Starting a Donor Advised Fund to Begin a Legacy of Giving

There are many reasons to start a foundation. It is a way to help people that need help. It is also a way to make better use of your money but most importantly, it can be a legacy. You can start a foundation for yourself or your family and cement a heritage for years to come. One issue that people always struggle with is the complexity that come with starting and managing a foundation. Things are easy now with the option of donor-advised funds (DAF).

Common Types of Canadian Foundations

Philanthropy in Canada has always been vital to the relationships among Canadians and to the relationships that Canada has within the global community. The care and generosity that exists in the Canadian culture of philanthropy manifests itself in three common forms of registered charities as outlined by the Canadian Revenue Agency and the Income Tax Act.

Be Philanthropic by Starting a Foundation

Donating to charity is a highly admirable act worthy of nothing less than respect. Many charities all over the world are responsible for promoting humanitarian ideals and improving the quality of life of so many people. Each charity is instrumental to creating change, and assisting in the progress of society as a whole. That said, perhaps the only thing that can be greater than donating to charity is starting one yourself and helping more of those in need achieve better lives.

Shifting Your Charity Gears

Some Canadian foundations may be challenging affairs to operate. Private groups, for example, have paid staff, an established office, and constant communications with donors and beneficiaries. Naturally, there will be certain issues that may complicate matters of operations to the point that the foundation is forced to close down, especially if not properly managed. What if there’s still a need to continue what the group started, though? The foundation can do so by converting it to a donor-assisted fund (DAF).