What’s the difference?
Abundance Canada is a registered public foundation which can offer different benefits and tax savings than a private foundation. Here are some of the comparisons.
Abundance Canada vs Private Foundations
|Abundance Canada||Private Foundations|
Ease of set-up
Abundance Canada is a public charitable foundation operating across Canada. There are no start-up costs.
You must incorporate your foundation. Start-up can be costly if you pay someone to register your foundation.
Cost to operate
No cost. Abundance Canada's expenses are covered by earnings on investments.
Expenses include legal fees costs to manage assets, keep accurate accounting records, and prepare annual returns.
Donor information can remain confidential and anonymous.
T3010 information is public on the CRA website. Director's names will be public information.
Abundance Canada takes care of all legal and tax reporting.
Annual reporting is required.
Abundance Canada handles all of the due diligence required. Abundance Canada verifies the eligibility of intended grant recipients.
Due diligence is the responsibility of the foundation.
Abundance Canada funds are professionally managed using social criteria and in a way that is consistent with our faith perspective.
The foundation board establishes and oversees investment policies for foundation assets.
A Gifting Fund™ can continue as long as you wish.
Longevity depends on long-term family interests and succession plans.
Private company shares
There are less onerous rules for acceptance and receipting of private company shares.
There are restrictive receipting rules for private company shares.
Abundance Canada provides all the fun of making donor recommended charitable disbursements without the headache of operating your own foundation.
Administration costs and responsibilities can take the fun out of generosity.
NOTE: Abundance Canada stays current with Federal and Provincial rules applicable to all aspects of operating a charitable foundation. We engage Deloitte LLP to annually audit our financial statements.
Follow the link for more details on how to use your Gifting Fund as a family.
Abundance Canada can help you design and implement a customized Generosity Plan™. Your plan may include a number of gifting options, including gift of securities, gift of life insurance or gift in a will. Our gift planning consultants will help you to select the best option for your situation. Contact us today!
This page is provided for informational purposes only. Users should seek out individualized professional or legal advice.