Spirit of giving definitely there among Canadians

New donation numbers are pointing to just how much life insurance payout your clients want to leave to charity

The 2015 BMO Charitable Giving Survey finds that 80% of Canadians plan to make a charitable donation in the next 12 months.

The report, conducted by Pollara, also found that while the percentage of people planning to donate is down 10 percentage points from last year, it is in line with the four year average of 81% dating back to 2012 – and that desire should be a signal to advisors to ask clients if they are planning to distribute their wealth.

Marvi Ricker, in charge of philanthropic services for BMO Wealth Management, noted that while the average annual donation total is down from last year, Canadians are still continuing to follow a trend of generosity.

“Canadians continue to demonstrate their generosity in supporting worthy causes,” said Ricker. “Charitable giving can provide a real sense of personal satisfaction, engagement and the ability to make a difference.”

Last year, BMO Bank of Montreal partnered with ChangeIt, a platform that offers Canadians the ability to donate to their favourite charities by rounding up their BMO MasterCard purchases.

“The ChangeIt partnership has helped us offer a more convenient and secure way for our customers to give back, which is especially helpful during the holiday season when giving is on the minds of many Canadians,” said Nick Mastromarco, managing director, North American Retail Payments, BMO Bank of Montreal.

But while Christmas is usually associated with a time for giving, the report also revealed that only 69% of Canadians plan to donate during the holiday season this year, compared to 75% last year.