FOUNDATION PLANNING
Foreign Currency Supports Charity
I By Scott Hutchings & Dennis Ullman
t is estimated that over $2 Billion in foreign currency is currently stored or saved in Canadian homes and businesses. This currency has no use or real value in Canada. As a result, foreign currency (notes and coins), pennies, and loose change are found in bags, boxes, envelopes, tea cups, jars and desk drawers. This leftover currency is not serving any purpose or realizing the potential value this currency could make in our communities.
Did you know? Currency from travels and vacations can be donated to support charities, help create employment and assist in preserving our environment by recycling coins and notes that sometimes end up in the landfill. Donations of currency are repatriated from countries all around the world. After being converted to Canadian currency, donations are then used to support programs for your
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TOTAL FINANCE
local or national charity. Keep in mind there is approximately: ◉ ◉ ◉ ◉
$691+ Million in western Canada $139+ Million in eastern Canada $840+ Million in Ontario $490+ Million in Quebec
This foreign currency, if donated – can help to make a tremendously positive and impactful difference in the community. If only a small portion of the foreign currency was donated, everyone would be working together to support charities in the community throughout Canada. In Durham Region alone, there is over $35 Million in foreign currency available for collection. Just imagine for a moment, what a regional charity could do with this level of funding? Issues regarding mental health, youth homelessness, domestic abuse, food security and children and youth living in poverty could be eradicated.
FALL 2021
