This article is the fourth in our February Special Report on Philanthropy in Canada. To see all the articles so far, click here.
Canada’s fastest-growing tool for philanthropic giving, the donor-advised fund, comes in a bewildering array of shapes and sizes.
Simply stated, a DAF is a tax-advantaged financial account designed for charitable giving. Money donated to a DAF is ultimately disbursed to other charities, and donors are entitled to suggest which causes should receive the funds. DAFs are ideal for people who wish to receive an immediate tax receipt for a substantial donation but are not yet certain where they want their money to flow.
In early 2024, the CRA started to receive its first data on DAFs and their donees via their annual T3010 reporting forms. But staggered reporting has made it difficult to compare DAFs accurately. Also, some organizations made mistakes with their early reports.
Nonetheless, a picture of Canada’s DAF landscape is beginning to emerge. More than 800 registered charities have reported DAF holdings. Some hold a handful of DAFs; others hold dozens or hundreds.
Of the 800-plus, more than 700 report total DAF holdings of less than $10 million. About 75 of the biggest charities hold between $10 million and $100 million in DAFs, and about 15 hold $100 million to $500 million. Ten hold more than $500 million, of which only three top $1 billion.
Here’s an overview of notable Canadian foundations and their DAFs. Asset and disbursement figures represent the most recent available data from CRA. Donee details come from Blumbergs Professional Corporation’s free, comprehensive online database at CharityData.ca.
Inclusion in this list does not constitute an endorsement of the institution, its operations or its donees.
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Commercial entities
The following DAFs have been set up through a major financial institution, the fastest-growing category. Those that are open mainly to employees and staff of a single company have been excluded.
Charitable Gift Funds Canada Foundation: With a value of $2,434,703,930, Gift Funds Canada is the largest of those with a fiscal year-end of Dec. 31 and supports several financial institution-affiliated donor-advised funds, including those of RBC and BMO. It held 3,306 DAF accounts and disbursed nine per cent of its assets in 2024, with funds flowing primarily into major educational institutions, hospitals and national charities. In 2024, top recipients were the RCCH Foundation ($10,258,155), Sprout Foundation ($6,304,836) and Concordia University ($4,232,000).
Private Giving Foundation: TD’s DAFs were valued at $972,258,588 held in 1,956 accounts; it disbursed 14 per cent of its assets in 2024, when its largest gifts went to Redeemer University in Ancaster, Ont. ($7,000,000), Shalom Manor Long Term Care Home in Grimsby, Ont. ($3,000,000) and the Hospital for Sick Children in Toronto ($2,975,000).
Aqueduct Foundation: Scotiabank’s DAFs were valued at $840,240,597 in 645 accounts; it disbursed 9 per cent of its assets in 2024. Its top donees that year were the University of British Columbia ($9,982,271), New York’s Cornell University ($6,409,387) and the Water School, which supports water projects in Africa ($2,925,000).
Benefaction Foundation: Partnered with CIBC Wood Gundy and Assante Wealth Management, its value was $792,040,070 in 1,438 DAF accounts; it disbursed 10 per cent of its assets in 2024, when its largest gifts went to Lingyen Mountain Temple ($17,668,000), the Hospital for Sick Children Foundation ($3,288,340) and The King’s University ($2,000,000).
Strategic Charitable Giving Foundation: Mackenzie Investments’ DAFs were valued at $510,404,676 in 3,386 accounts; it disbursed 6 per cent of its assets in 2024, when its largest gifts went to St. Clement’s School in Toronto ($571,000) and Aid to the Church in Need (Canada) Inc. ($500,000), plus four donations totalling $815,072 to the Benefaction Foundation.
Brookfield Partners Foundation: Brookfield Corp.’s DAFs totalled $414,177,823 in 17 accounts. It disbursed 17 per cent of its assets in 2024, when the Toronto-focused foundation made its largest gifts to Toronto Metropolitan University ($10,000,000), George Brown College Foundation ($2,000,000) and the Royal Conservatory of Music ($1,000,000).
