What's the difference?
Abundance Canada is a registered public foundation that offers different charitable giving options and benefits than a private foundation. Here are some of the comparisons.
Ease of Set-Up
Abundance Canada
Abundance Canada is an established public foundation. There are no start-up costs.
Meet with a gift planning consultant to discuss your charitable goals, and design and implement your Generosity Plan™.
Private Foundation
You must incorporate your foundation. Start-up can be costly if you pay someone to register your foundation.
Apply for registered charitable status. You must be aware of CRA regulations and special regulations in certain provinces.
Cost to Operate
Abundance Canada
Abundance Canada’s operating expenses are covered by an administration fee allocated on assets under management, retaining a portion of flowthrough donations and direct support from donors.
Private Foundation
Expenses include costs to manage the foundation operations, investments, keep accurate accounting records and prepare annual CRA and corporate returns and other compliance related matters.
Privacy
Abundance Canada
Donor and distribution information can remain anonymous.
Private Foundation
T3010 information is public on the CRA website. Directors’ names and distributions to qualified donees will be public information.
CRA and Other Compliance Reporting
Abundance Canada
Abundance Canada takes care of all required reporting, adherence to CRA and other regulations and compliance audits.
Private Foundation
Reporting, compliance and regulatory audits need to be covered.
Due Diligence
Abundance Canada
Abundance Canada handles all the due diligence required, ensures compliance with regulations for charities and foundations, including verification of the eligibility of intended grant recipients.
Private Foundation
All due diligence is the responsibility of the foundation.
Investment Management
Abundance Canada
Abundance Canada investments are professionally managed, including adherence to our responsible investing criteria.
Private Foundation
The foundation board establishes policies and oversees the investment of foundation assets. The cost to manage the investment portfolio is covered by the foundation.
Succession Planning
Abundance Canada
Your Generosity Plan at Abundance Canada can continue as long as you wish. You can include family members or designated representatives in your Generosity Plan.
Private Foundation
Longevity depends on long-term family interests and succession plans.
Private Company Shares
Abundance Canada
There are less onerous rules for acceptance and receipting of private company shares.
Private Foundation
There are restrictive receipting rules for the donation of private company shares.
Fun Factor
Abundance Canada
Abundance Canada makes donor-advised charitable giving easy and enjoyable, without the headaches of operating your own foundation.
Private Foundation
Administration time, costs and responsibilities can take the fun out of generosity.