October 22, 2015
When they learned about The American Foundation for The University of British Columbia, a registered charity designed to maximize tax benefits on donations from the United States, these generous donors had the perfect gift idea—a vacation home in Florida.
“Donating the property to the American Foundation for UBC just made sense for us,” says Larry, who is also an alumnus of the University (BSc 71, MD 75). “When you sell a non-residence, the taxes can be exorbitant. Between the Canadian government and the American government, it can get as high as the full value of the home.”
To help maximize the benefits on their gift, Larry and Anne consulted with a legal firm that specializes in US and Canadian tax laws.
“As it turns out, we could give the entire condo to UBC, and neither government will get anything,” says Larry. “The entire property will pass to the university—and on top of that, our estate gets a tax benefit.”
“The Department of Dermatology has been a huge part of our lives,” adds Anne, who specializes in sports medicine and works as clinical faculty. “I have hosted many social functions for them over the years. They became our family. We are hopeful this gift will help contribute to a stronger Dermatology Department.”
“Donating to the American Foundation for UBC is a very good and efficient way of making a donation to support the university,” says Larry.
When Larry and Anne’s property passes to UBC, it will be sold and the proceeds will be put towards the Department of Dermatology to support their buildings and laboratories.
“UBC has been a part of my life for a long time,” says Larry, who joined the faculty in 1982. “When you give to UBC, you get better facilities, and that means better training. In the case of medicine it means better care for patients. Research is impacted, which leads to more grants and more grad students, so everything just gets bigger and better.”