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.
Abundance Canada vs Private Foundations
|Abundance Canada||Private Foundations|
Ease of set-up
Abundance Canada is an established public foundation. There are no start-up costs.
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’s operating expenses are covered by an administration fee allocated on assets under management, retaining a portion of flow-through donations and direct support from donors.
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.
Donor and distribution information can remain anonymous.
|T3010 information is public on the CRA website. Directors’ names and distributions to qualified donees will be public information.|
Abundance Canada takes care of all required reporting, adherence to CRA and other regulations and compliance audits.
|Reporting, compliance and regulatory audits need to be covered.|
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.
All due diligence is the responsibility of the foundation.
Abundance Canada investments are professionally managed, including adherence to our responsible investing criteria.
The foundation board establishes policies and oversees the investment of foundation assets. The cost to manage the investment portfolio is covered by the foundation.
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.
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 the donation of private company shares.
Abundance Canada makes donor-advised charitable giving easy and enjoyable, without the headaches of operating your own foundation.
Administration time, 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.