By Diana Orlic

Names such as Bill Gates or Warren Buffett often come to mind

when people consider philanthropy

, but philanthropy is not just for the ultra-wealthy because everyday Canadians who want to make a difference can also give in many different ways.

From

financial donations

to volunteering time, a meaningful contribution is defined by intent, not by amount.

Whether giving a few extra dollars at the checkout,

donating monthly or annually

to a

local charity

or shelter or setting up a

long-term charitable fund

, philanthropy can enrich your life and

align your finances with your values

when approached with purpose and proper planning.

The desire to give back is admirable, but determining where to begin — and how much to give —

without impacting other financial priorities

can be challenging.

The first step in giving meaningfully is to identify where you want to make an impact. Everyone has causes that resonate deeply; perhaps it’s a long-standing tradition of volunteering at a local food bank or a wish to support an organization that provided help in a time of need.

Forming a short “giving statement” can help clarify your priorities. State the causes you value and create a detailed reflection of your overall principles and goals. As your life changes, your giving statement can evolve, too.

Once you determine what matters most to you, it becomes easier to decide what to give, where to give and how much to give.

Don’t underestimate the power of small contributions; focus on purpose. Even a modest giving budget can make an impact.

Many charities depend on the collective strength of modest donations. While $20 a month may not seem significant on its own, thousands of people doing the same can create considerable change.

Integrating philanthropy into your financial plan

Like any other financial commitment, such as saving for a home or retirement, charitable giving should be intentional, sustainable and aligned with your overall financial plan.

Some Canadians dedicate a percentage of their net income to charitable causes, while others may find that a set dollar amount works better for their situation. A financial adviser can help you determine how much you can give comfortably, identify tax-efficient strategies and ensure that your generosity complements your retirement and estate planning objectives.

For those looking to give strategically, donating publicly traded securities or mutual funds allows you to avoid paying capital gains tax while maximizing the value of your donation.

Instead of selling the investment, paying tax on the gain and then donating the after-tax proceeds, you can transfer the shares “in kind” to your registered charity of choice. The organization receives the full market value of your donation and you receive a charitable tax receipt for the same amount. A win-win outcome for both parties.

Another option is to establish a donor-advised fund (DAF), which acts like a charitable investment account and offers a flexible, structured way to give. You receive an immediate tax receipt for the full amount when you contribute to a DAF and you can then choose when and how to allocate grants to your chosen charities — provided you meet minimum distribution requirements. The funds can also be invested and grow while you decide where to direct your giving.

However you choose to give, be sure to keep your donation receipts to help reduce taxes and maximize your impact.

The gift that keeps on giving

Philanthropy often begins as a reflection of family values. Whether it is a shared cause with personal meaning or a tradition of community involvement, giving can bring families together.

Families often encourage children to research and present a charity they would like to support, while others hold discussions about which causes to prioritize. These activities encourage empathy, gratitude and financial literacy, helping children understand how money can reflect values and drive change.

Family discussions about generosity often lead to broader conversations about purpose. Over time, these conversations can grow into family traditions and shared values that are passed down to future generations.

Parents often focus on giving financial gifts to their children, but a more enduring legacy comes from showing them how to use money with purpose. Children learn that wealth can be a tool for creating good, not just a measure of success, when they see generosity in action through small acts of kindness, regular donations or community involvement.

Thoughtful giving reminds us that every contribution, no matter the size, helps shape the kind of world we want to live in. The true legacy of giving is found in both the dollars we leave behind and in the values we pass forward. It is the mindset of gratitude, empathy and responsibility that endures long after the gift itself.

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Diana Orlic is a senior investment adviser, senior wealth adviser and senior portfolio manager at Richardson Wealth.