‘Giving back is part of our DNA’: CIBC launches $70 million foundation to fight social and economic inequities

Author Brennan Doherty
The bank plans to grow the CIBC Foundation’s assets to $155 million over time.

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.

var TRINITY_TTS_WP_CONFIG = {"cleanText":"\u2018Giving back is part of our DNA\u2019: CIBC launches $70 million foundation to fight social and economic inequities. The new CIBC Foundation will fund charities working on job reskilling and education in underserved communities \u2013 and may give substantially above Canada\u2019s legal minimum disbursement quota for charities. Runa Whitaker, senior director of community relations and CIBC Children\u2019s Foundation, says the new CIBC Foundation \u2013 with $70 million in assets \u2013 will give at least 5 percent of its assets annually, but could go as high as 9 or 10 percent. Currently, Canada\u2019s minimum quota is 3.5 percent. \u201cWe\u2019re not just sticking to what the government guidelines are,\u201d Whitaker said in an interview. \u201cWe\

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