BMO's Financial Tip of the Week: Develop a Giving Strategy to Maximize Donations this Holiday Season
TORONTO, ONTARIO--(Marketwire - Dec. 5, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Support charitable causes and maximize your donation(s) by developing a giving strategy this holiday season.
"With the holidays now upon us, many Canadians will be demonstrating their generosity by donating to a cause that supports their community and helps the less fortunate," said Marvi Ricker, Vice President & Managing Director of Philanthropic Services, BMO Harris Private Banking. "For your donations to have the maximum impact, consider working with a financial professional to develop a giving strategy that becomes part of your overall financial plan."
BMO Harris Private Banking provides the following tips to develop a giving strategy:
- Speak with a professional: Regardless of the amount you are going to donate, work with a financial professional to develop a plan that includes a budget for giving. This is an important first step to a sound strategy.
- Gifts of securities: Recent federal budgets have fully eliminated the capital gains tax on donations of publicly traded securities to a registered charity. These include shares, bonds and mutual funds. Donating securities is more advantageous than selling them and donating the cash proceeds; the capital gain on the donated securities is tax-free.
- Consider alternative methods: Credit cards, like BMO Rewards World Elite MasterCard, provide cardholders with the ability to donate their points to charities. Customers can use their points to make a donation to four charities: United Way of Canada, The Canadian Cancer Society, The Canadian Red Cross and Make-a-Wish Foundation of Canada.
For more information on how to develop a giving strategy, please visit www.bmo.com/harrisprivatebanking.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $525 billion as at October 31, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.