Read the full 2026 report
Free access to all five chapters, every benchmark table and all 17 verified sources.
Benchmark report · 2026
The State of Foundations 2026
Canada
Canadian foundation giving is concentrated. In returns for fiscal years ending in 2024, the latest complete year, 11,362 foundations reported CAD 11.99 billion in gifts. The 100 biggest givers gave just over half. Most large funders close their year in December or March. Of the 80 Canadian programs whose application route Optimy could see in 2026, about one in four starts with email, a document or an inquiry.
Published October 2026 · 17 verified sources · ~15-minute read
Foundation giving · 2024
$11.99bn
given by 11,362 foundations, 2024 returns
Mastercard Foundation: 37.4% of all assets
Fiscal year-end · 2024 returns
58.2%
of foundations with $10m+ in assets close in December
20.2% close in March
Application routes · 2026
26.2%
of 80 Canadian programs start by email, document or inquiry
63.8% use a form or portal
Data from
CRA
|
Philanthropic Foundations Canada
|
PhiLab
|
Community Foundations of Canada
|
Finance Canada
|
Justice Laws
|
Carters
|
Torkin Manes
|
Optimy research
TL;DR
Key findings
1
11,785 registered foundations in 2025
The Canada Revenue Agency (CRA) counted 11,785 registered foundations in 2025, most of them private.2 In the CRA's figures for 2024, private foundations also held most of the assets: $132 billion, against $61 billion for public foundations.2
2
$11.99 billion in gifts in the 2024 returns
In returns for fiscal years ending in 2024, 11,362 foundations gave $11.99 billion to qualified donees.1 Returns are due six months after year-end and the CRA publishes the data later, so 2024 is the latest complete year.7
3
100 foundations gave just over half
In the 2024 returns, the 100 foundations that gave the most accounted for 51.6% of all foundation gifts to qualified donees.1 National totals are therefore shaped by a few very large funders, so benchmark against peers of your own size.
4
December is the year-end for most large funders
In the 2024 returns, 58.2% of foundations with $10 million or more in assets closed their fiscal year in December.1 The year-end sets the T3010 deadline and the 24-month window behind the quota, so plan the grant calendar around it.7,8
5
One in four of 80 programs starts with email, a document or an inquiry
Of the 80 Canadian programs whose application route Optimy could see in 2026, 26.2% start with email, a document or an inquiry, not an online form.16 Each of those requests arrives in its own format and has to be sorted and recorded by hand.
6
Most foundations reported no employees in 2023
Only 16.8% of Canadian foundations reported at least one employee in 2023, according to Philanthropic Foundations Canada (PFC).6 If yours has no employees, check that your grant process works without dedicated staff.
7
PFC expects a review of the 5% quota in 2027
Since 2023, the quota rate is 5% on the average value above $1 million of property not used directly in charitable activities or administration.8,9 Budget 2022 promised a review after five years without setting a year, and PFC expects it in 2027.12,13
8
Missed returns are the top reason charities lose status
The CRA reported 1,219 revocations for failure to file an annual information return in its 2025-2026 fiscal year.2 It was the most common reason for revocation across all registered charities.2 Treat the T3010 deadline, six months after year-end, as a fixed date.7
Chapter 1
The sector: 11,785 foundations in 2025, $11.99 billion in gifts in 2024
The Canada Revenue Agency (CRA) counted 11,785 registered foundations in 2025, 7,132 private and 4,653 public, out of 85,348 registered charities.2 For giving and assets, the most complete data come from the T3010, the annual return every registered charity files. Charities file it up to six months after their year-end and the CRA publishes the data later, so 2024 is the latest complete year.7
Returns for fiscal periods ending in 2024 were filed by 11,362 foundations.1 Together they gave $11.99 billion to qualified donees, the registered charities and other bodies allowed to issue official donation receipts, and held $193.5 billion in assets.1
The 2024 figures are Optimy's analysis of the CRA's open data from those returns.1 All amounts in this report are in Canadian dollars. Counts differ by source and by date, so each figure below names its source and year, and no trend is drawn between sources that count in different ways.
