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Crowdfunding has become the hottest way to fund everything from new inventions to medical procedures, but there are things you should know before setting up a campaign or contributing to one.

"It's important people do research whether they're looking to make a donation or set up a campaign," said Andy Osburn, an advisor to the not-for-profit National Crowdfunding Association of Canada.

Image: Many crowdfunding sites allow you to sign up for free, but charge donors a percentage plus a processing fee plus 30 cents per transaction. (CBC)