We often hear the word philanthropy, but what does it actually mean? Is it only for the very wealthy? Is it the same as charity? Here is a simple definition, the different forms philanthropy can take and a few concrete ways to get involved in the Laurentians.
What is philanthropy? A simple definition
The word philanthropy comes from the Greek philos, “friend,” and anthrôpos, “human being.” Being a philanthropist literally means being a friend of humanity.
Today, philanthropy refers to all the actions taken voluntarily, with no expectation of return, to improve the well-being of a community: giving money, but also time, skills or goods to a cause close to your heart.
Philanthropy or charity: what is the difference?
The two words are often used as synonyms, but a distinction is generally made:
- Charity meets an immediate need: feeding a family this week, providing a roof for the night.
- philanthropy aims for the long term: tackling the root causes of a problem, strengthening organizations and building lasting solutions.
Both are essential and complementary. A healthy community needs both quick responses and lasting support.
Do you have to be rich to be a philanthropist?
No. Philanthropy is not about the amount, but about intention. A monthly donation of a few dollars, a few hours of volunteering or an accountant’s expertise offered to an organization are all philanthropic gestures.
What matters is choosing a cause, getting involved and, ideally, doing so over time.
The different forms of philanthropy
Gifts of money
This is the best-known form: a one-time or monthly donation to an organization or a fund. Donations to a registered charity entitle you to a tax receipt.
Gifts of time and skills
Volunteering, serving on a board of directors or sharing expertise (management, accounting, communications) are valuable ways to support an organization. To go further, read our article Philanthropy is also about giving your time!
Planned giving
Planned giving is part of your financial or estate planning: a bequest in your will, a gift of publicly traded securities, a gift of a life insurance policy. It often allows you to give more while enjoying tax benefits. Discover our planned giving services.
Endowment funds
Creating an endowment fund is a bit like having your own foundation, without having to manage it. The capital is preserved and invested, and its income is given each year to the chosen causes. Your gift keeps doing good, year after year. To learn more, see the page Funds.
Community philanthropy: giving here, for here
A community foundation brings together donations from people, families and businesses in the same region to provide lasting support to organizations in that area. There are more than 200 across Canada, united within Community Foundations of Canada.
Philanthropie Laurentides is the community foundation of the Laurentians. Since 2011, it has helped donors create funds that last and supported organizations throughout the region, from Sainte-Thérèse to Mont-Laurier. The funds are managed responsibly, according to environmental, social and governance (ESG) criteria.
How to get started?
- Choose a cause close to your heart: education, youth, the environment, culture, health, fighting poverty…
- Decide on the form of your commitment: one-time donation, monthly donation, volunteering, planned gift or creating a fund.
- Talk to your loved ones and your advisors : a notary, accountant or financial planner can help you choose the most advantageous option.
- Take the first step : a first donation, however modest, is already a philanthropic gesture.
Take action in the Laurentians
Would you like to support a cause in the region or create your own fund? Make an online donation to one of our funds, or let’s talk about your philanthropic project. Our team is here to help.