11,785
registered foundations in 2025, CRA count
$11.99bn
given to qualified donees, 2024 returns
$193.5bn
in total foundation assets, 2024 returns
+25%
more foundations in 2021 than in 2005
Private foundations are the majority and held most assets in 2024
The split between the two designations matters for any benchmark. Private foundations, usually controlled by one donor or family, made up 7,132 of the 11,785 foundations registered in 2025.2 In the CRA's own figures for 2024, they held $132 billion in assets, against $61 billion for public foundations.2
Private foundations reported $26 billion in revenue and $8 billion in expenditures in 2024, and public foundations $17 billion and $11 billion.2 A combined average therefore describes neither group well.
Source note: the 2024 figures cover every foundation that filed a return for a fiscal period ending in 2024.1 The CRA's 2025 count is its own administrative headcount, so the two bases differ and do not form a trend.2
Growth since 2005 in foundations, assets and grants
The longer view comes from Philanthropic Foundations Canada (PFC), the national network of grantmakers. Its 2024 Landscape Report with PhiLab counts 8,852 foundations in 2005 and 11,061 in 2021, a rise of 25%.4
Assets rose by $100 billion in thirteen years, from $35 billion in 2008 to $135 billion in 2021.4 As the disbursement quota is calculated on property not used directly in charitable activities or administration, growth in that property raises the minimum a foundation must pay out.8
Grants rose too. PFC reports that foundation grants grew from over $3 billion in 2008 to nearly $11 billion in 2023.3 Its own 2023 count puts grants at $10.7 billion and assets at about $160 billion, including the Mastercard Foundation, which PFC identifies as Canada's largest foundation.3
Optimy's analysis of the 2024 returns shows $11.99 billion in gifts to qualified donees and $193.5 billion in assets.1 PFC's figures and Optimy's analysis are separate counts with their own methods. The gap between PFC's 2023 totals and the 2024 returns should therefore not be read as one year's growth.
Private foundations grew their giving faster
Within that growth, private foundations moved faster. Between 2018 and 2021, their gifts to qualified donees rose 72%, against 23% for public foundations.4 Private foundations have also outnumbered public ones since 2012, and their share of all registered charities rose from 5.1% in 2005 to 7.3% in 2021.4 Private foundations' share of foundation giving therefore rose over those three years.
Takeaway: benchmark against the right part of the sector. Compare your foundation with the public or private totals, not the combined figure, because the two groups differ in number, assets and spending. Quote each figure with its source and year, so your board compares figures on the same basis.
Chapter 2
Who gives: 100 foundations made just over half of all gifts in 2024
Canadian foundation giving is concentrated in a small group of funders. In the 2024 returns, the 100 foundations that gave the most accounted for 51.6% of all foundation gifts to qualified donees.1 National averages are therefore pulled up by a few very large funders, so they say little about a typical peer.
Assets are concentrated too. PFC's 2026 study Working in Canadian Foundations finds that the 49 staffed foundations with more than $250 million in assets held $87.18 billion between them in 2023.6 The count covers only foundations that report staff. For scale, PFC's separate count for the same year puts the assets of all foundations at about $160 billion.3
51.6%
of all gifts came from the 100 biggest givers, 2024 returns
$87.18bn
held by 49 staffed foundations above $250m (2023)
206
community foundations across Canada, 2026
7.3%
private foundations' share of all charities, 2021
One foundation reported 37.4% of all foundation assets in 2024
One funder stands out. On its 2024 return, the Mastercard Foundation alone reported $72.4 billion in assets, 37.4% of the $193.5 billion reported by all foundations.1 PFC also identifies it as Canada's largest foundation.3 National asset totals and averages therefore lean heavily on one funder, so set it aside before you compare.
Designation matters as well. Check your designation as well as your size before you choose peers.
Community foundations form the main place-based peer group. Community Foundations of Canada counts 206 of them across the country.5 Geography matters as well: according to PFC and PhiLab's 2024 Landscape Report, most Canadian private and public foundations are located in Ontario, Quebec, British Columbia and Alberta.4 Location sets a foundation's regional peers and the provincial and language context of its grantees.
