Benefaction’s 2024 Annual Report
A look back on a year of partnership, purpose, and generosity.
A Word From Our Founder & CEO
Nicola Elkins
TEP, CFRE, MFA-Philanthropy, MSc – Founder & CEO
In 2024 Benefaction made over $80.8M in grants to registered charities and qualified donees across the country. We received over $250 million in donations from new Donor Advised Funds or existing Funds. As of December 31st, 2024, we had over $796 million in assets – all invested for future charitable purposes. And Benefaction’s charitable disbursement rate was an impressive 19.3%, well above the 5% disbursement quota imposed by CRA.
2024 was a record year, although Benefaction has been growing steadily over the last decade. Since the foundation’s inception in 2008, we have received over $1.9 billion in donations, thanks to the generosity of our donors, their advisors and our partner firms. This success has been experienced across many organizations specializing in Donor Advised Funds, largely because gifts of publicly listed securities continue to increase given the tax benefit of the elimination of capital gains on donations of these securities in-kind – 88% of our 2024 donation dollars were from gifts of securities.
This pattern is great news for foundations like us, where gifts of securities are common. However, the charitable sector overall is experiencing a 30-year pattern of decline in the percentage of Canadians claiming donations on their tax returns, with a shrinking number of donors donating larger amounts.
Percentage of Canadians Claiming Donations on Their Tax Returns
Data Points: Canada Helps | Statistics Canada
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Why is this happening?
Studies show that financial constraints are a key factor contributing to the annual decline in donors, and the widening gap in equality. This makes it harder for the average Canadian to prioritize chartable gifts as part of their annual budget.
A strained charitable sector can’t support the weight of current and future needs.
While the number of people donating has decreased, the number of people seeking help has soared. 1 in 5 Canadians used charitable services to meet essential needs in 2023. And almost 7 in 10 said they were doing so for the very first time.
Canadians are facing several challenges: mental health, housing and food affordability, the opioid crisis, and an aging population whose need for additional services is putting a great strain on an already stretched healthcare system.
So, what do we do?
We are calling on our donors to continue to build on the work we’ve done this year. At Benefaction, we require each Donor Advised Fund to grant a minimum of 5% of the fund’s average asset value.
Despite our minimum, I continue to encourage our donors to give even more from their Fund. Particularly in these years when we are experiencing difficult times and uncertainty. Collaborate with your friends and share your charitable interests. Advocate for the causes you care about most. Reach out to the organizations you already support, or those in your community and ask what they need.
Donor Advised Funds (DAFs) have grown dramatically in the last decade and we have amassed substantial assets that are destined for the charitable sector. Recognizing that one of the benefits of DAFs is the continued growth of charitable assets over time, I know that even a modest increase in disbursements from our donors could have a material impact in helping meet the growing needs of fellow Canadians.
In closing, thank you to our donors for engaging in charitable giving through your Donor Advised Fund at Benefaction. We are grateful for your generosity and want to continue to encourage you to expand the scale and scope of your giving to encourage a stronger Canada for us all!
2024 Highlights
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Disbursement Quota of 19.3%
In 2024 our disbursement quota for the foundation overall was 19.3% almost four times the CRA requirement. At Benefaction, we apply CRA’s disbursement quota to each individual Fund to ensure all Funds are active in supporting community needs across the country and beyond.
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Granted out over $80.8M dollars
We issued grants to 3,047 different organizations across the country. Total grants (in dollars) was up from $56.3M in 2023.
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Ranked #16 on the 2024 equitable funders list
Benefaction Foundation has been recognized for its commitment to equity and inclusion by ranking 16th on Canada's 2024 Top 50 Equitable Funders list. This annual ranking highlights organizations that demonstrate notable progress in promoting equitable funding practices and fostering positive social change.
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Opened 279 new Gift Funds for a total combined value of over $118M
In 2024, Benefaction Foundation significantly expanded its philanthropic reach by establishing 279 new Donor Advised Funds (DAFs), amassing a combined value exceeding $118 million. This growth underscores Benefaction's commitment to facilitating strategic charitable giving across Canada.
