Look through our list of Frequently Asked Questions to find an answer:
A Donor Advised Fund (DAF) is a charitable fund where each donor sets up an account within a Charitable Foundation to keep track of their donations to the Foundation and disbursements to selected charities of their choice. A deposit to an account is an irrevocable donation to the Charitable Foundation and is entitled to a charitable tax receipt.
The Veritas Foundation Giving Fund is a Donor Advised Fund. It allows each donor to set up an account when the donor makes an initial donation to the Veritas Foundation, and a charitable tax receipt is issued for that initial donation. Any subsequent deposits to that account are also considered as irrevocable donations and will receive a charitable tax receipt.
Donors who set up an account can make recommendations to the Veritas Foundation as to which charities should receive awards and grants from their account.
The Veritas Foundation uses a pooled, unitized system of administering each account so that it can keep track of the deposits and donations made to the account, and the withdrawals to recommended charities supported by the account.
This process of administering each account allows the donor to see the direct impact of their charitable giving. The Veritas Foundation and the donor can monitor the donations made to the Foundation, the remittances to recommended charities made by the donor, and any increase or decrease in the market value of the deposits made to the account. Over time, this gives a clear picture to the donor the total impact their charitable activity is having.
You can choose any name for your Veritas Foundation Giving Fund account, but it cannot contain the word Foundation. Some naming examples are: The Jane Doe Giving Fund, The Smith Family Charity, The ABC Company Community Project, The Hockey Players of Windsor Scholarship. If you ever have any questions on how to name your account, or would like some help, please feel free to contact us.
If you want to create a scholarship for your account, the proceeds will go directly to the school that the scholarship recipient is attending. The Veritas Foundation will direct the school to apply the proceeds to the tuition or other costs attributed to the student. The Veritas Foundation cannot remit the payment directly to the student.
You can direct your giving to go to any eligible entity recognized by Revenue Canada. For example, you can give to a University outside of Canada if the student body includes Canadian students. Similarly, you can give to a charity located outside of Canada if the Federal Government itself has given to that charity in the current or previous year. If you would like to know about a specific charity outside of Canada, please call us and we will find the answer.
Yes, others can make deposits to your account. These deposits are irrevocable donations, and each depositor will receive a charitable tax receipt for their deposit.
You can have family, friends, employees, and others who support your charitable activities make deposits directly to your account at any time. They can make those deposits online using the Additional Donations Form located HERE.
Yes, you can set up a Pre-Authorized Chequing deposit to your account at any time. You can find the setup form for this HERE. There are no minimums, and a tax receipt will be issued for each deposit to the account.
No, there is no minimum to any additional deposits made to your account after it is opened. You can make additional donations of any amount at any time, and a tax receipt will be issued to the individual who makes the deposit to the account.