3. Donate
Facilitate donations with a Charitable Investment Account
Once you have opened a Charitable Investment Account for your client, use the following steps each time your client wants to make a donation of publicly traded securities or cash directly into an investment account opened with you.
Steps
Complete a Letter of Direction form to authorize an in-kind donation from your client’s personal or corporate account into the Charitable Investment Account associated with that client. You can use our Letter of Direction form or your own. Provide the form to your back office to facilitate the transfer. If you require, send the Letter of Direction to us at [email protected] for signing.
Complete the transfer as per the Letter of Direction.
Email [email protected] to confirm the transfer has been completed and provide a copy of the Letter of Direction.
Our Philanthropic Advisory Services team will reach out to your client to let them know they can access their tax receipt by logging in to their Impact Account. If your client does not yet have an Impact Account, we can help them create one. All donors must have an Impact Account.
Facilitate donations of publicly traded securities without a Charitable Investment Account
Once you’ve opened a transactional account in our name, you’ll be able to facilitate donations of publicly traded securities for any client who hasn’t yet opened a Charitable Investment Account.
Steps
Complete a Letter of Direction form to authorize an in-kind donation from your client’s personal or corporate account into our transactional account. You can use our Letter of Direction form or your own. Provide the form to your back office to facilitate the transfer. If you require, send the Letter of Direction to us at [email protected] for signing.
Email [email protected] to confirm the transfer has been completed and provide a copy of the Letter of Direction.
Request and wait to receive approval from one of the signing authorities to sell shares and transfer assets.
Sell the shares and transfer the net proceeds to our main bank account.
Once the money is received in our main bank account, it will be credited to your client’s Impact Account.
Our Philanthropic Advisory Services team will contact your client once their Impact Account has been funded. The client will also be able to access their tax receipt and make grants from their Impact account. If your client does not yet have an Impact Account, we can help them create one. All donors must have an Impact Account.
Facilitate donations via our account at CG Wealth Management
If you prefer not to open an account with Charitable Impact at your firm, you have the option to send your client’s securities to an account we have set up at CG Wealth Management. The securities are sold at our earliest convenience, and the charitable dollars will be added to your client’s Impact Account. Use the following steps to facilitate the donation.
Note: CG Wealth Management will deduct fees from your client’s donation. See the section about Fees for more details.
Steps
Have your client complete the Letter of Direction via CG Wealth Management form and ask them to send you a copy, or have them submit it online using DocuSign. Clients complete this form to authorize an in-kind donation from their personal or corporate account to our account at CG Wealth Management.
Transfer the assets in-kind to CG Wealth Management:
CG Wealth Management
FINS: T033
Dealer: 9335
CUID: CCAM
DTC: 5046
Rep code: VR2S
For credit to CHIMP: Charitable Impact Foundation (Canada)
Account #20J-B26A-0
Contact:
[email protected] Our Philanthropic Advisory Services team will contact your client once their Impact Account has been funded. The client will also be able to access their tax receipt and make grants from their Impact account. If your client does not yet have an Impact Account, we can help them create one. All donors must have an Impact Account.
Donate cash
Clients can easily donate cash directly to their Impact Account whenever they want. There are four ways your clients can donate cash to their Impact Account:
Payment methods
Credit card | Learn how to add money to your Impact Account using a credit card. |
Direct debit | Complete the direct debit form via DocuSign. |
Wire transfer | Contact [email protected] for the banking details, then complete the wire transfer form via DocuSign. |
Cheque | Complete the Add Money by Cheque form and send the form with the cheque via email or mail. |
Note: Cash donated into an Impact Account can be transferred to your firm to invest using a Charitable Investment Account. Please reach out to [email protected] for more information.
Important note about donated assets
Once assets are donated, they are under the control of CHIMP: Charitable Impact Foundation (Canada)—a registered charity and public foundation. All charitable donations should be considered irrevocable. Once a donation has been made, it cannot be returned to your client for private use. It can only be used for charitable purposes.
CHIMP: Charitable Impact Foundation (Canada) accepts recommendations from the donor(s) who gifted the assets, or from the donor’s Designated Advisors. However, the Foundation must review and authorize all recommendations. This means your client can discuss the investment objectives for and make recommendations on the charitable assets in their Charitable Investment Account, but a signing authority at Charitable Impact must authorize all recommendations.
Tax receipts
Each time a donor makes a donation, CHIMP: Charitable Impact Foundation (Canada) will issue a charitable tax receipt to the donor for the fair market value of the donated asset at the time of donation.
Each individual tax receipt is stored for easy access (view or download) at any time from the Impact Account. All tax receipts are organized into a Tax Receipt Summary, which will contain every tax receipt issued to a particular donor throughout the year.
Tax receipts are issued based on the information provided by the donor. Your client can maintain multiple tax receipt profiles. For example, they may have a personal tax receipt profile, a joint tax receipt profile with their partner, and a corporate tax receipt profile in the name of a company they own.
Important to know: The value attributed to a tax receipt will be the fair market value of the donated asset at the time of donation. For a donation of publicly traded securities, the value of the tax receipt will be based on that security’s closing price on the date the assets are received by an account in the name of CHIMP: Charitable Impact Foundation (Canada). If the publicly traded securities are in US dollars, we use the Bank of Canada’s closing exchange rate to value the shares in Canadian dollars.
Donors moving assets to Charitable Impact from an existing registered charity (most commonly from another donor-advised fund or a private foundation) will not receive a tax receipt. This is because tax receipts are only issued when new, non-charitable money is donated into the charity sector. Assets already sitting with an existing registered charity would already be charitable, and therefore a tax receipt cannot be issued. However, a recognition that Charitable Impact received/accepted the transferred assets can be sent to ensure the sending charity has all the documentation it requires for its own files.
How your client can access their tax receipts
Tax receipts are available anytime online in your client’s Impact Account. While anyone can view or download the receipts issued to them at any time, we recommend waiting until after the tax year end when they can access each receipt issued to them in that year in one centralized Tax Receipt Summary report.
You can direct your clients to follow the steps below to access their tax receipts.
Steps
In the top menu, select Tax receipts.
Select See issued receipts for each tax receipt recipient to view or download the issued receipt organized by year.
If you would like us to send copies of your client’s tax receipts, you can request them by emailing the Charitable Investment Program team at [email protected].