TD Waterhouse foundation will vie with community foundations.TORONTO -- TD Waterhouse TD Waterhouse is the brand used for both British and Canadian brokerages within the TD Bank Financial Group. The brand originated as a United States brand for discount brokerage when TD purchased Waterhouse Securities. announced that it has established the Private Giving Foundation, the first endowment fund Noun 1. endowment fund - the capital that provides income for an institution endowment patrimony - a church endowment chantry - an endowment for the singing of Masses of its kind in Canada. It will compete with the members of Community Foundations of Canada. The TD appears likely to be the first of efforts by Canadian financial institutions to deal in the charitable endowments. The new foundation, which is based on u.s. donor-advised funds at groups like Merrill Lynch & Co., provides a one-stop endowment fund for donors, who will receive tax receipts, tax breaks on capital gains on donated, publicly traded securities, no administrative fees or start-up costs. Donors, who initially donate a minimum of $10,000 in cash or securities with the option of additional contributions of $1,000 or more at any time, may open donor-advised accounts in their own names or designated in memoriam to an individual or special cause. The TD Bank has donated $250,000 to start the fund. The foundation, whose principal is invested in the TD Balanced Income Fund, will annually distribute the net income and a portion of the net capital gains from investments to charities recommended by the donors. Monica Patten, Community Foundations of Canada Chief Executive, expressed disappointment that TD did not consult community groups first. She highlighted a recent partnership it launched between the CFC CFC See: Controlled foreign corporation and the Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). where BMO BMO Bank of Montreal (Canada) BMO Before Market Open BMO Biometrics Management Office BMO Ballistic Missile Office BMO British Mathematical Olympiad BMO Balkan Mathematical Olympiad BMO Business Management Office helps its clients donate to various foundations and manages the assets. However, the money is held within the foundation and it gifts the money annually. BMO Financial Group's employees charity, The Kids 'n Motion Endowment Fund will be established through the Community Foundations of Canada. Jo-Anne Ryan, the foundation's Executive Director and head of philanthropic strategies at TD Waterhouse, said the program is aimed at high-income clients who make several donations a year and want to streamline their giving, and "are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. one-stop gifting." She added the foundation is not trying to divert monies from other charities and hopes to work within the sector. Habitat for Humanity Habitat for Humanity, nonprofit ecumenical Christian organization that enables low-income people to own affordable, livable housing. Headquartered in Americus, Ga., it was founded in 1976 by businessman Millard Fuller and his wife. praised TD for taking a leadership role "that offers a turn-key solution to charitable giving." Endorsements have also been received from the National Ballet School The National Ballet School of Canada is located in Toronto, Ontario. The National provides a full-time program which combines classical ballet training with academic education from Grades 6 through 12 at its boarding school. , and the BC Children's Hospital Foundation. The new foundation's five-member Board of Directors includes among others: Marcia Lewis Brown, Managing Director of TD Asset Management Inc.; Rudyard Griffiths, founder and Executive Director of the Dominion Institute; David J. Thompson, former President of Great West Life. |
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