Newly unveiled foundation offers high-net-worth Canadians a single platform to focus their charitable giving
Gluskin Sheff, the wealth management platform of the Onex Corporation, has announced the launch of a new donor-advised fund.
The new DAF is offered through the Gluskin Sheff Foundation for Philanthropy (GSFFP), a newly formed independent non-profit that provides donor-advised funds and other philanthropic services. The GSFFP provides a charitable tax receipt for the value of charitable gifts, and allows donors the opportunity to increase and sustain their philanthropic giving to registered charities across Canada.
“Our aim with the Gluskin Sheff Foundation for Philanthropy donor advised fund is to offer a flexible, cost-effective and seamless way to build our clients’ charitable vision, and to provide them with peace of mind, knowing their assets will receive a high level of financial stewardship,” said Gluskin Sheff President and CEO Jeff Moody.
With a minimum contribution of $100,000, Gluskin Sheff clients and prospects can work with a representative of Gluskin Sheff to set up and personalize a DAF, recommending which charities they wish to benefit from their gift and specifying whether or not they wish to remain anonymous. With a 35-year track record of providing investment management services to high-net-worth clientele, Gluskin Sheff also offers the security and peace of mind for many donors to further maximize their charitable giving.
“For many individuals, families and organizations, donor advised funds offer an attractive alternative to the administrative burden, cost and time involved in establishing and managing a private family foundation,” said Tiffany Harding, vice-president and head of Wealth Planning for Gluskin Sheff. “We want to empower our clients and enable an opportunity for strategic philanthropy driven by family values, as well as teach financial stewardship across generations.”
Through its partnership with the GSFFP, Gluskin Sheff also anticipates that it can attract and retain clients, as well as build relationships with multiple generations as it engages families in philanthropic planning. Because GSFFP has employed Gluskin Sheff to manage its assets, Gluskin Sheff will receive investment management fees for funds invested through GSSFP’s DAF.
“At Gluskin Sheff, we have a long-standing history of being philanthropic and supporting our clients in every aspect of their lives,” said Moody. “It is important to us to understand our clients’ financial goals, simplify their wealth management journey and ensure their legacy is preserved for generations to come.”