instance, the set of rules that Mission Life has established to choose the charities to promote causes a good impression. These are:
Be Canadian registered charities in good standing with all CRA's regulations
Have an established net of distribution in place to efficiently get the donations to those in need
Apply more of the donation to the cause beyond what the law establishes
Issue accurate donations receipts on time
Have the right philanthropic mandate to accept and distribute pharmaceuticals
I found that Mission Life has a new approach to philanthropy. It serves selected charitable organizations by assisting in their fundraising activities, and the best of all, the charity is NOT required to pay Mission Life any fundraising or promotional fees. After learning about this and the strict rules they apply when choosing charities, it assures the effectiveness of donations. Any Canadian donor that participates in this type of donation arrangement knows that the philanthropic efforts are well-kept in the sense that the money is invested in organizations that really make difference improving the quality life of those who need it.
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