By Monette Malewski
Charitable giving, though well intentioned, can sometimes feel like a fleeting gesture. A cheque written here, a donation link clicked there, a sense of warmth and satisfaction. But is that enough? Can generosity that lives only in moments truly reflect your values, your purpose, your potential?
To me, giving is about crafting a life. It’s about creating a strategy—a system of generosity that isn’t tied to impulse but to identity. A charitable giving strategy ensures that giving isn’t something you do once but something you become. It’s about deciding how your resources—whether financial, creative, or in the form of time—will contribute to something lasting. And it’s about creating a framework that allows you to give again and again without compromising your financial security or future plans.
When you approach giving strategically, it stops being about a single donation to a single cause. It becomes a way of living, a steady reflection of what you value most. It’s the difference between saying, “I once gave to a charity,” and saying, “Giving is who I am.”
And what’s most remarkable? This shift isn’t tied to wealth. All you need to get is heart and intention.
Charitable Giving Isn’t Just for the Wealthy
The statistics paint a concerning picture: charitable giving in Canada is declining. In 2022, fewer than five million Canadians—just 17.1% of tax filers—made donations, according to Statistics Canada. That figure represents a 0.3% decrease from the previous year, despite the total number of tax filers rising by 3%.
Why are fewer people contributing, especially as incomes rise? Rising costs of living could explain part of it. But a deeper misconception looms: that philanthropy is for the wealthy. That only those with fortunes can make a meaningful difference. But here’s the truth: philanthropy isn’t about wealth—it’s about intention. It’s an act of responsibility, a choice to shape the world in a way that reflects your values, regardless of the size of your bank account.
Growing up in a middle-class Jewish family, giving wasn’t something we talked about as optional. It wasn’t framed as charity, either—a word that can sometimes feel patronizing and distant. Instead, it was tzedek: A Hebrew word that means justice, fairness, and balance. Giving wasn’t about being kind; it was about fulfilling an obligation to repair the world, to take responsibility for making things right, for others and for ourselves.
Justice didn’t feel like an abstract concept when I was a kid growing up in Montreal—it was alive in our home. My mother would knit scarves and mittens to donate to help people endure our cold winters. At 14, inspired by her example, I would take a 30-minute bus ride across the city to a volunteer organization. My job? Helping assemble baskets of essentials for delivery to local households. It wasn’t about grand gestures, but about showing up, about doing what I could with what I had. That’s how I learned the true meaning of philanthropy—not as a privilege of the wealthy but as an essential responsibility of anyone with the ability to give.
You Can’t Keep Every Penny You Earn
At some point we all need to accept a hard truth about our wealth: we can’t keep it all. Some of the money we’ve worked so hard to earn, save, nurture—it has to go somewhere. And the decision is yours: Will it fund the CRA, support your family, or fuel something transformative—a cause that reflects your deepest values? You choose.
● The CRA. While taxes play an important role in society, and everyone needs to pay some taxes, many would rather see their money creating scholarships, fortifying family security, or solving societal problems.
● Your Family. Securing your family’s future is a given for most. But how do you balance that with the pull to make an impact beyond your household?
● Charity. This is where meaning lives. It’s more than an afterthought—it’s the chance to redirect your wealth into something enduring, something transformative.
How much do you want in each bucket? That’s the question I ask my clients, and when they pause to think about it, clarity strikes. Family usually leads, but most want to chip away at taxes while amplifying their charitable footprint.
This is where life insurance shines.
The Role of Life Insurance in Charitable Giving
Charitable giving doesn’t begin and end with cash in hand or transferring assets. It’s bigger than that. Did you know that a life insurance policy—something quietly sitting in your financial portfolio—can become a game-changing gift? Not just for your chosen cause but for your family and your financial plans, too.
Why does life insurance work so well for charitable giving? Let’s break it down:
Offset Taxes with Purpose
Life insurance payouts are entirely tax-free in Canada. What does this mean? It’s simple: those funds can cover estate taxes, ensuring your family isn’t left managing financial headaches. But that’s just the start. By using life insurance strategically, you can free up other assets for charitable giving.
Preserve Family Wealth While Giving Generously
You don’t have to choose between family and charity. This isn’t an either/or situation. You can actually donate significant assets to a cause while simultaneously using a life insurance policy to replace their value for your heirs. Or vice versa—gifting the policy itself to charity and leaving other resources for your loved ones.
Amplify Your Impact Without Breaking the Bank
Modest monthly premiums can grow into a substantial donation. Six figures. Seven figures. Policies that mature long after your premiums are paid multiply your generosity exponentially. A small commitment now creates a massive legacy later.
One of my clients, a business owner, had significant wealth tied up in preferred shares. He wanted to donate $1.5 million to a community foundation but didn’t want to reduce his family’s inheritance. The solution? We used life insurance to buy back the shares after his passing. The charity received the full value of the shares, his family was financially protected, and his legacy became a living testament to his values. Now, his children oversee annual charitable distributions, and the giving spirit is ingrained in their lives, too.
Become the Change
I’ve watched as clients, wide-eyed and amazed, realize life insurance can unlock generosity they didn’t even know was possible. Here’s the kicker: they don’t have to wait for the final act to see their impact. Through structured giving, they can be active participants, watching their generosity bloom in real time.
You don’t need millions. You don’t need to be perfect. You don’t need all the answers. You just need to start. Whether that’s rethinking your life insurance, mentoring someone, or simply showing up to volunteer, every gesture matters.
As you give, you don’t just shape the world; you reshape yourself. Planned generosity changes you. So why wait? Your journey to impact—your journey to becoming the best version of yourself—starts right now.
Monette Malewski is the President and CEO of M Bacal Group. She blends her strong business acumen with a heartfelt drive to inspire change—championing generosity and crafting legacies that ripple through families, communities, and global causes.
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