Article originally published by The Chronicle Herald. Pictured: A patient undergoes a scan using a first-in-Canada nuclear medicine scanner; technology proudly supported by QEII Foundation donors, like Gerry and Denyse Irwin, who gave a gift of stock to the project.
How gifts of securities are benefitting donors and local health care at the QEII
Donating gifts of securities – including stocks, bonds and mutual funds – is a simple, yet effective, way of giving back to the community and the perfect opportunity to take advantage of some great tax incentives not otherwise available.
Charles W. Cullen III, Senior Portfolio Manager and Wealth Advisor with RBC Dominion Securities, says gifting securities is becoming an increasingly popular way for people of all ages to donate because of its benefits.
“When you sell securities, you will end up owing a gain and that gain will either happen when you sell the security or upon your passing. However, if you donate securities, you’re able to exclude that capital gains tax on those donated securities. In addition, you’re able to get the tax credit for the charitable giving, along with eliminating the capital gains,’’ he explains, all while supporting a cause you’re passionate about.
When considering which securities to donate, Charles recommends consulting with your investment professional, as to your own individual situation, weighing the tax considerations along with the impact on your portfolio after the donation.
He’s seeing more people give charitably overall, but especially at this time of year as the holiday season nears and people are evaluating their year-end gifts. Charles has helped many clients donate gifts of securities to a variety of charities throughout the years, including the QEII Foundation.
“As long as you are working with your financial institution and inform the QEII Foundation team of your gift, it’s as easy as a simple transfer of shares,” explains Charles.
Gifts of securities play a huge role in advancing health care at the QEII Health Sciences Centre. According to Katharine Berrington, Charitable Giving Advisor with the QEII Foundation, this tax-effective method of giving means your investment can save and change lives.
“With more than one million patient visits to the QEII each year, chances are your gift will one day impact the care or treatment journeys of those you know or love,” says Katharine.
“Securities are a way to give that not only directly impacts health care, but it can also benefit the donor at tax time,’’ she shares. “It’s becoming a more and more popular way to give, especially as people are realizing that they can transform a financial asset into creating an immediate impact at the QEII.’’
As part of Katharine’s role, she works with donors to designate their gifts to an area of care that’s important to them or, for many individuals, help support the highest priority needs for QEII healthcare teams.
Charitable gifts can also be left in a will which Katharine says is another great way to both donate and continue your legacy. Some donors choose to do both.
“Many donors will leave a charitable gift in their will, and that is an important legacy, but there’s also great joy that a donor can feel that comes with witnessing a difference that your donation can make in your lifetime,” she explains.
Every year, longtime donors Gerry and Denyse Irwin make an annual gift of stock to the QEII Foundation in support of health care at the QEII. Their gifts have supported everything from the QEII’s interventional radiology suites to help treat strokes and a surgical robot for life-changing orthopaedic surgeries to a first-in-Canada nuclear medicine scanner that’s revolutionizing heart health and cancer care.
The Dartmouth couple’s reasons for supporting Atlantic’s Canada’s largest and most specialized adult hospital are personal. Gerry received care at the QEII on a few occasions, following a heart attack and two aneurisms.
“It’s about time I start paying my rent over there,’’ he jokes. “I always received excellent care. The people there were good to me,’’ he says.
Self-taught, Gerry took an interest in the stock market in his 30s. More than 50 years later, it’s a hobby for him and now also provides an avenue for the couple to give back.
“Arranging a gift of securities has a great impact and it’s also cost-effective,’’ says Gerry.
Every year, Gerry reviews their stocks and chooses the ones with the highest capital gains tax to donate to charities that align with their values. It’s “a win/win,’’ Gerry explains.
To learn more about giving a gift of securities and to support health care at the QEII today, visit QE2Foundation.ca/securities.
