- Some people push back against increasing the DQ because they wish to see foundations build their capital investments. However this is unfair to this current generation of 20+ million taxpayers who forgo tax dollars as charitable tax receipts to donors, and it is unfair to the millions of Canadians who are struggling.
- More money, sooner, means greater good sooner. The quicker we can address social issues, accelerate medical research, improve our environment, etc. the sooner we will reap the benefits. Holding back charity grants for 25+ years allows problems to compound. For example, granting more money for cancer research in the next 5 years to reduce the harm of cancer is far better than hoarding funds for 25+ years to invest in cancer research then.
- Furthermore, concerns for future philanthropy should not be a reason to delay a greater good now. Every generation creates both new wealth and new philanthropists (think Balsillie, Gates, Buffet, Zuckerberg, Bezos, and so on). The rapid accumulation of assets in foundations over the past decade is not due to the existence of old foundations, but a recent phenomenon of new and/or living philanthropists.
- Furthermore, as Baby Boomers continue to age, there is a significant amount of money likely to be donated over the next 5 to 25 years. There is every reason to believe that new charitable dollars will be available to continue supporting the charities of future generations.
- And if there are no future philanthropists, then this is the shortcoming of future generations, not something that should disadvantage current taxpayers today.
- There is very little moral grounds for extracting and hoarding wealth, today, to support future generations who are not yet born and not continued a dollar. It is certainly unfair to those in need today. Any DQ less than 7% is insufficient to meet the purpose of the DQ as the basis for its creation.
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