When it comes to charitable giving, one of the most common myths Associate Portfolio Manager and Insurance Advisor Shawn Fetter hears from clients is that it鈥檚 only for the wealthy.
鈥淲ith estate planning, many people worry that donating to charity will take inheritance away from their heirs. In reality, leaving money to charity means that you are adopting another child and disinheriting the taxman,鈥� Fetter says.
This November, Fetter will be participating in a panel on charitable giving, presented by the Campbell River Community Foundation, discussing the various ways that an individual can give back to their community.
鈥淚 always ask my clients about their values, and then look for ways to tie those values into their financial plan,鈥� Fetter says. 鈥淭ake me for example: I鈥檓 42, I have a family, a mortgage and we鈥檙e very grateful to have a home on Vancouver Island. When it comes to charitable giving, I think about the North Island Hospital Comox Valley (CVH) that provided tremendous care when my kids were born. I鈥檝e gotten to know many people who鈥檝e relied on CVH and Campbell River Hospital over the years and hear stories of parents who need to travel to Vancouver to get their child(ren) proper care. I could set aside funds in our estate to help pay for new medical equipment that would allow the hospital to provide that care locally. It may just be a small amount and won鈥檛 have an impact on our children鈥檚 inheritance 鈥� but it could have a big impact on the community.鈥�
Community foundations are a great option if you want to donate locally, but don鈥檛 know where the need is greatest - just check out their vital stats reports. And while Fetter points out that most people don鈥檛 donate for the tax benefits, it鈥檚 still true that leaving money to a Canadian registered charity can have significant tax benefits.
鈥淐ommunity foundations have the finger on the pulse of local communities and are aware of programs that we may not even know exist. There are not any tax credits by donating to a non-profit, but if you leave money to the community foundation, they can offer an official donation receipt for tax purposes and then disburse the funds to the areas in your community that have the greatest need.鈥�
How the two sides of Alitis work together to offer clients better options
Charitable giving is just one piece of your financial plan. As Fetter says, finances are complex, and it takes a team to deliver solutions 鈥� which is why he loves being a part of the qualified team at Alitis. To ensure regulatory compliance, clients may actually work with two separate arms of the company: , regulated by the BC Insurance Council and , regulated by the BC Securities Commission.
鈥淲e also adhere to privacy laws, so even when a client鈥檚 information is being transferred from me at Alitis Wealth Planning to me at Alitis Investment Counsel, we鈥檙e sure to get our client鈥檚 consent 鈥� as nonsensical as it sounds to transfer information from me to me!鈥�
New Comox Valley office opening soon!
Alitis is just weeks away from opening their new office in the Comox Valley, and Fetter is looking forward to getting more face-to-face time with clients, co-workers and other professionals.
鈥淭o successfully help people with their finances requires collaboration with lawyers, accountants, mortgage brokers, realtors, charitable foundations and more. Having that local office means we鈥檒l have space where we can collaborate!鈥�
Find Alitis Investment Counsel in Campbell River at , in Victoria at , in the Comox Valley at 1 in Fall 2022, and at . For more information, call 250-287-4933 or email info@alitis.ca.
