‘Giving back is part of our DNA’: CIBC launches $70 million foundation to fight social and economic inequities
Why It Matters
As one of Canada’s Big Five banks, CIBC could play a significant role in funding charities who work on poverty reduction across Canada.
The new CIBC Foundation will fund charities working on job reskilling and education in underserved communities – and may give substantially above Canada’s legal minimum disbursement quota for charities.
Runa Whitaker, senior director of community relations and CIBC Children’s Foundation, says the new CIBC Foundation – with $70 million in assets – will give at least 5 percent of its assets annually, but could go as high as 9 or 10 percent. Currently, Canada’s minimum quota is 3.5 percent.
“We’re not just sticking to what the government guidelines are,” Whitaker said in an interview. “We’re really looking at doing as much as we can.”
CIBC is already well known for its charitable work within the financial sector. It launched the CIBC Children’s Foundation in 1977 to help disabled children. Since 1984, CIBC claims to have raised over $260
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