67 Yonge Street, Suite 300
Toronto, ON M5E 1J8
President: Duncan Munn
CEO: William Robson

Charitable Reg. #:11884 1626 RR0001


Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 3/5]



Audited financial statements for current and previous years available on the charity’s website.



Grade based on the charity's public reporting of the work it does and the results it achieves.



The demonstrated impact per dollar Ci calculates from available program information.


Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.



For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 100 cents are available for programs.

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About CD Howe Institute:

CD Howe Institute is a 3-star charity with average results reporting. It is financially transparent but does not report overhead costs in its audited financial statements. With its current reserves the charity can cover one year and three months of annual program costs.  

Founded in 1958, CD Howe Institute (CDHI) is an independent research institute and public policy think tank. CD Howe aims to raise living standards by creating stable economic public policies. The institute focuses on Fiscal, Monetary and Pensions Sustainability, Competition, Innovation and Business Growth, Health and Human Capital, and Energy, Trade, and Supply Chains. The charity does not provide a breakdown of its spending on its programs. CDHI has more than 300 experts and researchers who produce over 60 research reports every year. 

In F2022, CDHI organized 40 policy events and produced 50 research and council reports. The reports covered a variety of topics including Fiscal and Tax Policy (10), Regulation, Competition and Growth (6), Financial Services and Regulation (6), Health Policy Research (6), Monetary Policy (5), Human Capital Policy (4) and others. The institute also gave 107 policy outreach presentations and held 27 policy meetings in F2022 

In F2022, CDHI launched the Supply Chains Working Group, which is focused on making recommendations for a national supply chain strategy for Canada. 

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Results and Impact

CD Howe Institute’s research was cited over 8,210 times in the Canadian and international media in F2022. It was cited over 9,600 times on social media. CD Howe's website received over 5,335,400 visits.  

While Ci highlights these key results, they may not be a complete representation of CD Howe’s results and impact. This charity is not yet rated on impact (n/r).   

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CD Howe Institute has donations and special events revenues of $7.2m in F2022.  The charity did not separate administrative and fundraising costs from its program costs. As a result, Charity Intelligence included all costs into program costs in F2022. This means that CD Howe's reported overhead costs of 0% fall outside of Ci's reasonable range due to non-disclosure. F2021 and F2020 allocation of expenses come from the charity's T3010 filing with the CRA. The F2022 filing was not available at the time of this report. 

CD Howe has $13.6m in reserve funds. These are the charity’s cash and investments. Of these reserve funds, $5.8m is donor endowed. Excluding donor-endowed funds, the charity could cover one year and four months of annual program costs with current reserves. 

This charity report is an update that has been sent to CD Howe Institute for review. Changes and edits may be forthcoming.  

Updated on August 17, 2023 by Alessandra Castino.   

Financial Review

Financial Ratios

Fiscal year ending December
Fundraising & admin costs as % of revenues 0.0%14.3%13.6%
Total overhead spending 0.0%14.3%13.6%
Program cost coverage (%) 131.4%162.4%122.1%

Summary Financial Statements

All figures in $000s
Donations 5,9795,2545,813
Government funding 09201,242
Fees for service 7710
Special events 1,245599238
Investment income (127)1,019303
Total revenues 7,1057,7997,606
Program costs 6,7524,9614,746
Fundraising & administrative costs 0968995
Other costs 030
Total spending 6,7525,9325,741
Cash flow from operations 3531,8671,865
Capital spending 48106144
Funding reserves 13,61113,37811,222

Note: The charity does not disclose fundraising costs and administrative costs on its audited financial statements. As a result, in F2021 and F2020 Ci reported administrative and fundraising costs from the charity’s T3010 filings with the CRA and removed amortization from program costs to report as other expenses. The charity’s F2022 T3010 filing was not available at the time of this update. Ci reported investment income and unrealized gain from endowment funds affecting revenue by ($195k) in F2022, $956k in F2021, and $274k in F2020. Ci adjusted for deferred donations, affecting total revenues by $277k in F2022, ($646k) in F2021, and $628k in F2020.   Ci has included endowment contributions in donations, increasing revenues by $nil in F2022, $nil in F2021, and $25k in F2020. Ci reported loss on disposal of capital assets in other costs. 

Salary Information

Full-time staff: 52

Avg. compensation: $89,426

Top 10 staff salary range:

$350k +
$300k - $350k
$250k - $300k
$200k - $250k
$160k - $200k
$120k - $160k
$80k - $120k
$40k - $80k
< $40k

Information from most recent CRA Charities Directorate filings for F2021

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

Website: www.cdhowe.org
This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-865-1904


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Charitable Registration Number: 80340 7956 RR0001