Below are commonly asked questions about GiveClear and Donor Advised Funds (DAF's).
If you have any questions not listed here please contact us and we will be happy to answer any of your questions.
GiveClear Foundation Canada is a registered charity with Canada Revenue Agency. It acts as a charitable grant making foundation, and establishes Donor Advised Funds. Your Giving Fund is established within GiveClear Foundation as a Donor Advised Fund.
You will be emailed a confirmation of your contribution as soon as your payment clears. You can then download a tax receipt at any time from your fund on the GiveClear website. For your convenience, we can give you a single, consolidated receipt for all of your contributions in a given tax year.
There is no cost to open and maintain a Giving Fund under $250,000. No minimum contribution is required.
A Giving Fund with a balance of $250,000 or more is advantageous because the fund will grow due to the DAF balance being invested. This means you will have more to grant out to charities, tax free! DAFs of over $250,000 are charged an expense recovery amount. Contact us for our competitive structure.
If you choose to contribute with a credit card, there is a fee assessed against your Giving Fund of 2.9% + $0.30, which reflects the costs of our credit card processor. Contributing by other methods involves no fee, and giving out of your fund is always free.
Your contribution is an irrevocable donation into your Giving Fund - this is why you are able to get a tax deduction at the time that you make your contribution. Any monies distributed from your fund must be designated to a registered Canadian Charity.
You can allocate funds to any Registered Canadian Charity in good standing with the CRA. We provide a search of the CRA database of charities to make it easy for you identify the ones you want to allocate to.
You can choose to make any or all of your distributions anonymously. If you choose to be anonymous, GiveClear Foundation will not share any information about you with the charity receiving the gift. Because all updates run through the GiveClear platform, you can still follow the progress of the gifts and stay anonymous to the charity.
While GiveClear exists to help more people give more money to more charities, we are a Canadian Registered Charity ourselves.
So what does this mean? It means that we rely on the generosity of people like you, our donors! Some amazing people were generous enough to invest the seed money to get GiveClear started through a significant donation, but we need to keep moving forward, and that requires resources.
We charge small expense recovery amounts to Donor Advised Funds (DAFs) of over $250,000, in order to administer the investment of these funds so they will grow and the Donors will have more money to allocate. However, these amounts do not cover all of our costs, and so we humbly ask that you would consider allocating a percentage of your overall GiveClear Giving Fund to us. If our donors gave an average of 3% of the amount of their contributions, this would supplement GiveClear Canada’s operations and help us to keep spreading the generosity to more and more Canadians.
Will you invest in GiveClear Foundation Canada? If so, please do so through our Project, or directly through the Charities page.
We have made it very easy to designate your contribution to a particular aspect of a charity, by adding a simple Note Field in the Dialogue box that opens as soon as you choose “Give Now” to a charity.
Have a recurring child sponsorship with a charity? Simply enter your sponsor child’s name (and ID number, if applicable) in the Note Field, and the charity will be directly notified when they receive the funds.