Benefaction’s 2025 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
2025 marked an extraordinary chapter in Benefaction's evolution. We realized a remarkable achievement reaching $1 billion in charitable assets and as I write this note, we know that in 2026 we have disbursed over half a billion $ in charitable grants since we started this journey. With 339 new donor-advised funds established — our largest single-year intake — Canadian donors increasingly turned to Benefaction to structure their charitable giving with purpose, tax efficiency, and flexibility.
Our open-architecture model means donors don't have to choose between their trusted advisor and their philanthropic goals. By integrating with 40+ investment firms across Canada, we've made it seamless for wealth advisors to help their clients give more strategically.
For an increasing number of our donors, philanthropy is a multi-generational commitment. Through life insurance designations, bequests, and endowed gift funds, Benefaction helps families turn today's generosity into tomorrow's legacy.
These numbers represent far more than financial success—they reflect vision, generosity, and a shared commitment to making a meaningful difference in the lives of others. All of our donors, partner firms, advisors, consultants, friends and colleagues have played a part in this journey: by endorsing our mission, lending their support, contributing their work, or simply offering encouragement when it mattered most. We celebrate these milestones not as ours alone, but as a shared accomplishment. Thank you for helping us reach this moment, and for inspiring what comes next.
I also wanted to tell you more about how Benefaction Gives Back. The Philanthropy Fund was established in 2017 as a discretionary fund for the Board of Directors. It supports organizations that promote philanthropy and charitable gift planning by fostering knowledge development and encouraging good practice and collaboration in the charitable sector. And The Reciprocity Fund was established in 2022 to acknowledge the systemic inequalities that pervade our society, including in the philanthropic sector. Many organizations that have been significantly underfunded in Canadian philanthropy for years. We believe its grantees are best equipped to empower long underserved communities through philanthropy. Combined these funds have granted over $1 million to date and we intend to grow that.
2025 Highlights
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Disbursement Quota of 16%
In 2025, our disbursement quota for the foundation overall was 16%, over three 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 $92M dollars
We issued 9,360 grants to over 3,600 different organizations across the country. Total grants (in dollars) was up from $80.8M in 2024.
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DAF Working Group
Our CEO Nicola was one of the co-chair's of CAGP's DAF Working Group. This group created a comprehensive look at how DAFs are shaping the future of charitable giving in Canada, and companion resources for each audience impacted by DAFs. Benefaction is committed to making DAFs more accessible and being the best partner we can for the charitable sector.
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Opened 339 new Gift Funds for a total combined value of $153M
In 2025, Benefaction significantly expanded its philanthropic reach by establishing 339 new Donor Advised Funds (DAFs), amassing a combined value exceeding $153 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
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
Philanthropy Fund
This Fund was established to support organizations who promote philanthropy and charitable gift planning by fostering knowledge development and encouraging good practice in the charitable sector.
2025 Awards, as agreed by the Board:
$80,000 to Canadian Association of Gift Planners
$25,000 to the Lawson Foundation for the Collaborative Fund
$25,000 to Carleton University directed to the Nonprofit Leadership Program (MPNL)
$12,500 to Imagine Canada
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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$273+ Million Donated
Thanks to the generosity of our new and existing donors, Benefaction received over $273 million dollars in donations in 2025. 82% of the 2025 donations were made in the form of publicly listed securities.
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33.5% Increase in Grants
Year-over-year, Benefaction experienced a record increase in the number of grants. In 2025, we issued 9,360 grants to over 3600 charities!
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Over $1B in Total Assets
Despite our grant making of over $92 million in 2025, Benefaction ended 2025 with an astounding total asset pool of over $1 billion. These funds will grow and go out 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
2025 was an incredible year, most notably with our record breaking amount of grants out to charities across the country. In 2026, we're looking at ways to improve our grant processing to ensure funds get to their designated organizations sooner, supporting our charity partners with resources and DAF conversations, and continuing to break records with our giving. Our goal is to support the Canadian philanthropic sector in every way we can.
Let’s Chat
83 Harbord St.
Toronto, ON M5S 1G4
1-866-910-8227
info@benefaction.ca
Charitable Registration No. 80421 3759 RR0001