Our Funds at a Glance
These figures reflect our growing community of fundholders and their continued commitment to thoughtful giving.
1,432
Active Gift Funds
(as of Dec 31, 2024)
$11,378
Average Grant Size
(+$2K YoY)
$1.61M
Average Fund Size
$2,000
Median Grant Size
Most Frequently Supported Charities in 2024
110 Grants
67 Grants
58 Grants
52 Grants
42 Grants
106 Grants
41 Grants
36 Grants
71 Grants
Rooted in Purpose
At Benefaction, we help Canadians give with purpose.
We believe that giving should be personal, intentional, and impactful—and we’re proud to work with individuals, families, and organizations to bring their philanthropic visions to life.
Stories of Impact
Reciprocity Fund
As a settler philanthropic organization in Canada, Benefaction recognized the systemic inequalities that pervade our society, including the philanthropic sector. The Reciprocity Fund was established in 2022 and is designed to support underfunded communities in Canada by supporting organizations with dedicated teams and boards who are experts in understanding the needs and mobilizing resources to these communities. We believe the selected organizations are best equipped to empower their long-underserved communities through philanthropy. Benefaction makes these grants without designations, placing our full trust in the grant recipients.
Below are the 2024 Recipients, as agreed by the Board, for a total allocation of $150,000.
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The Canadian Women’s Foundation is Canada’s public foundation for gender justice and equality. They advance this by growing support for grassroots feminist action, partnering with communities and organizations to improve conditions, and building diverse leadership and knowledge for sustainable change. Their vision is that every woman, girl, and gender-diverse person has the power, safety, support, and rights to thrive, today and tomorrow.
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Foundation for Black Communities (FFBC) is Canada’s first-ever philanthropic foundation dedicated to investing in Black communities. FFBC was created for, and driven by, Black communities in Canada; it exists to ensure their flourishing and self-determination. Their vision is a future where Black communities in Canada have the resources, organizations, and influence necessary to shape their own solution making and self-determination.
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Grounded in the values of the People served, Indigenous Peoples Resilience Fund honours the voice of Indigenous communities and organizations. Specifically, this Fund was established to support Indigenous Led frontline, on the ground, not for profits without charitable status organizations in communities. Their vision is within the relations of all - to live well.
Financial Summary
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$256+ Million Donated
Thanks to the generosity of new and existing donors, Benefaction received almost $257 million dollars in donations in 2024. That is well over the $136 million received in 2024. 88% of the 2024 donations were made in the form of publicly listed securities.
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69% Increase in Grants
Year-over-year, Benefaction experienced a record increase in number of grants. In 2024 we issued 7,012 grants to over 3,000 charities!
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Over $796 Million in Total Assets
Despite our impressive grant making of over $80 million in 2024, Benefaction ended 2024 with an astounding total asset pool of over $796 million. These funds will ultimately go to charities across the country.
Our Board of Directors
None of what Benefaction accomplished in 2024 would have been possible without the support of our dedicated Board of Directors.
Brad Offman
President
Founder & Principal of Spire Philanthropy and Founder & CEO of Greater Purpose
Secretary/Treasurer
VP, Financial Reporting & Assurance Standard at CPA Canada
Stephenie Fox
Melanie Yach
Director
Partner at Aird Berlis
Director
Portfolio Manager & Founder of Forterra Investment Management
Robert Gignac
Director
Executive Director & Partner of The Donor Motivation Program and Head of Philanthropic Services For CI Assante Wealth Management
Serena Hak
Looking Ahead
2024 was an incredible year marked by record donations in, and record grants out to charities across the country thanks to Benefaction's generous donors. As we move into 2025, we remain committed to making giving easier, more strategic, and more human. Our goal is to help our donors engage in strategic philanthropy, and ultimately to get funds into the hands of those who need it most.
Let’s Chat
83 Harbord St.
Toronto, ON M5S 1G4
1-866-910-8227
info@benefaction.ca
Charitable Registration No. 80421 3759 RR0001