REPEAT-BMO Harris Private Banking Study: Nearly 70 Per Cent of Canadians
Support Federal Budget's New Charitable Giving Credit
- Ninety-three per cent of Canadians feel credit will encourage more
charitable giving or will maintain current levels of support
- Half of young Canadians say that the new measure will encourage
them to give more
- Statistics Canada: Canadians gave $8.5 billion to charitable causes
last year, but percentage of those who give down 6 per cent from 1990
- BMO: The new credit is an example of how smart public policy can be
used to encourage a new generation to do the right thing
TORONTO, ONTARIO -- (Marketwire) -- 03/30/13 -- Today BMO Harris
Private Banking released a study which found that nearly 70 per cent
of Canadians support the "First-Time Donor's Super Credit" introduced
in the federal budget last week.
The study also found that:
-- Ninety-three per cent of Canadians feel that the new credit will
encourage more charitable giving or maintain current levels of support.
-- Fifty per cent of young Canadians (18-34 years old) say that they will
contribute more to charities because of the new credit.
The "First-Time Donor's Super Credit", which is available until 2017,
is aimed at encouraging Canadians, and particularly younger people,
to support charities by giving new donors an extra, one-time 25 per
cent tax credit for cash donations up to a maximum of $1,000.
According to Statistics Canada, Canadians gave almost $8.5 billion to
charitable causes during the 2011 tax year, an average of almost
$1,500 per tax filer.
"Canadians are a generous bunch when supporting charitable causes,"
said Marvi Ricker, Vice President & Managing Director of
Philanthropic Services, BMO Harris Private Banking. "However, the
percentage of people who made a contribution last year is down six
per cent since 1990. We believe the new credit will inspire younger
Canadians and first-time donors to give. Supporting a worthy cause is
a great way to support one's community and help the less fortunate."
Ms. Ricker acknowledged that young Canadians just starting their
careers may face competing financial priorities which can impact
their ability to support charitable causes. "Young people should
understand that it doesn't take a lot to help make a difference.
Establishing good habits early on, such as earmarking a certain
amount annually for charitable causes, should be encouraged. The new
credit should make it that much easier."
Ms. Ricker concluded, "The introduction of the new credit is an
example of how smart public policy can be used to encourage and
incent young Canadians to do the right thing. The 'First-Time Donor's
Super Credit' could help start an entire generation on a lifetime
path of charitable giving."
For more information on charitable giving, please visit:
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The online survey was conducted by Pollara from March 25th to March
26th, 2013 among a sample of 1,000 Canadians aged 18 years and over.
A probability sample of this size would yield results accurate to +/-
3.1%, 19 times out of 20.
Amanda Robinson, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver
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