In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award–winning financial planner, university lecturer, and writer, interviews Denise Fernandes, Executive Director of Planned Giving for Diabetes Canada. Denise works with donors in life and assists them in planning gifts in their will!
Episode Highlights:
- 1:16 – Denise Fernandes introduces herself and her profession.
- 1:59 – What typically drives donors to get more involved?
- 3:26 – From Denise’s end, what does the donor process look like?
- 4:35 – What other types of donations has Denise helped structure in the past?
- 5:25 – Jason and Denise break down flow-through shares.
- 8:34 – Has Denise seen a lot of people make the charity the beneficiary of their RSP?
- 11:02 – What other tricks does Denise have up her sleeve?
- 13:02 – How many conversations is Denise having around giving in the estate?
- 14:58 – Jason and Denise talk about working with a lawyer vs. working with a planner in advance.
- 16:35 – How does Denise keep the donors involved in the charity after the donation has been set?
- 17:50 – Jason and Denise discuss a desire to leave a legacy.
- 22:31 – What are the first steps when working with Denise?
3 Key Points
- Denise is not a financial advisor, but she does work in coordination with the financial advisors of her donors to plan gifts in both life and in their wills.
- Ontario has the lowest credit rate for charitable donations in all of Canada, meaning that many people don’t get the full tax deduction that they might have thought.
- Charities really start to get involved with the estate planning process when donors want something very specific involving their donation.
Tweetable Quotes:
- “This all comes down to donating things in kind versus in cash...If you donate in kind, you don’t get the tax bill but you get the tax credit.” – Jason Pereira
- “There is no escaping the taxman. Unfortunately, there is escaping the charitable request, which is not cool.” – Jason Pereira
- “If you want something specific at a charity, if you want something named, if it’s a scholarship at a university, if it’s an endowment somewhere, that’s where the charity really needs to be involved.” – Denise Fernandes
- “People often criticize millennials for wanting to feel purpose in their job, yet, meanwhile, here we are talking about how we can help boomers feel purpose in their death.” – Jason Pereira
Resources Mentioned:
Transcript
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