Dorothy Mikalachki, BA 59, first wanted to make a bequest to her alma mater in her will. Her support would create an endowment to fund an annual bursary — the Dorothy Martin Mikalachki Student Award — in perpetuity.
“Al and I were always savers,” said Dorothy of her late husband, Al Mikalachki, BComm 58. “Since he passed on, I have used our money to help others.”
Mikalachki then decided that she wanted to see the fruit of her donation today. To achieve this, she made a gift of shares — one of the most tax-effective ways to give.
As Mikalachki said to me, it was an informed decision. Her son works as an investment manager and described the benefits of making a donation of shares. They include significant tax savings — all the while supporting a charitable organization. It’s often seen as a win-win way to give.
Here’s why: By gifting your shares to a registered charity instead of selling them, you benefit from an exemption of the capital gains taxes you would normally pay. In addition, you receive a donation receipt equivalent to the entire value of the shares. Your chosen charity benefits from the full value of your donation.
To learn more, call your financial planner or contact me.