­­­­Welcome to Millennial Money Canada!‍

A newsletter to help you elevate your financial literacy so you can live well, build wealth, give generously, and leave a legacy you’re proud of.

In this issue, we’re diving deep into the world of charitable giving with John Bromley, founder of Charitable Impact. We explore how giving can be both impactful and tax-efficient, and how Canadians can take advantage of donor-advised funds (DAFs) to make a difference.

The Journey to Charitable Impact

John Bromley didn’t plan to become an entrepreneur. After studying commerce at McGill and working in corporate finance, he realized the path wasn’t aligned with his true strengths. He pivoted into the charitable sector by working with his father, a charity law expert, and soon discovered a major gap in the market—while many people want to give, they don’t always know how to do it effectively.

That realization led to the birth of Charitable Impact, a platform designed to make giving easier, more strategic, and accessible to everyone. Today, they’ve helped facilitate over $1.5 billion in donations and continue to empower Canadians to give with purpose.

Why People Struggle to Give

Despite Canada being a country of generous people, many still struggle to incorporate philanthropy into their financial plans.  

The biggest challenges include:

Not knowing where to give – With 86,000+ registered charities in Canada, it can feel overwhelming to choose.

Uncertainty about tax benefits – Many donors miss out on valuable tax incentives.

Inconvenience – People want to give but don’t always act on it because the process feels cumbersome.

Charitable Impact helps bridge these gaps with their Impact Account, a donor-advised fund that allows individuals to contribute at their own pace and allocate donations over time.

What Is a Donor-Advised Fund (DAF)?

A Donor-Advised Fund (DAF) is like a bank account for charitable giving.

Here’s how it works:

• You donate cash, stocks, real estate, crypto, or other assets into your account.
• You get an immediate tax receipt for the full donation amount.
• You decide when and where to distribute the funds to registered charities over time.

This means you can separate the decision to give from the decision of where to give—allowing for more intentional and strategic philanthropy.

Maximizing Tax Benefits with Strategic Giving

Did you know that donating publicly traded securities is one of the most tax-efficient ways to give?  

Here’s why:

Normally, selling stocks triggers capital gains tax on the profit.

But if you donate the shares directly, you avoid the tax AND receive a tax receipt for the full market value.

This means more money goes to charity, and you keep more in your pocket.

Example: If you invested $100,000, and it grew to $200,000, selling would trigger $50,000 in taxable gains. However, donating the shares eliminates the tax and provides a $200,000 charitable tax receipt!

Teaching Kids About Giving with Charitable Allowances

One of the most powerful ways to build financial literacy and generosity is by introducing kids to charitable giving early.

John shared his experience of giving his children $10/month in their Charitable Impact accounts to teach them about:

• Decision-making with money
• Social responsibility and empathy
• Researching causes they care about

It’s a great way to instill generosity in the next generation while making philanthropy an ongoing habit.

How to Get Started with Charitable Giving

If you’re looking to incorporate giving into your financial plan, here’s how you can get started today:

• Open an Impact Account – It’s free and takes just a few minutes.
• Start small – Even $5/month builds momentum.
• Make tax-efficient donations – Consider stocks or other assets.
• Set giving goals – Think about causes that align with your values.
• Talk to a Financial Planner – Work with us to make giving a key part of your overall financial strategy.

📌 Learn more: Charitable Impact Website

Charitable giving isn’t just about tax benefits—it’s about making a real impact in the world on your own terms. Whether you’re donating cash, stocks, or just learning about the options, now is the perfect time to start.

Best,

Guillaume Girard, CFA CFP | Sam Lichtman, CFP
Millen Wealth Advisors

P.S. Want to make giving a bigger part of your financial plan? Let’s chat about how we can incorporate philanthropy into your wealth strategy. Book a free consultation today!

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