Nicola Wealth Private Giving Foundation: Nicola Wealth Management’s DAFs were valued at $364,526,590 in 567 accounts; it disbursed 11 per cent of its assets in 2024, supporting a range of secular and religious causes. Top donees in 2023 were the Mennonite Educational Institute Society ($1,500,000), Canadian Associates of the Ben-Gurion University of the Negev ($1,361,100) and Ben-Gurion University of the Negev ($1,178,012).
Cidel Foundation: Cidel Trust Company held $73,600,720 in 31 DAF accounts; it disbursed 8 per cent of its assets in 2024. In 2023, it disbursed more than $25 million, of which almost $21 million flowed into Charitable Gift Funds Canada, plus $600,000 to the Salvation Army and $300,000 to the Pediatric Oncology Family Centre of Manitoba.
Philantra Foundation: The National Bank held $115,752,280 in 105 accounts; it disbursed 7 per cent of its assets in 2024, with its top gifts including $2,000,000 to Montreal’s Fondation Véro et Louis for autistic adults, $500,000 to Fondation CHU Sainte-Justine and $400,000 to Fondation des jeunes de la DPJ.
Vancity Community Foundation: Founded by the Vancouver City Savings Credit Union, its value was $71,299,343 in 265 DAF accounts, of which it disbursed 6 per cent in 2024. It supports economic inclusion, social justice and environmental sustainability; top gifts of 2024 went to the City of Surrey ($345,163), its own strategic programming ($126,836) and Ontario-based Finance Engage Sustain ($114,737).
Community foundations
The oldest category of DAFs, these support a range of causes within a particular geographic location. The largest are found in major centres, but DAFs exist in small, remote and rural communities as well.
Jewish Community Foundation of Montreal: Canada’s second-largest DAF foundation among those with a Dec. 31 year-end, with a value of $2,114,069,187 in 2,275 DAF accounts. It disbursed 10 per cent of its assets in 2024, with the largest grants going to Federation CJA in Quebec ($32,829,199), Canadian Associates of Ben Gurion University ($21,331,615), Canadian Friends of Tel Aviv University ($19,216,814) and the Montreal Holocaust Museum ($17,637,451).
Winnipeg Foundation: Currently Canada’s third-largest DAF foundation of those with a Dec. 31 year-end, its value was $1,002,938,062 in 945 DAF accounts and it disbursed 5 per cent of its assets in 2024. Typically for a community foundation, its grants are spread broadly across its catchment area in such sectors as culture, healthcare, education and the environment. Top beneficiaries: the Manitoba Habitat Heritage Corporation ($18,091,200), the province of Manitoba ($3,047,483) and the University of Manitoba ($2,292,839).
Calgary Foundation ($570,797,953 in 658 DAF accounts): It disbursed 7 per cent of its assets in 2024. Top recipients were the Governors of the University of Calgary ($5,403,135), Calgary Silver Linings Foundation ($2,127,000) and Calgary Humane Society for Prevention of Cruelty to Animals ($1,933,464).
Vancouver Foundation ($408,722,371 in 1,031 DAF accounts): It disbursed 9 per cent of its assets in 2024, when top donees were Community Foundations of Canada ($21,285,000), the University of British Columbia ($3,698,966) and Cortes Island Community Foundation ($3,589,645).
Toronto Foundation ($204,482,827 in 742 DAF accounts): It disbursed 11 per cent of its assets in 2024. Its largest gifts of that year were made to the UHN (University Health Network) Foundation ($2,170,817), St. Michael’s Hospital Foundation ($2,149,102) and Georgian Bay General Hospital Foundation ($1,080,000).
Edmonton Community Foundation ($174,950,420 in 481 DAF accounts): It disbursed 4 per cent of its assets in 2024. Its top recipients for 2023 were the University of Alberta ($1,466,723), United Way of the Alberta Capital Region ($1,136,133) and the Jewish Federation of Edmonton ($1,022,667).
