Paul Martin's Business Update - November 15th

Paul Martin's Business Update - November 15th

This is National Philanthropy Day in Canada, an event designed to salute those who are generous in support of worthy causes as well as an encouragement for others to open their wallets to charities.

A survey by BMO Harris Private Bank shows that giving has now returned to pre-recession levels in this country, a sign that the economy is on the mend and people have sorted out the financial issues created by the downturn.

The bank’s investigation also showed that high net worth Canadians – those are folks with more than $1 million in investable assets - are planning to leave an average of four percent of their worth to charities and will average more than $5,000 in donations this year. The fact that donations are now making it into wills suggests the financial fallout of the recession has now been erased.

Across the board, more than 90 per cent of Canadians will make some sort of donation this year with the most popular recipients in the health care field and children’s charities. Next in line are local community causes and gifts to religious institutions.

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