How much money do Canadian foundations hold, and grant?
Canadian grant-making foundations reported holding more than $175 billion in assets (2024), an increase of +18% versus 2023, based on GIV3’s analysis of their T3010 filings.
Using the methodology described below, estimated foundation assets increased from approximately $34.0 billion in 2008 to $175+ billion in 2024. Estimated annual grants increased from approximately $3.6 billion to $17.1 billion over the same period. Within this rapid growth, the charitable distribution rate declined from 10.6% of assets in 2008 to 9.7% in 2024.
View as table
| Year | Assets (Max Line 5900:4140 T3010s) – $ Billions | Grants (Lines 5000+5045+5050 T3010s) – $ Billions |
|---|---|---|
| 2024 | 175.6 | 17.1 |
| 2023 | 148.7 | 14.2 |
| 2022 | 130.0 | 12.56 |
| 2021 | 123.7 | 12.45 |
| 2020 | 113.0 | 10.79 |
| 2019 | 104.0 | 9.01 |
| 2018 | 90.0 | 7.30 |
| 2017 | 83.0 | 7.00 |
| 2016 | 73.0 | 5.68 |
| 2015 | 70.0 | 5.60 |
| 2014 | 61.6 | 5.87 |
| 2013 | 55.7 | 4.74 |
| 2012 | 46.3 | 4.37 |
| 2011 | 42.3 | 4.26 |
| 2010 | 39.2 | 3.73 |
| 2009 | 36.5 | 3.43 |
| 2008 | 34.0 | 3.61 |
Source: Canada Revenue Agency, T3010 registered charity filings. Assets are defined as the greater of T3010 lines 4140 and 5900. Grants are calculated from the relevant reported grant lines identified in the underlying analysis (5000, 5045 and 5050). See Research, data sources and methodology.
This is a simplified analytical summary to make important points and is not identical to the statutory DQ calculation.
Is there a difference between public versus private foundations?
| Total Assets 2024 | Growth in Assets (vs 2023) | Disbursement % of Assets, 2024 | Disbursement % of Assets, 2023 | |
|---|---|---|---|---|
| Private Foundations | $125+ Billion | +21% | 5.9% | 6.3% |
| Public Foundations | $50+ Billion | +11% | 19.2% | 17.1% |
Public and private foundations are both registered charity designations, but their funding models and behaviour differ materially: In 2024,
- Public foundations disbursed roughly 19% of their investment assets for charitable purposes (an increase from 2023). They also increased their total assets by 11% to $50+ Billion
- Private Foundations disbursed approximately 5.9% of their investment assets (a reduction from 6.3% in 2023), while increasing their assets 21% to $125+ Billion
The experience of public foundations demonstrates that high annual disbursement rates (19%) are not inherently incompatible with asset growth (+11%). This experience challenges the assumption that a low DQ is necessary to allow sustainability of foundations over the long term.
This is best explained by the strong fundraising performance among public foundations. The policy consideration for the balance between greater granting versus preservation of foundation assets should consider the addition of fundraising dollars to sustain the future of any one foundation.
Furthermore, recognition should be given to asset growth when new charitable capital continues to enter the system (largely as a function of Baby Boomers starting to pass away).
The key policy question is not whether every foundation should last forever. It is how quickly should tax-assisted charitable capital be reasonably expected to reach charitable purposes, and how to best respect taxpayers.