The benefits of generosity are greater than you think.
When you think of being generous, initially you may think the benefits of giving are for the recipient. While this is true, the benefits can be significant for the giver as well. Research has demonstrated the following benefits for the giver.
Studies have found that people who are generous are healthier
Remarkably, studies also found that people who are generous have lower activity in their amygdala. A highly active amygdala results in higher anxiety.
Studies have found that regular, small acts of generosity towards others results in healthier relationships.
Those who are generous financially receive significant tax deductions in Canada. After the first $200 of donations in a year, you receive a reduction off your income at the highest marginal tax rate even if you aren’t in the highest tax bracket.
The Canadian government also lets you donate shares of publicly traded companies in kind to a charity. When doing this, you get the donation credit for the full amount of shares at the time of donation and you don’t pay tax on the capital gain of the shares donated. Double bonus.
The government recognizes the incredible benefit charitable organizations bring to society through tax breaks for donations that are better than any other tax incentive.
They say to save the best for last, right? Studies have found that people who are generous seem to live longer than those who are not.
It is important to clarify that generosity doesn’t have to be being generous financially. It can be serving others or volunteering for a cause important to you.
Be Generous! It’s good for others and it’s good for you!
References:
https://www.medicalnewstoday.com/articles/322940?c=1101852366524
https://www.huffpost.com/entry/generosity-health_n_4323727
https://health.clevelandclinic.org/why-giving-is-good-for-your-health/
Connect Wealth is an independent financial planning firm that offers holistic advice to clients based on their current goals and future aspirations. We use well-established workflows and cutting edge technology to maximize planning efficiencies while simplifying the process for clients. Learn how you can maximize your financial opportunities at www.connectwealth.ca
Are RRSPs overrated?
For many years RRSPs (Registered Retirement Savings Plans) were viewed as the best option available for retirement savings. However, the truth is that there are several variables to consider for your best investment options.
Here is a short list of questions to ask yourself:
(more…) Read more
The Registered Disability Savings Plan (“RDSP”) is one of the least talked about Registered Savings Plans on the market today. To be honest, this plan is becoming more recognized because the Government of Canada is marketing the plan for Canadian’s with a disability. In the past, RDSP’s have flown under the radar; however, throughout the past year, more and more people have been asking about it.
It is a little more complicated than your typical RRSP or RESP.
How to safeguard your retirement…
Have you ever been scuba diving? With scuba diving, you need to plan your dive, how long, what depth, do you have the right gear, etc. If you make a big mistake there are no do overs, it could cost you your life. Retirement planning is similar, you only get one shot at it and the difficulty is, people will only do it once in their lifetime. Fortunately, as a planner we get to experience retirement many times over as we walk alongside our clients.
For people that are in the building phase (ages 30-55) and those that are in their final approach to retirement (ages 55-65), it is crucial to make sure that certain key elements have been looked at. Read more
What’s All the Hype About?