Education and health received the largest shares in 2018
The cause mix is harder to measure. The national figures come from Philanthropic Foundations Canada's last snapshot of foundation giving, published in November 2021 and covering 2018 grantmaking.4 Treat them as a 2018 baseline rather than the current mix. According to that snapshot, education and research took 32% of total foundation gifts, health 16% and social services 11%.4
One funder weighs heavily in the first figure: 11 points of the 32% came from the Mastercard Foundation alone, and 21 points from all other foundations.4 A foundation that compares its own cause mix with these shares should set that single funder aside first.
Takeaway: choose your peer group before you compare. Unless you are among the 100 biggest givers, set the national totals aside and compare yourself with foundations of your designation, size and province. If you fund one community, the 206 community foundations are a natural reference point.
Chapter 3
The funding calendar: most large foundations close in December or March
A foundation's year-end does more than close its accounts. The disbursement quota is the minimum a registered charity must spend each year on its own charitable activities or on gifts.8 It is based on the 24 months before the fiscal year begins, so the year-end fixes that window.8
The year-end also sets the deadline for the annual return.7 Both dates are worth building the grant calendar around.
The 2024 returns show that two months dominate. Of the 1,429 Canadian foundations with $10 million or more in assets, 58.2% close their fiscal year in December, 20.2% in March and 7.6% in June.1 December and March together therefore cover most large foundations.
58.2%
of large foundations close their year in December, 2024 returns
20.2%
close in March, the second most common month
6 months
after year-end to file the T3010 return
1,219
revocations for failure to file, all charities, 2025-2026
The year-end fixes the filing deadline
The annual return follows the year-end by a fixed interval. A registered charity must file its T3010 no later than six months after its fiscal period ends, so a foundation with a 31 December year-end files by 30 June.7 The same rule moves the deadline to the end of September for a March year-end and to the end of December for a June year-end.
Missing that date has real consequences. Across all registered charities, the CRA reported 1,219 revocations for failure to file an annual information return in its 2025-2026 fiscal year, the most common reason for revocation.2 A missing return can therefore cost a foundation its registration, whatever the quality of its grantmaking.
The quota is known before the year begins
According to the CRA's disbursement quota guidance, its base is the average value of property not used directly in charitable activities or administration.8 That average is measured over the 24 months before the beginning of the fiscal year.8 Where it exceeds $25,000, the quota is 3.5% of the average value up to $1 million plus 5% of the amount above $1 million.8
A foundation can therefore know its minimum payout on the first day of its fiscal year and plan grant rounds against it. The calculation also has its own place on the return. The CRA released version 24 of the T3010 on 8 January 2024, for fiscal periods ending on or after 31 December 2023.9 It added Schedule 8, a dedicated schedule for tracking and reporting disbursement quota calculations.9
Takeaway: plan the year backward from your year-end. Calculate your quota from the 24-month average before the year begins, and time grant rounds so payments fall inside the year. Then keep the Schedule 8 figures ready for the six-month filing deadline.
Chapter 4
How funders receive applications: of 80 programs, 63.8% online and 26.2% by email, document or inquiry
How applications arrive is the first step of every grant round, and it differs widely between funders. Between August and October 2026, Optimy reviewed the public websites of the Canadian funders on its research list.16 It classified the application route of each grant, scholarship and award program into one of four routes.16 Of the 192 programs reviewed, 112 showed no route and were left out of the shares.16
Of the 80 Canadian programs whose application route Optimy could see, 63.8% take applications through an online form or portal.16 The rest split three ways: 16.2% by email, document or post, 10.0% ask for an inquiry first and 10.0% work by invitation only.16
In total, 26.2% start with email, a document or an inquiry: about one program in four begins with a message someone must sort by hand. A route is easier to see when it is an online form, so the online share may be higher than among all programs.
63.8%
of 80 Canadian programs take applications online
26.2%
of the 80 start with email, a document or an inquiry
16.8%
of foundations reported at least one employee, 2023
34.5%
of 548 company programs, all markets, use online forms
Company programs use online forms less often
Company programs, counted across all the markets Optimy studied rather than in Canada alone, use online forms less often. Optimy could see the request route of 548 company donation, sponsorship and community programs across those markets.16 Only 34.5% of them use an online form, while 29.6% ask for an inquiry first and 26.1% work by invitation only.16 If you run a corporate foundation, check whether your parent company's programs use the same route as yours.
