EP 61 - The Benefits Of Charitable Giving

Welcome to The Clear Money Mindset with Ben Davies. In this episode, recorded just before Thanksgiving, we explore the practical and personal benefits of charitable giving—especially how it can positively impact your finances and reduce your income tax in Canada.

Listeners will learn:

• Why charitable giving adds purpose to your finances and helps support causes you care about.
• How charitable donations can teach children that money isn’t just about personal gain.
• The mechanics of Canada’s donation tax credits, including federal and provincial rates, eligibility, and strategies for maximizing your tax benefit.
• Special considerations for high-income donors, donations of publicly traded securities, and unique credits for farmers in Ontario.
• Practical examples, such as how a $1,000 donation can result in significant tax savings, and tips for carrying forward donations or grouping them with a spouse.

If you’re among the many Canadians who donate to charity but aren’t sure how it helps at tax time, this episode will give you clear, actionable insights to thrive financially while making a difference.