Originally published by The Chronicle Herald. Pictured: Andrew (left) and Nora Gross are long-time QEII Foundation donors, whose gifts of securities are having an immeasurable impact on care at the QEII Health Sciences Centre.
This tax season, donors can make an impact on the lives of patients at the QEII, while simultaneously receiving tax relief for their generosity.
Although they are Ottawa residents, Nora and Andrew Gross love “Canada’s ocean playground.” The retired couple spends up to five months each year at their Chester residence.
“We spend a lot of time on the water, playing golf and socializing with family and friends,” Andrew says. “We have met many great people there.”
The Gross family also has a special connection to the QEII Health Sciences Centre, as Nora requires regular treatments at the hospital while she is in the province. Since 2010, they have been showing their appreciation by making regular donations to the QEII Foundation.
“Without the QEII, we would not be able to spend the time that we do in Nova Scotia,” Nora says.
They began by making gifts in memoriam, and then in 2020 they started donating gifts of securities, joining the growing number of Canadians who receive the tax benefits of gifting securities, while supporting a charity of their choice.
A donation of publicly-traded stocks, bonds or mutual funds eliminates the capital gains tax on those assets, and provides the donor with a charitable tax credit for their fair market value.
“That capital gains tax would have to be paid at some point, whether at the time of sale, or from your estate,” explains Percy MacDonald, a financial advisor with Assante Financial Management Ltd. “A donation of securities provides the largest tax saving to the donor.”
Securities that have realized the greatest capital gains provide the optimum tax advantage, he adds. Investments that have been held for several years or decades have typically seen significant increase in value over that time. MacDonald will help clients identify the assets that will provide the optimum tax advantage upon donation.
To qualify for the capital gains tax exemption, a donor has to transfer the securities in-kind to the recipient charity, rather than selling the securities and then donating the proceeds.
By donating a gift of securities to the QEII Foundation, a donor can transform a financial asset into an immediate impact on the care provided at the QEII Health Sciences Centre. The donation can be designated to a specific department of care, area of research, or simply directed to the area of greatest need.
“Many of our supporters are directing their donations to our We Are campaign,” says Geoff Graham, charitable giving advisor with the QEII Foundation.
Launched officially in January 2022, the QEII Foundation’s We Are campaign has set a $100-million goal, to be directed towards a number of transformative projects. This campaign will ultimately enhance care by reducing wait times, increasing access to treatment, and introducing new technologies.
Supporting health care is important at any time of year. But tax season offers an annual opportunity to make an impact on the lives of patients, while simultaneously providing tax relief to the donor.
“We’re happy to be able to support the QEII Foundation,” Nora Gross says. “We recognize the importance of the QEII to Nova Scotia.”
To learn more about giving a gift of securities and to support health care at the QEII today, visit QE2Foundation.ca/securities.