A 2018 study found few open processes at large family foundations
Earlier Canadian evidence looked at foundations rather than programs. In a June 2018 study in Canadian Public Administration, cited in PFC and PhiLab's 2024 Landscape Report, Phillips looked at 38 Canadian family foundations with assets over $100 million.4 Their assets and boards were still controlled by the family or a close network, and two-thirds had no website or specified process for grantmaking.4
Only about a quarter matched their grants to explicit priorities, and a majority did not accept unsolicited applications.4 The sample is small and dates from 2018, so it describes that group of funders at the time, not the sector in 2026.
In 2023, most gift records came from foundations with no employees
Capacity is the other half of the picture. In 2023, only 1,895 Canadian foundations, 16.8% of the 11,309 that PFC counted, reported at least one employee, according to PFC's study of foundation staffing.6 Across the whole sector, foundations reported 23,526 staff positions in 2023: 14,904 full-time and 8,622 part-time.6
Gift records tell the same story. Foundations reported approximately 349,000 gift records to qualified donees in 2023, and only approximately 93,000 of them, roughly 27%, came from foundations reporting employees.6 These figures count gift records, not dollars, so they measure the number of gifts to process rather than their value.
For foundations with staff, PFC's Foundation Staff Survey of December 2025 points to workload. Workload volume and capacity was the top source of staff stress, at 27.50% of 80 mentions, a small sample.6 Governance, board and family dynamics came next, at 22.50%.6 Receiving every request in one standard format is one way to take a step out of that workload.
Optimy customer
Capital Power, a Canadian company, runs community investment across 28 facilities in North America. With Optimy, it reports a 50% reduction in application processing time. "We went from 7 to 3 minutes per application!" says Lindsay C., Community Specialist.
Takeaway: bring every route into one place. Of the 80 Canadian programs whose application route Optimy could see, 26.2% start with email, a document or an inquiry. If yours do, move them into one online form with published criteria. Your board then sees one record per request, and your team stops rebuilding it from inboxes.
Chapter 5
What changes in 2026-27: rules in force, a consultation and a quota review
As of October 2026, the rules that shape a Canadian foundation's 2027 budget are mostly in place already. Ahead lie a quota review that PFC expects in 2027, a consultation on how charities are regulated and a CRA aim to move filing online. One proposed change is still only a draft.
5%
quota rate on property above $1 million since 2023
7.14%
average rate, 500 largest private foundations, 2021
2027
expected year of the quota review, according to PFC
The 5% quota is in force, and a review is expected in 2027, according to PFC
The main change is already law. Bill C-32, which received Royal Assent on 15 December 2022, raised the disbursement quota from 3.5% to 5% on property over $1 million.9 The higher rate applies to tax years beginning on or after 1 January 2023.9 Every foundation whose property not used directly in charitable activities or administration averages more than $1 million must therefore disburse at least 5% of the excess.8
On average, the largest private foundations already paid out more than the new rate. Among the 500 largest private foundations, the average disbursement rate in 2021 was 7.14%, although many sat near or at the old 3.5% line.4 PFC and PhiLab chart that rate as gifts and charitable expenditures as a share of assets.4 That is not exactly the quota calculation, so read the comparison as approximate.
The 5% rate therefore weighs most on foundations that paid out close to the old minimum, rather than on the average large funder.
Budget 2022 committed to review the new 5% disbursement quota after five years and set no calendar year for it.12 Philanthropic Foundations Canada expects that review in 2027, and its pre-budget submission of 16 September 2026 asked for it to be run as a public consultation.13 Until a review reports, the current rates are the ones to plan on.
A consultation is open, but not on the quota
The government has also started a wider look at how charities are regulated. The Spring Economic Update 2026 of 28 April said the government will undertake an exercise to modernize the framework for the charitable sector in 2026-27, starting with a consultation.14 The Department of Finance published that consultation on 8 October 2026, and submissions are open until 3 December 2026.17
The consultation covers four areas, and the disbursement quota is not among them:17
- Registration. The process for registering a charity.
- Digital services. How the CRA delivers its services online.
