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Canadian community foundations growing

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The combined assets held by community foundations across Canada reached a new high of $2.7 billion last year, and the funders gave away a total of $137 million, a new report says.

The growth in assets was fueled by double-digit investment returns, several large gifts and the increasing generosity of individual Canadians, says the study by Community Foundations of Canada.

The jump in giving also was spurred by the federal government’s elimination of capital-gains taxes levied on gifts of stock.

The country’s 155 community foundations together received $271 million in gifts in 2006, and grantmaking exceeded the goals set for the funders by the Canadian government.

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