Private foundations are flexible philanthropic vehicles, often
created to promote family philanthropy. They do not usually
undertake charitable work themselves, but instead support other
charities that perform such work.
Private foundations have become more popular over the last 10
years, largely due to various changes to the Income Tax
Act that have reduced certain obligations imposed on private
foundations. The value of assets held by private foundations has
increased from $17 billion to more than $25 billion since 2008.
Read: Give using community foundations
The increase in popularity is also due to a greater awareness
among advisors of the benefits of establishing private foundations.
Here are some of those benefits.
