We also understand how important it is for our clients to develop a charitable legacy of their own, and for this we have the RBC Dominion Securities Charitable Gift Program. The program enables clients to support charitable causes they deem important while receiving significant tax advantages. Cash or publicly listed securities are contributed to a fund administered by the Charitable Gift Funds Canada Foundation (CGFCF). CGFCF is an independent, non-profit charitable organization registered as a public foundation with the Canada Revenue Agency (CRA). An investment strategy is selected and the account is then professionally managed by Patrick Rae & Associates Private Investment Management of RBC Dominion Securities. The client can make recommendations to the Foundation on how grants are distributed to favored charities throughout their lifetime and if desired, perpetuity. Grant amounts are based on the amount of accumulated investment earning available in the account and official donation receipts for the full fair market value (FMV) of the contribution are issued. A capital gains exemption may be available for donating qualifying securities. Any potential growth in assets realized within the charitable gift fund account accumulates tax free, enhancing the ability to recommend increasingly larger charitable grants in the future.
Within RBC Dominion Securities, we have over $152 billion in assets under management. This includes over $1 billion in assets under management for foundations, not-for-profit organizations and endowment funds. Our discretionary portfolio management group, Private Investment Management, manages over $14 billion in assets. Private Investment Management works with private clients, trusts, institutions and foundations. Of the $14 billion, there are several hundred million of foundation and not-for-profit organization assets under management.