At Ketchen Asset Management of RBC Dominion Securities, we work with clients whose philanthropic goals encompass a virtually limitless range of causes. We help our clients make a real difference in the lives of people who rely on the foundations or charities they support. And let’s face it: doing good feels good.
Our team has had the privilege of taking part in some charitable good of our own, through the Port Credit Secondary School (PCSS) in Mississauga. My family has deep roots in south Mississauga – we’ve lived there for generations and, starting with my grandmother, Vera, many Ketchens have been fortunate enough to attend PCSS. That’s why it meant a lot to my father, Fred, and me to lend our support to the Regional SciTech program at PCSS, both through the disbursement of a yearly scholarship and by helping to renovate two classrooms devoted to the program. A few months ago, we were invited to the school to witness first-hand how our donation was applied, and we were frankly overwhelmed at the calibre of both the program and its students.
From the Peel Schools website:
The SciTech program at Port Credit Secondary School is a four-year program that integrates a “HANDS-ON, MINDS-ON” philosophy that provides students with an interactive approach to learning. The merging of science and technology in the classroom enables students to better understand our modern world and prepare students for the 21st century. The program is enhanced through the Science and Technology curriculum and through participation in activities such as excursions, guest speakers, competitions and clubs.
Students are selected on the basis of their interest, curiosity and enthusiasm for both science and technology. Students will be involved in the design, creation and testing of scientific and technological models. The SciTech program emphasizes hands-on skill building, critical thinking, creativity and group dynamics. The program supports student interest in a variety of careers in science, technology and engineering through the exploration of pathways including apprenticeships, colleges and universities.
I consider myself a Luddite, and my father makes me look like Bill Gates. So for us to witness the tremendous work these students are doing gave us a true appreciation for their commitment to learning, as well as overwhelming gratitude that we can help provide the tools that will propel these remarkable individuals to even greater achievement.
If your family has a similar story with a cause or charity, there are numerous ways to give back. For instance, you may wish to donate shares of publicly-traded stocks rather than cash to your chosen charity, as there are tax advantages to doing so. If you have long-held shares with large capital gains attached to them, donating shares in-kind means that you are not subject to capital gains taxes and your donation amount is calculated as the market value of the shares on the date they are received by the charity. In addition to the tax benefits, you can also use this strategy to reduce concentrated positions in a portfolio – in effect, rebalancing to reduce overall risk without having to liquidate a security and take a potentially large capital gain. You may also consider the use of a life insurance product to fund your donation in a tax-efficient manner and create an enduring legacy. And, at RBC Dominion Securities, we offer a Charitable Gift Program designed as a convenient alternative to establishing a private foundation that is both cost-effective and tax-efficient.
To see if any of these strategies would be appropriate for your charitable causes, we'd love to chat with you. Contact us today to start a conversation.