I want to let you in on a little secret... you do not have to be a billionaire in order to be philanthropic. There are many ways to give to charity, including gifts of your time! But in today's episode, I am chatting with my guests about a specific vehicle for charitable giving - the "donor-advised fund" or "DAF". It is a really neat alternative to setting up a private foundation, and can open up options for families to work together to plan their philanthropy for years to come! (And yes, there are also some tax benefits!)
In this episode, I am chatting with Jen Pederson and Joanne McGrath of the Saskatoon Community Foundation all about DAFs, including a discussion of the following topics:
- What is a donor-advised fund? (5:15)
- Endowment funds (13:13)
- How are DAFs taxed? (20:50)
- Are there thresholds for giving? (24:25)
- Quick "hot tips" about DAFs - including how to incorporate it into your estate plan (26:50)
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What is The Tax Chick Podcast?
Tax is complex, but it does not always have to be so complicated and shrouded in mystery. Host Amanda Doucette is a self-proclaimed foodie, spin class and Pilates enthusiast, and a tax lawyer. She fell into the practice of tax law despite having a life-long hatred of spreadsheets, math and numbers in general. Join Amanda and her guests as they unpack some serious Canadian tax topics and attempt to demystify the world of tax.