FAQ's
About GiveWise 🌟
What is GiveWise Foundation Canada?
GiveWise Foundation Canada is a registered charity with Canada Revenue Agency (registered Charity number: 701032526RR0001). GiveWise acts as a charitable gift-making foundation and establishes Donor-Advised Funds (DAFs) known as Giving Funds.
How does GiveWise fund its operations?
GiveWise charges Giving Fund fees on funds with balances over $25,000 and relies on donors to allocate a small percentage of their Giving Fund to support operations. If donors contribute an average of 3% of their contributions, this helps cover operational expenses. You can support GiveWise directly through the Search Charities page.
Giving Funds 💸
What is a Giving Fund and how does it work?
A Giving Fund is a simple, tax-efficient vehicle for all your charitable giving. It consolidates donations in one place, provides a single tax receipt, and enables grants to any Canadian Registered Charity.
What can I contribute to my Giving Fund?
Contributions can be made using:
Credit cards
eTransfer
Cheques
DAF transfers
Stocks/securities
How do I contribute securities to my Giving Fund?
Email donations@givewise.ca with details about the securities you wish to contribute. Instructions will be provided for completing the contribution.
Is there a fee for making a contribution?
No fees for cheque or Interac eTransfer.
Credit card contributions: 2.2% fee + $0.30 per transaction.
Fees for complex contributions may apply and will be communicated in advance.
Can I withdraw money from my Giving Fund once I have contributed?
No. Contributions to a Giving Fund are irrevocable donations and become the property of GiveWise Foundation Canada. Funds can only be gifted to canadian Registered charities.
Is there a minimum contribution amount?
No, there is no minimum required to open or maintain a Giving Fund.
Where can I find my tax receipt?
Log in to your Giving Fund
Go to the Tax Reciepts tab on the navigation bar
Click to download tax receipts by year.
Gifts To Charities 🎁
What is a gift?
A gift is the term used when funds are allocates to a registered Canadian charity by a Giving Fund holder from their Giving Fund.
How does GiveWise approve a gift?
Gifts are reviewed to:
Confirm the registered Canadian charity is in good standing with the CRA.
Ensure the gift will be used solely for charitable purposes without providing more than an incidental personal benefit to the donor or related parties.
Can I cancel a gift if I made an error?
Any gifts in Pending state can be cancelled from within the GiveWise platform. In order to cancel a gift that is in "Approved" state, please contact support@givewise.ca and we will make our best effort to cancel but we cannot guarantee this is possible.
Why is my gift in Pending state?
The gift has not been reviewed and approved yet. This can take one business day to complete.
Which organizations can I send gifts to?
Gifts can be sent to any registered Canadian charity in good standing with the CRA. To find charities, use the CRA database search tool on the GiveWise under the Give tab of the navigation bar.
Can I give anonymously?
Yes. Select "I wish to remain anonymous" when making a gift and GiveWise will not share your name or contact information with the charity.
Can I specifically designate my funds to a person or project within a charity?
Yes, use the "Purpose of Grant" option to designate funds. For example, you can specify a child sponsorship by entering the child’s name and ID number in the note field.
Is there a minimum gift amount?
GiveWise encourages a minimum gift amount of $20.
How quickly will a charity receive the funds gifted to them?
Gifts are processed weekly. Charities with Direct Deposit information receive funds within 2–9 business days. Charities that have no set up direct deposit yet may take longer.
Investments 📈
How do I invest contributions in my Giving Fund?
Funds over $25,000 can be invested for tax-free growth. Contact support@givewise.ca for more information.
How do I change my investment allocations?
Contact support@givewise.ca to edit your allocations.
How do I transfer funds to my Giving Wallet balance?
To liquidate investments for granting, contact support@givewise.ca.
How will investment gains and losses affect my fund?
Investment gains and losses impact the total fund balance but have no effect on tax-deductible contributions.
Do I have to report taxes on my fund's investments?
No. Because the contributions are owned by GiveWise Foundation Canada, gains and losses do not impact your taxes.
Do I have other investment options?
Contact support@givewise.ca to learn about all available investment options.
Additional Information 📞
For any questions or support, please contact:
Email: support@givewise.ca
Phone: 604.302.1760
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