While the economy is showing signs of recovery, many Canadian families still face tough decisions about how to give as much as they would like by year-end. RBC Wealth Management suggests taking a family approach to giving to get the most out charitable donations.

“Integrating your giving with your financial planning, tax management and family goals can significantly reduce the taxes you pay and increase the benefits for yourself, your family and the causes you support,” says Anthony Maiorino, vice president, RBC Wealth Management Services.

RBC Wealth Management’s advice for making charitable giving go further:

1. Plan your giving as a family;

2. Give to a worthy cause in lieu of Christmas presents for adult family members;

3. Establish your own charitable gift fund;

4. Check for donations unclaimed in previous years and combine tax receipts with your spouse;

5. Donate depreciated securities to reduce your taxes;

6. Give the gift of life … insurance – Consider gifting a life insurance policy;

7. Designate a charity as a beneficiary on your RSP or RIF;

8. Donate through your company to get a tax-free dividend.

IE