Charitable donations connect people with the world around them. With the holiday season fast approaching, now is an important time to think about giving. What causes can you support and charities you can give to in order to make a difference in your community, in your country, and in the world.
Here are 4 reasons why making a charitable donation is good for you.
1. Encourage Generosity Amongst Your Family and Friends
Kindness begets kindness. If your friends, family, and colleagues see you make an effort to donate to charitable causes, they may be more inclined to follow suit. Lots of people intend to make a contribution, but either don’t know where to begin, can’t decide who to give to, or simply get distracted by the myriad of other obligations that arise over the holidays. Being the person who makes the first donation makes the path easier for everyone else, and can be the difference between a group of people giving that year or not.
2. Make a Genuine Difference
The circumstances of our lives are often out of our control. We don’t get to pick our family, the economic situation we’re born into, the environment we grew up in, or our genetics. It’s often the case that people are worse off through no fault of their own. Especially over the past two years, where individuals and families have been routinely pushed to their absolute limit. (and even if their circumstances are in part their own doing, that is no reason not to lend a helping hand when we have one to offer).
There will always be people in need and your donation can always have an impact.Your donation can be the difference between a family being able to put presents under a tree for their young children or not. It can be the reason struggling individuals have hot meals during cold months.
Your donation doesn't have to be monetary, either. You can volunteer your time or expertise. Making a genuine difference in people’s lives helps not only others but ourselves. Even if you can only help change one person’s life, why not do that?
3. The Feel Good Factor
Helping others feels good. Sometimes, it’s as simple as that. Giving, in whatever way you can, how big or how small to something you care about is a huge mood booster. Having the power to improve the lives of others is empowering, fulfilling and will inevitably make you feel better about your place in the world. Your brain activity positively changes when you give to something which you truly believe in. Don’t just take our words for it, it has been scientifically proven. Neuroscience studies consistently show that there is a long lasting positive impact to your mood when donations to charity are made.
4. Tax Benefits
Monetary donations to charities are tax deductible. Of course, that isn’t the primary motivator for giving but it is a way that the government encourages Canadians to help those less fortunate. If you donate securities directly rather than giving cash, you can save on capital gains tax. Naming a charity as the beneficiary of a life insurance policy can also have significant tax benefits. It's best to seek advice when considering the donation of securities or life insurance as there are complexities which require professional assistance. When making a donation ensure you receive a tax receipt which you can then submit with your annual tax returns and receive a tax credit.This tax calculator will show you how much you can save.
When donating money or giving your time to volunteer, ensure you do your research on the charity. You should always be charitable for the right reasons and choose something that genuinely means something to you. If you follow these guidelines then you can’t go too far wrong!
Check out here the different charities this year that we are giving to on behalf of each Montridge employee. Also, if you would like to give to the Vancouver food bank or the Red Cross, please see our link here and donate. Happy Holidays!
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