Resource Movement is helping Canada’s wealthy millennials learn how to redistribute their wealth. Could this be the next great trend in philanthropy?
Meetings usually begin with a “money story.” Tonight, it’s Ben Waitzer’s turn. “I was always told we were comfortable,” Waitzer tells the other millennials resting their elbows on the picnic table outside a café in Toronto, as he brushes away stray grains of rice from the takeout containers of chana masala and palak paneer. “Not crazy rich like other people.”
Some new members come in recounting how their families succeeded through hard work and wise investments, or how their ancestors came to this country with nothing but the clothes on their backs. Through monthly meetings and workshops, members learn to retell their money stories: by identifying who was hurt by their families’ accumulation of wealth.
Gray-Donald grew up in Toronto’s wealthy Rosedale neighbourhood with a portrait of his great-great-grandfather hanging above the dining room table—an engineer for the Canadian Pacific Railway. “He was the engineer-in-chief of the CP system starting in 1890, five years after the transcontinental line was finished, which had been made in part through the genocidal actions of the government led by Prime Minister John A.
The Trottier Family Foundation has an endowment of $164 million, and Claire, now 39, is an active board member. Her father has already pledged to donate over half his wealth, but the foundation historically supported the big institutions—universities and hospitals. In the past decade, Trottier and her sister Sylvie nudged the family toward combatting the climate crisis. Initially, Lorne was not convinced.
At the chapter meeting where Ben Waitzer told his money story, he reminded everyone to sign up for a slot in the upcoming video shoot for the group’s inheritance tax campaign. The idea is to record as many members as possible asking for a tax that flies in the face of their self-interest . Both the U.S. and the U.K. impose tax on inheritances over $15.5 million per spouse and $584,000 total . But in 1971, Canada abolished its inheritance tax at the federal level, and the provinces followed.
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