More Given by Less
Stats Canada reported an increase in the total amount that tax-filers reported as charitable donations (in 2007). However, fewer people gave that money.
Canadian tax filers reported making charitable donations surpassingÂ $8.6Â billion inÂ 2007, upÂ 1.4% fromÂ 2006. At the same time, the number of donors fellÂ 0.9% to just underÂ 5.7Â million. Data are based on income tax returns filed forÂ 2007.
I am happy to see that I am above the Median of $250 for givers (i.e. I am in the upper half). Remember, with the holiday season coming that means your fiscal end of the year is coming for charitable donations, and you might want to think about giving a little more?
More Given by More
We see a different picture when we look at the Stats Canada data on RRSP contributions by Tax-filers.
Just under 6.3Â million tax filers contributed to registered retirement savings plans (RRSP) in 2007, upÂ 1.6% fromÂ 2006. Their contributions rose by 5.3% toÂ $34.1Â billion. These data are based on tax returns filed for 2007.
More money going into Mutual Funds and such, the data for this year will be exciting, given the stories of Mutual Fund flush outs (i.e. folks selling big time), what this might show in the RRSP world. I have given more than any other year this year, but that has more to do with my layoff than any other reason.
The RRSP silly season doesn’t start until February, but you could put more money in now, and it would have longer to start growing? Just a thought.
End of Year Financial Plan
Do you have an end-of-year plan for your finances? It might be time to figure out what needs to get done before December 31st since it is usually hard to get anything done after December 15th. I have pointed out RRSP, but remember the TFSA is coming too. How will that change next year’s plans? The TFSA may well cause a significant change in how Canadians save, let’s hope.