- Audit and compliance. The CRA's audit and compliance activities.
- Revocation and objections. How registrations are revoked and how charities object to CRA decisions.
For foundations, the consultation is a chance to shape how they deal with the CRA, not how much they must give. Payout questions belong to the separate quota review.
Where each rule stands in October 2026
One proposal is still only a draft. Draft legislation released on 12 August 2024 would add fundraising to the expenditures that do not count toward the disbursement quota.9 As of 30 September 2026, the consolidated Income Tax Act, at paragraph 149.1(1.1)(d), still lists only expenditures on administration and management of the charity.11 Public foundations that fundraise should follow the draft but plan on the current rule.
A settled rule on grantees, and a CRA aim to file online
One rule already in force shapes how grants are written. Since 23 June 2022, a registered charity can make qualifying disbursements to qualified donees or to grantee organizations.10 That lets it fund organizations without charitable status without carrying out the activity itself.10 In 2023 interviews for PFC and PhiLab's 2024 Landscape Report, 13 of 21 foundation leaders, a selected group rather than a representative survey, had funded non-qualified donees before.4
Those leaders used tools such as fiscal agents, sponsorships, numbered companies and contracts.4 The 2022 rule gives that practice a clearer legal route, provided the grant agreement meets the requirements for grantee organizations.
Filing is moving online too. Beginning in 2027, the CRA intends all T3010 returns to be filed online, a stated aim rather than a rule for now.15 A foundation that still files on paper should switch before its 2027 filing.
Takeaway: build your 2027 budget on the rules in force: the 5% rate, Schedule 8 and the grantee-organization route. Track the quota review and the fundraising draft, and decide whether to answer the consultation before 3 December 2026. If you still file on paper, move online ahead of the CRA's 2027 aim.
Scorecard
Benchmark yourself
This scorecard turns the five chapters into nine questions about your own foundation, each tied to a number in this report. Give yourself one point for every row where you match or beat the benchmark, then read the band that fits your score.
Your score sorts you into three bands
- 7-9: you are the benchmark. Publish your process, criteria and calendar, so that applicants send requests that already fit them.
- 4-6: you have a solid core, so start with the rows that need no new system. Route email and inquiries into one form, and plan your grant calendar backward from your year-end.
- 0-3: start with intake. One online form with published criteria puts every request into one record, and the same record can carry decisions and payments through to your T3010 and your board reports.
FAQ
Frequently Asked Questions
How many foundations are there in Canada in 2026?
How much do Canadian foundations give each year?
What is the disbursement quota for foundations in Canada?
When do Canadian foundations close their fiscal year?
Will the disbursement quota change in 2027?
From application to report, with Optimy
Optimy brings a foundation's grant cycle into one platform, from a single intake for every application to eligibility screening and scored review. Approved amounts and payments are tracked grant by grant, and grantee reports come back into the same record. Public, private and corporate foundations use it to decide faster and to keep one record of every grant.
Methodology & sources
Every statistic in this report comes from the source named below, and we checked each one against that source in October 2026, before publication. Where the data year differs from the publication year, we say so. Figures are reported as published: we made no estimates and filled no gaps. Where a figure comes from an older study, a small sample or a proposal not yet in law, the text says so. All amounts are in Canadian dollars.
Sector data. The 2024 counts, gifts, assets, concentration and year-end months are Optimy analysis of the Canada Revenue Agency's 2024 List of charities open data (T3010 returns for fiscal periods ending in 2024, Open Government Licence Canada).1 We included every registered public and private foundation that filed a return for a fiscal period ending in 2024. We then summed gifts to qualified donees and total assets, ranked foundations by gifts, and read the fiscal period end of the 1,429 with $10 million or more in assets. The 2025 count of registered foundations comes from the CRA's Report on the Charities Program 2025-2026, a separate administrative count.2 The open data list each charity's current designation, which can differ from the CRA's own 2024 statistics, so designation splits come from that report.2 CRA report editions give different counts for the same data year, so we name the edition and draw no trend across editions.
