Personal Finance

Using personal account to receive gifts for a fundraiser

  • Last Updated:
  • Jan 15th, 2019 12:19 pm
[OP]
Deal Addict
Aug 19, 2005
1383 posts
122 upvotes

Using personal account to receive gifts for a fundraiser

Hi there,

A group of friends and myself are looking to hold a fundraiser for a family in need. Rather than use something like GoFundMe that takes a cut, we were thinking about using a personal chequing account to receive email money transfers. I was wondering if anyone has thoughts or advice on this approach.

A few considerations:
  • My CIBC chequing account is set to auto-deposit email money transfers (so we shouldn't have a problem with security questions), and there is no hold limit on deposits
  • Would just include my personal email address as the contact to send email transfers to
  • Will likely be small deposits ($20-$100) over the course of a month, and our goal is $5,000 total
  • CIBC does have limits on how much you can receive ($10K in 1-day period, $70K in any 7-day period), and we will be well under that
  • Our intention is that the donations are gifts, so I don't believe there are any tax implications for myself in receiving the money -- it will simply be collected into my account and then handed over to the family

Happy to hear if I'm missing anything.
3 replies
Deal Fanatic
User avatar
Jan 6, 2002
5231 posts
5265 upvotes
Toronto
I hate GoFundMe for many reasons, but unless this is a private fundraiser where everyone contributing knows exactly what's going on (ie you are looking for a collection method of convenience from a closed, defined group of people who want to do this), there's no way in heck I would donate to anything not managed through some sort of arms-length system like GoFundMe or some other recognized, registered charity.
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Deal Fanatic
User avatar
Mar 23, 2008
7733 posts
4533 upvotes
Edmonton
Personally, I'd probably go set up a free account and use that, rather than using my regular account. Basically, keep everything separate from my personal stuff (including e-mail), just to try to eliminate as many hints of impropriety as possible.

But maybe that's just me, and it might depend on how many people you expect to participate. Still seems that mixing funds like that with your daily spending is a bad idea.

C
[OP]
Deal Addict
Aug 19, 2005
1383 posts
122 upvotes
hoob wrote:
Jan 14th, 2019 4:15 pm
I hate GoFundMe for many reasons, but unless this is a private fundraiser where everyone contributing knows exactly what's going on (ie you are looking for a collection method of convenience from a closed, defined group of people who want to do this), there's no way in heck I would donate to anything not managed through some sort of arms-length system like GoFundMe or some other recognized, registered charity.
Great point. This is exactly as you describe: a private fundraiser amongst a closed group. Otherwise I would completely agree about being worried it's a scam.
CNeufeld wrote:
Jan 14th, 2019 5:07 pm
Personally, I'd probably go set up a free account and use that, rather than using my regular account. Basically, keep everything separate from my personal stuff (including e-mail), just to try to eliminate as many hints of impropriety as possible.

But maybe that's just me, and it might depend on how many people you expect to participate. Still seems that mixing funds like that with your daily spending is a bad idea.

C
Thanks, I have gone ahead and created a separate chequing account just for receiving the funds, and created a new email account as well for auto-deposits. Appreciate the response.

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