Hamilton (Ontario) Community Foundation ($151,817,194 in 79 DAF accounts): It disbursed 4 per cent of its assets in 2024. Its top gifts of that year went to the Bruce Trail Conservancy ($516,134), McMaster University ($391,299) and the Hamilton Centre for Civic Inclusion ($385,245).
Ottawa Community Foundation ($140,644,201 in 504 DAF accounts): It disbursed 17 per cent of its assets in 2024. In 2023, its largest gifts were $2,097,400 to the Ottawa Hospital Foundation, $1,375,000 to Dokis First Nation and $524,800 to the Shorefast Foundation.
Victoria (B.C.) Foundation ($138,155,176 in 285 DAF accounts): It disbursed 4 per cent of its assets in 2024. In 2023, it made its largest disbursements to Tsay Keh Dene First Nation ($1,881,700), Kwadacha First Nation ($1,357,500) and the Victoria Conservatory of Music ($768,862).
Waterloo (Ontario) Region Community Foundation ($129,843,870 in 428 DAF accounts): It disbursed 6 per cent of its assets in 2024. Its largest gifts in 2023 went to the rare Charitable Research Reserve ($329,827), YW Kitchener-Waterloo ($224,940) and the Kinbridge Community Association ($203,919).
Oakville (Ontario) Community Foundation ($108,158,547 in 311 DAF accounts): It disbursed 5 per cent of its assets in 2024. Its largest donees that year were the Oakville Hospital Foundation ($516,279), June and Ian Cockwell Private Foundation ($250,000) and the Legion of Christ Canada Inc. ($200,000).
Religion-focused
Jewish Foundation of Greater Toronto: One of Canada’s largest, at $719,169,504 in DAFs. (There are major Jewish foundations in other parts of Canada, too.) In 2024, it disbursed 9 per cent of its assets, with the largest going to the United Jewish Appeal of Greater Toronto ($34,228,255), the Winograd Family Foundation ($7,464,666) and the Governing Council of the University of Toronto ($1,325,524).
Abundance Canada: Created in 1974 as the Mennonite Foundation of Canada, its value was $266,582,228 in 1,504 DAF accounts; it disbursed 20 per cent of its assets in 2024. Top beneficiaries were the Mennonite Central Committee Ontario ($2,660,627), the House of Friendship in Kitchener, Ont. ($1,467,957) and the Great Commission Foundation in Abbotsford, B.C. ($1,464,336). In 2025, a senior executive of the organization was found to have engaged in financial misconduct, which it has taken steps to address.
Canadian National Christian Foundation: A non-denominational Christian organization with $90,098,881 held in 289 DAF accounts. It disbursed 46 per cent of its assets in 2024. Although most of its beneficiaries are Canadian, its single largest donation in 2024 was $24,562,867 to Oral Roberts University in Oklahoma, followed by $2,500,000 to True North Ministries in Bloomfield, Ont., and $1,445,691 to the Warrack Family Foundation in Strathmore, Alta.
The Foundation Office.ca: An Ontario-based, Christian-focused foundation dedicated to DAFs, with $81,698,305 in 30 accounts. It disbursed 19 per cent of its assets in 2024. Its largest disbursements that year went to Youth for Christ Canada ($2,070,368), Montréal Youth for Christ ($2,024,744) and Canadian National Christian Foundation ($1,410,791).
Link Charity Canada Inc.: With connections to 45 Christian-focused charities, it offers DAFs and planned giving advice. Its value was $41,281,925 in 390 DAF accounts. It disbursed 33 per cent of its assets in 2024, when its largest gifts were $549,406 to World Renew, $401,239 to Lifewater Canada, $367,116 to Redeemer University and $341,415 to the United Nations High Commissioner for Refugees.
GiveWise Foundation Canada: A platform for DAFs with a non-sectarian religious focus, with $37,598,792 in 470 DAF accounts. It disbursed 41 per cent of its assets in 2024. In 2022, its largest donations were to the Westbow Foundation in Chilliwack (B.C.), ($1,473,354), the West Vancouver Community Foundation ($1,000,425) and the Rooke Foundation in Vancouver ($500,079).