Application routes. Between August and October 2026, Optimy reviewed the public websites of the funders on its research list.16 Each program's application route was classified as an online form or portal, email, document or post, an inquiry first, or invitation only. The sample is Optimy's research list, not a random sample, and programs whose route was not visible are excluded from the shares. In Canada, 112 of the 192 programs reviewed (58.3%) showed no route, which leaves the 80 used in this report; across all the markets studied, the route was not visible for 53.3% of the 2,696 foundation programs reviewed.16 A route is more likely to be visible when it is an online form, so the online share may be higher than among all programs.
- Canada Revenue Agency, 2024 List of charities open data (T3010 returns, fiscal periods ending in 2024), Open Government Licence Canada; Optimy analysis · open.canada.ca/data/en/dataset/80c00cdb-1358-415c-bb8b-0de7f12675b8
- Canada Revenue Agency, Report on the Charities Program 2025-2026 · www.canada.ca/en/revenue-agency/services/charities-giving/charities/about-charities-directorate/report-on-charities-program/report-on-charities-program-2025-2026.html
- Philanthropic Foundations Canada (PFC), Canadian Foundation Facts (PFC analysis of CRA T3010 2023 data, as of 31 July 2025) · pfc.ca/canadian-foundation-facts
- Philanthropic Foundations Canada (PFC) and PhiLab, An Evolving Landscape: Reflecting Canada's Philanthropic Foundations, 2024 Landscape Report · pfc.ca/wp-content/uploads/2024/06/2024-Landscape-Report.pdf
- Community Foundations of Canada, home page (2026) · communityfoundations.ca/
- Philanthropic Foundations Canada (PFC), 2026 Working in Canadian Foundations: Putting People First (September 2026) · pfc.ca/wp-content/uploads/2026/09/2026-Working-in-Canadian-Foundations-EN.pdf
- Canada Revenue Agency, When to file: Filing a Registered Charity Information Return (T3010) · www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/filing-t3010-charity-return/when-file.html
- Canada Revenue Agency, Disbursement quota calculation · www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/annual-spending-requirement-disbursement-quota/disbursement-quota-calculation.html
- Carters Professional Corporation (T. Man and G. Stadig), The Disbursement Quota: The Regime and Working Within It, CBA Charity Law Conference, 25 April 2025 · www.carters.ca/pub/seminar/charity/2025/CBA_Charity_Law_Symposium-Disbursement_Quota.pdf
- Torkin Manes LLP, New option for Canadian charities working with non-qualified donees · www.torkin.com/insights/publication/new-option-for-canadian-charities-working-with-non-qualified-donees
- Justice Laws Website, Income Tax Act, section 149.1 (consolidated, current to 30 September 2026) · laws-lois.justice.gc.ca/eng/acts/i-3.3/section-149.1.html
- Government of Canada, Budget 2022, Chapter 8 · www.budget.canada.ca/2022/report-rapport/chap8-en.html
- Philanthropic Foundations Canada (PFC), Written Submission for the Pre-Budget Consultation for the 2026 Federal Budget (16 September 2026) · pfc.ca/blog/written-submission-for-the-pre-budget-consultation-for-the-2026-federal-budget/
- Department of Finance Canada, Spring Economic Update 2026, Chapter 2 (28 April 2026) · budget.canada.ca/update-miseajour/2026/report-rapport/chap2-en.html
- Canada Revenue Agency, Filing a Registered Charity Information Return (T3010) (page dated 12 June 2026) · www.canada.ca/en/revenue-agency/services/charities-giving/charities/operating-a-registered-charity/filing-t3010-charity-return.html
- Optimy research of funders' public websites, August to October 2026: application route of each grant, scholarship and award program, classified by Optimy (method in this report) · see methodology above
- Department of Finance Canada, Consultations on modernizing the federal framework for the charitable sector (page dated 8 October 2026) · www.canada.ca/en/department-finance/programs/consultations/2026/consultations-on-modernizing-federal-framework-charitable-sector.html
About Optimy
Optimy is the platform that companies, utilities and foundations use to run grant, sponsorship and volunteering programs, from application to reporting. The organization featured in chapter 4, Capital Power, is an Optimy customer, and its figures come from the published Optimy customer story. optimy.com
© 2026 Optimy · You may quote this report with attribution ("Optimy, The State of Foundations 2026: Canada") and a link to the source page.