How much of your lotto winnings would you give away?
For any story that hurts Canada’s rep on the global scale – like, according to investment guru Kevin O’Leary at least, our government’s blocking of BHP’s bid for PotashCorp – thank God for Allen and Violet Large.
You’ve no doubt heard by now about the Larges, a Nova Scotia couple in their 70s who gave away nearly all of their $11.2 million Lotto 6/49 winnings. Ninety-eight per cent, to be exact, according to the Star.
For their generosity, the big-hearted elderly pair has received international praise – their story’s appeared in the U.S. and U.K. already – but it also raises an interesting question: if you won the lotto, how much of your winnings would you give away?
Certainly, handing out a chunk of your jackpot would be nothing new. When I was a newspaper reporter attending lottery winners’ press conferences, the first thing lucky Canadians would announce – to appease the cameras or not – is their intention to give part of their payout to charity.
Yet 98 per cent is a pretty whopping figure, making what the Larges did – giving an undisclosed, equal sum to their family members, then the rest to local churches, fire departments, hospitals and the Red Cross – commendable by any measure.
Commendable, and also genuinely modest. As if they couldn’t endear themselves to the world any further, the couple said the two per cent they did keep ($224,000 before tax) is just for a “rainy day.”
Not all of us would be as generous as the Larges, surely, but most would probably donate at least a little of their winnings – 76 per cent of this CBC poll said they would – to charities and worthwhile causes.
If you won the lottery, what percentage of your jackpot would you give away?
By Jason Buckland, MSN Money
Posted by: Jack | Nov 6, 2021 12:41:32 AM
What an easy question. My answer: I would give absolutely nothing away!
Posted by: Ronald | Nov 6, 2021 2:27:55 AM
A lot can be said about many of ur post but it seems u all just looking for a Argument just answer the simple question..... I would give 50%
Posted by: pud | Nov 6, 2021 4:03:30 AM
The best charity is the Salvation Army their admin costs are the lowest in comparison to other charities and they are the least paid salary out of all of them ..... the worst charity is the united way
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Posted by: Concerned | Nov 6, 2021 2:14:32 PM
BHP, what a smart company for Australia, BHP buys resources and secures them for Australia's
future. Do you think Australia would allow foreigners to buy BHP? Truth be told, they are not stupid
enough to sell the resource necessary to fuel and nurious their country now and in the future!
Canada's politicians will sell all that they can get away with (THEY WILL GET PAID DEARLY) under the guise that its in canada's best interest? The politicians will shove this down your ignorant Canadian
throut! They say what ever is necessary to fatten their own portfolio!
PS; I believe in our future we will turn on our tap and nothing will come out. You will phone the water authorites and explain your problem. They will respond," We sold Canada's water rights to foreigners,
send a check to them and you can buy up to 6 liters a day, thanks for calling.
Posted by: Walker | Nov 6, 2021 2:18:29 PM
Anyone wins the lottery the first thing you do is hide from all the people coming at you for money.
Family would come first and I don;t mean here is a big chunk of change for you to blow.
What do you need and let me help you to get it.
I would buy a tractor trailer worth of food for the soup kitchens but not give cash to any charity.
The rest all in the bank so I could live off the interest
Money burns as fast as the paper it's written on so if you don't piut is someplace it can grow it will only become a memory.
Posted by: colleen Langlois | Nov 6, 2021 2:58:05 PM
I would give to my family & friends who need it.I would donate some to The Salvation Army,our local food bank & give some to our Meals On Wheels program to provide gas money to it's volunteers.
Posted by: Concerned | Nov 6, 2021 6:48:08 PM
You didn't post my comment. I'm tossing msn homepage into the trash.
Posted by: Ardian Bunjaku | Nov 6, 2021 7:37:28 PM
I would give all of it, because lottery is forbiden by my religion
Posted by: Karen | Nov 6, 2021 9:51:21 PM
If I were to win I would put aside a certain amount so that it would pay out so much each week until I was in my 80s. I would purchase a house outrigtht so all I would have to pay is the taxes and operating costs. I would pay off my bills, top off my RRSPs, help out my parents and brothers. I would give some to different charities - I would regularly donate not only to help but also because of the tax credit. So instead of one lump sum I would give so much each month. And I would invest in my writing career.
What was the business about taxes ($224,000 before tax) Lottery winnings are not taxable in Canada. The income from them is though.
Posted by: arthur | Nov 7, 2021 3:57:15 PM
yes, yes, shame on canada for being a difficult victim and noticing the plundering.
oh wait a sec, the article is about giving away lottery winnings.
ummm, ya.
Posted by: kat | Nov 7, 2021 4:02:56 PM
if kevin o'leary was p.m., the less fortunate in canada would find themselves herded into boats to be shipped off as slaves for other corporate countries.
because, money is king. and life is nothing without money.
this man would live with his head up his butt, if he thought it would make a buck.
oh....wait....he does.
Posted by: Ross | Nov 7, 2021 6:57:48 PM
First let me win something more than $10 and then I will decide how much to give away. My family and extended family are a charity case in themselves. I would start there.
Posted by: isalei | Nov 8, 2021 9:45:31 AM
I find it hard to give to charities money I have worked hard to save, So why would I give them my lotto winnings. Yes I do help people sometimes but directly.
I do not have many friends, my relatives are all scattered all over the world and some are doing better than myself. I really would not know how to spend a big sum but still no to charities for the reason charities pay themselves first.
Posted by: just me | Nov 8, 2021 1:35:30 PM
Any monies I were to give away would be monies derived from investment of Lottery Winnings(Lottery Capital Fund). In this way, the potential to continue giving would long lasting, perhaps perpetual. For this discussion we shall suggest the winnings were $50 Million
Family would come first: My Daughters and their progeny would benefit by receiving assistance. My thought is that both were raised with an excellent work ethic and have reasonably responsible money management skills: so I would probably provide matching funds to their family employment income. Here is the formula I have in mind: for every dollar earned I would match it - up to a maximum determined by the lowest earnings( so each reveives the same). If daughter A and her spouse earn $65,000 and daughter B and hubby earns $80,000 - then I would give both $65,000.
I have always believed in benevolence. So that being said, my one Caveat would be: you must donate at least 10% of the money received to some type of charity(organization or persons in NEED). their choice, as long as the donation can be verified.
Next would be Family. $5,000 maximum to TFSA for each sibling and parent. Then I would establish with the Lottery Capital Fund, a Family Trust. This trust would give equally to each family member as income is dreived from investment. The Family Trust would also have a benevolent donation requirement of 10% of distributed income be charitable
My close friends would get a one time lump sum GIFT(of course derived from investment proceeds).
I only have three or four real close friends, so these folks would be the recipients of probably $100-150,000 to pay off mortgages or supplement their retirement funds.
Benevolence: I would give myself a very generous yearly income, and buy an Ontario home as well as a vacation home. Whatever my personal income is, I would give matching funds to charities I choose. In particular a charity such as World Vision would be major beneficiaries of my giving.
Posted by: Smash | Nov 9, 2021 10:11:37 AM
It's not a problem for me, because I don't win at all LOL.