The holidays are a time of reflection, eating more cookies than usual, and giving to people and causes we care about.
If you plan to donate money this time of year (or any time of year), there are some strategies you can use to make a positive impact on the world while also supporting your financial goals.
On November 25, we’re hosting a free online event to answer all your questions and share actionable strategies for smarter, more impactful giving.
Here are three of the strategies we’ll be chatting about:
Donation matching to increase your impact and your savings
When you’re making a charitable contribution, check if there’s an option to have your donation matched. This could be through your workplace, community organizations, or even special end-of-year campaigns.
Here in Ontario, you can actually get a tax credit on the full amount matched, even if your out-of-pocket contribution is only half or less of the total donation. So, if you donate $500 and your employer matches that to make $1,000, you’ll get tax credits as if you gave the full $1,000.
Maximize your tax credits with strategically timed donations
Donations under $200 get you a 15% tax credit, but anything over that gets a boost to 29% federally.
In Canada, you can carry charitable donations forward for up to five years. So, if you haven’t reached that $200 mark this year, you can choose to hold off on claiming your donation until you’re able to combine it with future donations—or your spouse’s or common-law partner’s donations—to reach a larger credit.
Legacy giving with life insurance
Life insurance is a great way to give a charitable donation without impacting your current assets. You have two main options here…
Option 1: You can transfer ownership of an existing life insurance policy to a charity, letting you receive tax receipts for any premiums paid going forward. This approach is ideal if you have an existing policy that you don’t need for personal financial security. Or if you’re dead. (Just making sure you’re paying attention!)
Option 2: You can retain ownership of the policy and name a charity as the beneficiary. When you die, your estate will receive a donation receipt for the policy’s death benefit, which can provide substantial tax relief for your surviving loved ones.
If you’re going to give anyway, why not be strategic about it?
Sure, giving back is more than a financial transaction—it’s a way to connect with your community and support the causes that reflect your values.
But, by taking a strategic approach, you can maximize the impact of your generosity and ensure your money goes further.
Join us on November 25 to learn more!
We’ll be sharing lots more strategies during our upcoming Steward Group Brew Crew event. Bring something to sip on and join us:
📅 Date: November 25
⏰ Time: 5 pm Eastern
📍 Where: The comfort of your own screen
We’ll dive deeper into these topics and answer your questions… live! (Even if you’re dead.)
You’ll leave with actionable tips to give smarter this holiday season—and beyond.
Register here to claim a spot!
Cheers to creating lasting change in the causes that matter most to you… while giving you a break at tax time!
(Note: The information above has been gathered from CRA’s Guide to Gifts and Income Tax 2023. You can access that here.)