Roman Catholic Episcopal Corporation of the Diocese of Toronto, in Canada: The largest Roman Catholic DAF institution, with a value of $28,958,978 in 11 accounts. It disbursed 32 per cent of its assets in 2024, including $3,500,000 to the Archdiocesan Renewal Corporation in St. John’s, $2,348,710 to the Catholic Marriage Tribunal in Toronto and $1,221,078 to ShareLife.
Christian Stewardship Services: A non-denominational Christian organization with $19,605,765 in 283 DAF accounts. It disbursed 30 per cent of its assets in 2024, with the largest gifts made in Ontario, to Indwell Community Homes in Hamilton ($1,826,517), World Renew in Burlington ($636,885) and the Orangeville Christian School Society ($549,733).
Toronto United Church Council: Supporting the United Church of Canada, the value of its DAFs was $5,324,909 in five DAF accounts. It disbursed only 3 per cent of its assets in 2024. Its three largest grants that year were to Ontario summer camps ($224,752 to Camp Big Canoe, $63,965 to Lake Scugog Camp and $48,526 to Sparrow Lake Camp), followed by $45,000 to the Tamil United Church Mission in Scarborough.
Miscellaneous
Numerous independent DAFs have been set up to address needs within certain sectors. Hospitals and universities tend to have their own funds, as do cultural institutions such as Canada’s National Ballet School Foundation or the Banff Centre Foundation. Some are broad in scope, others more focused.
Charitable Impact (CHIMP): A Vancouver-based DAF entity that facilitates charitable giving by people at all levels of wealth, including those of modest means; its value was $676,462,878 in a staggering 13,661 accounts. It disbursed 11 per cent of its assets in 2024, including $3,035,000 to Untold Giving Foundation in West Vancouver, $2,134,288 to Youth With a Mission Foundation in Vancouver and $2,000,000 to the Centre for Northern Conservation in Toronto.
Canada Gives Foundation: Dedicated to DAFs as an alternative to setting up a private foundation, it held $331,771,470 in 339 DAF accounts. It disbursed 11 per cent of its assets in 2024, including $4,450,834 to the Jordan and Lisa Gnat Family Foundation in Toronto, $3,010,500 to the University Hospital Foundation in Edmonton and $1,100,000 to the Renfrew Educational Services Foundation in Calgary.
Makeway Foundation: Formerly Tides Canada, dedicated to fostering environmental conservation and social justice, with significant support for Indigenous organizations, with $44,504,048 in 150 DAF accounts. It disbursed 31 per cent of its assets in 2024. Its largest grants that year went to the Veritas Foundation ($2,224,568), Mother Tree Network Society ($1,597,182) and Gitanyow Huwilp Society ($940,600). In 2020, Makeway responded to allegations of affiliation with an American charity, Tides US, and of partisan activities regarding environmental causes.
United Way of Greater Toronto: The well-known umbrella charity has $33,223,914 in 101 DAF accounts. It disbursed 4 per cent of its assets in 2024. Top recipients were the University Health Network (UHN) Foundation ($5,340,707), Family Service Toronto ($2,902,698) and the Regional Municipality of York ($2,888,916).
Canada-Ukraine Foundation: Founded in 1995 to support humanitarian aid from Canada to Ukraine, with $9,871,799 in 16 accounts. It disbursed 143 per cent of its assets in 2024. In 2023, its top disbursements went to the David McAntony Gibson Foundation ($8,400,776), HelpAge Canada ($1,000,000) and the Ukrainian Canadian Foundation of Taras Shevchenko ($340,000).
With files from Mark Blumberg, charity lawyer at Blumbergs Professional Corporation.
Sarah B. Hood is a Toronto-based writer and book author. She has served as editor of three national magazines and written weekly columns for the National Post. She also serves on the editorial board of Spacing magazine. She writes frequently on business, urban affairs and culture. As a food writer, her work has been translated into Japanese and Arabic. She has taught writing at George Brown College for more than 20 years.
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