TORONTO -- If you can give financially, would you?

Canada's charitable sector is in very rough shape. Revenues are understandably down while the demand on charities has gone up during the pandemic. Seven in 10 charities, according to think tank Cardus, have laid off 84,000 full-and part-time staff.

We have seen those hardest hit by the pandemic are often younger and from lower-income families who are in need the most. Employment for those aged 20-24 has fallen by more than 31 per cent.

Meanwhile, many Canadians have the capacity to help. In fact, Cardus found that the wealthiest 40 per cent of Canadians are sitting on an estimated $5.3 billion, amassed through lower expenses and less discretionary spending during the pandemic lockdowns.

It’s a significant amount that could go a long in way in helping others.

Sure, some of this money will find its way back into the economy, once provinces fully re-open. However, some of that money could find itself helping out struggling charities that, in turn, could help others.

The pandemic has hit with a vengeance and while lockdowns were necessary, the knock-on effect is that, as demands increase for services offered by charities, the charity itself may be fighting for survival.

This is an important time for those who can help financially to offer up where they can.

During this pandemic there are countless illustrations of people giving of themselves, by way of their time, in an effort to give back.

There are people who have given and do so without a lot of fanfare and are not looking to be acknowledged. So, to be fair, many Canadians who can afford to help are trying. My hope is that others will do so as well.

Clearly not everyone can write a cheque; nor are you expected to respond financially to every charity that asks. However, if you can give, here is a framework that might help you decide where and how to do it:

1) Begin with your values and the causes that are dear to you, or that you may have a personal connection with. Recognize the pandemic may have shifted your priorities depending on what life has dictated to you and your family.

2) This a global pandemic but you may still want to give locally, nationally or globally.

3) Like any investment, do your homework to ensure the charity is registered and provides the support you are interested in. You may even want to get personally involved, join the board and have a hand in the decision making.

4) Tax receipts are nice, however, rarely the driving force for giving. Yet it still may make sense to chat with an advisor to ensure both you and the charity are getting the biggest bang for your buck.

5) It isn't always about giving cash. Options such as stocks, bonds, mutual funds and even life insurance could produce significant tax savings while eliminating capital gains tax. This is a win/win scenario. You don't pay tax and the charity receives more money.

Bottom line: Giving back is an important part of your financial plan. Think of it like a three-legged stool. Save some money, spend some money, and give some money if you can. That is a perfect balance.