As the population of Canada ages, and as immigration to the country increases, changes in the philanthropic landscape are likely to follow, a new study says.
The number of Canadians age 65 and older is projected to double to one in four by the year 2030, and after 2022 all the country’s population growth is expected to come from immigration, says the new study by TD Economics.
As the population grays, spending on health services is projected to account for about one-fifth of the Canadian economy in 2030, compared to half that in 2005.
And while government funding for health care will rise, health-related nonprofits will need increased support from individuals and businesses as well, the study says.
One positive side-effect of the aging population, however, will be a larger pool of highly-skilled volunteers who can support Canada’s 79,000 nonprofits, the study says.
As immigration to Canada increases, immigrants will make up a larger proportion of charitable-services beneficiaries, as well as a larger share of donors.
Giving patterns may change as well, the study says, spurred in part by recent mega-gifts by billionaire “social entrepreneurs” like Bill Gates.
Such donations may serve as a model for other wealthy people, the study says, but those donors may also ask for increased accountability and control over how their money is spent.
Changes that exempt donations of publicly-traded stocks from capital gains taxes may also drive increased contributions to charity, the study says.