\u0027The absolute minimum\u0027: A growing chorus of experts have called for an increase to avoid excessive wealth accumulation by charities
Every year, charities are obliged to spend a minimum amount in order to keep their charitable status with the Canada Revenue Agency , called the disbursement quota.But a growing chorus of experts in recent years have called for an increase to anywhere between five and 10 per cent over to avoid excessive wealth accumulation, particularly by some of Canada’s largest charitable foundations.
In the federal 2022 budget published Thursday, the Liberal government announced It was finally increasing the quota to five per cent, but only beginning in 2023, and only on the value of assets that exceed $1 million. The move was welcomed by Philanthropic Foundations Canada, whose president and CEO said in a statement that it will “lead to an injection of crucial funding into communities, while ensuring funding remains available for granting over the long term.”
In their submissions to government on the issue back in the fall, CI said 22 per cent of Canada’s 72 largest private foundations did not meet the 3.5 per cent quota in the first year of the COVID-19 pandemic.
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