Canadians are a generous bunch, and we believe in giving back to our communities. According to Caring Canadians Involved Canadians, a national survey conducted by Statistics Canada, almost 22 million Canadians (that's 91% of the population aged 15 and older) made donations to charitable and non-profit organizations between October 1, 1999 and September 30, 2000. The total amount contributed came to more than $5 billion - no small sum.

Thanks to Canada's income tax legislation, these charitable donations didn't just help the charity involved - they also provided the philanthropist with valuable income tax credits. It's a win-win proposition!

Charitable giving can take many forms. Besides writing a cheque, there are a number of other ways Canadians can support their favourite charities. For example, you can:

• donate stocks and bonds that you already own
• leave a sum of money to a charity in your will
• establish a charitable trust
• name a charity as beneficiary on your life insurance policy

These are just a few of the charitable giving strategies available to you, and each one has its unique advantages. Depending on how the gift is structured, one may reduce the amount of annual income tax you pay, while another can help your estate offset capital gains taxes. Your individual circumstances will determine which one is right for you.

81% of Canadians contribute to the nonprofit groups of their choice throughout their lifetimes. But only 7% of people continue that support through a gift in their will. By making bequests and other "planned gifts" through your will you can continue to help organizations that are making an important difference to you and your community.

Here are 10 steps you can take to support your favorite charities:

1. Decide on the charitable organizations that you would like to support.
2. Ask yourself: Can I support these charities now and/or do I want to leave a legacy after I'm gone?
3. If you would like to donate now, review your cash flow to see if you can free up even a small amount to give to your favorite causes. If you set up a regular monthly contribution, you probably won't even feel a pinch.
4. Or consider donating stocks or stock mutual funds that have a capital gain. If you donate publicly traded securities to a registered charity or private foundation, you will not pay any capital gains tax.
5. If you would like to leave a legacy, make sure you have a will and it is up to date. Without a will, you lose the ability to direct how you want your assets to be distributed.
6. Meet with a legal advisor and discuss the best way to leave monies to your favorite charity. This could be a specific dollar amount, specific securities (like stocks which could save on capital gain taxes) or a percentage of your assets. Even if you have children, why not consider leaving a small amount to the causes that are important to you.
7. You can also name a charity as a beneficiary of your RSP, RIF, pension or insurance policy.
8. Or you can transfer the ownership of a life insurance policy to a charity and receive a tax credit for the premiums you pay during your lifetime.
9. If you wish to donate a lump sum of money but still require the capital that money generates, you can establish a charitable remainder trust. You would collect the income for as long as you live and the charity receives the remaining funds at your death.
10. Educate and inform yourself on the best giving strategies for your unique circumstances so you be smart with your money and caring at the same time.

One of the best ways to start taking control of your finances is by educating and empowering yourself about money. The Women's Financial Learning Centre offers a variety of financial planning and money related courses for women who want to learn more about money management, investing and financial planning.

Upcoming events in Vancouver:

Build Your Own Financial Plan
6 week financial coaching program
Feb 13th to April 23rd, 2008 (Every 2nd Wednesday from 6:30 - 8:30 pm)

Upcoming Courses at UBC Life and Career Centre

Investing Basics for Women
Saturday February 23, 2008 from 9:30 am - 4:30 pm

Creating a Healthy Relationship with Your Money
Saturday March 29, 2008 from 9:30 am - 4:30 pm

For more details and to register, contact UBC at 604-882-8585 or www.lifeandcareer.ubc.ca

One of my favorite books on money is called The Soul of Money by Lynne Twist. It is a different and compelling look at the connection between money and leading a meaningful life. In her book, Lynne shares her experience as a fundraiser and global activist living and working amongst the richest and poorest people on earth. She has worked side by side with world leaders like Mother Theresa and the Dali Lama and offers a unique perspective on how to free ourselves from the influences and limitations of our "money culture". She describes how we can transform our relationship to money and live a richer, more satisfying life by shifting our focus from being "they'll never be enough" money accumulators to "I am enough" money "stewards". Lynne's book challenged and inspired me to take a look at my own relationship to money and has been a big influence on the direction of my work as a financial planner and educator. I hope you enjoy the book as much as I did.

Are you looking for unbiased financial advice? One of the reasons that people shy away from using a financial planner is they are afraid that the advice may be biased toward a particular product or service. LifeDesign Financial is a "fee-only" financial planning and education company and we don't receive fees or commissions for financial products or services. Contact us today for a complimentary ½ hour phone consultation to find out how we can help you take charge of your money.

Karin Mizgala, MBA, CFP is the president and founder of LifeDesign Financial, a fee-only financial planning and education company. With more than 20 years in the financial services industry, Karin has worked as a financial educator, financial planner, bank manager, investment advisor and life skills counsellor.

Karin has a passion for educating and empowering individuals who want to take more control of their personal and financial lives. Using a unique blend of financial planning and counselling skills, Karin provides a holistic approach to helping people take charge of their money so they can live more comfortable, balanced and meaningful lives.