We need the philanthropic community to play a stronger role in addressing the inequalities that exist in our city that lead to violence. Foundations across Canada have amassed over $120 Billion in tax-payer assets, designated solely for charitable purposes. We need significant philanthropic reform to ensure that these tax-payer assets are serving communities in need.
The exploitation of Canadian tax law has allowed Charitable foundations to hoard over $120 billion dollars in charitable assets. If distributed, this money would create transformative change in providing security and proper access to opportunities and long term resources to underserved communities.
Justice Fund is calling for the Government of Canada to introduce legislative changes to the Income Tax Act to ensure the philanthropic sector is more equitable and accessible.
Increase the disbursement quota from 3.5% to 10% immediately.
Lift the restriction on non-qualified donee.
Require all Canadian foundations to redirect their assets towards 100% impact investments by 2030.
Introduce mandatory spend-down requirements for all newly registered foundations in Canada and introduce guidelines to grandfather all existing foundations to spend their assets within a 30-year deadline.
Require a disbursement quota for each individual donor-advised fund (DAF).
Provide matching 1:1 incentives to foundations that transfer up to 3.5% of their capital assets to Black-led, Black-mandated, Black-serving and/or Indigenous-led public philanthropic foundations.
We need to re-think how we can support frontline organizations and accelerate our impact at scale. By making an open-ended and comprehensive commitment to communities in conflict with the law, we can help reduce violence, improve economic well-being, and create equitable access to opportunities these communities so desperately lack.