Richardson GMP Limited is partnering with Benefaction Foundation, a Canadian charitable public foundation, to enable its clients to customize their financial contributions to charitable organizations while significantly reducing their tax burden, the wealth management firm said Wednesday.

“A growing number of Canadians are getting involved in philanthropy“ says Mike George, director, wealth & estate planning, Richardson GMP, “and they want to measure their philanthropic success. Richardson GMP recognizes the value of incorporating strategic giving into our clients’ wealth management plans.”

“Through our partnership with Benefaction Foundation, we are providing professional, comprehensive support and innovative, cost-effective solutions to help our clients build a legacy of giving in a tax efficient manner. It’s like having your own charitable foundation,” George says.

The Richardson GMP Charitable Giving Program is designed to complement clients’ wealth management strategies and values while retaining control of how they would like their donations to be used.

The program allows clients to achieve all the financial advantages and personal satisfaction that comes with establishing a charitable foundation, with significantly less cost and complexity, Richardson GMP says.

The program provides clients with two options for their philanthropic donations: direct giving and donor advised funds.

Benefaction handles the administration of funds, fulfills the donor’s granting wishes and manages a process of due diligence for Richardson GMP’s charity portfolios.

Affluent Canadians are becoming far more discerning in assessing philanthropic value for money, notes Benefaction CEO Nicola Elkins.

“That’s where Benefaction plays a key role — we work with Canadians and their advisors to take a holistic approach to planned giving and provide powerful, customized strategies to maximize their charitable giving and enjoy the lasting rewards of achieving their philanthropic goals,” she says.

Benefaction is a charitable public foundation registered with Canada Revenue Agency. It is national in scope and focuses on helping clients utilize strategic gift planning to minimize cost, complexity and tax burdens while maximizing a positive impact on the world.

IE