Frequently asked questions about gifts of stock and securities

1. How does Fred Victor Centre handle gifts of stock and securities and how long does this process take?

Answer: 1) Donor completes Fred Victor Centre's Gift of Securities Form and contacts us to let us know to expect the donation, and instructs their broker to transfer stock or securities to Fred Victor Centre's brokerage account using the information on the form.  2) Stock or securities are transferred to Fred Victor Centre's brokerage account by donor's broker and is immediately sold.  3) Cheque representing the net proceeds of the sale is sent to Fred Victor Centre by Fred Victor Centre's broker.  4) Fred Victor Centre issues a charitable receipt on the same day as receiving the cheque.  This process from the form being completed to the charitable receipt being issued usually takes approximately 14 business days.

2. Is there a minimum value of the gift of stock or securities that will be accepted by Fred Victor Centre?

Answer: Yes, Fred Victor Centre will accept gifts of stock or securities valued at $250 or more.  This limit reflects the high cost of processing this type of gift to both the donor and Fred Victor Centre due to costs such as the brokerage commission and market changes.

3. When will Fred Victor Centre sell my stock or security?  What will be the value of my tax receipt?

Answer: We will sell the stock or security immediatley upon receipt.  You will receive a charitable tax receipt for the closing price of the security on the day that it is received in Fred Victor Centre's account.

4. I want to donate share certificates.  What do I need to do?

Answer: Share certificates can be donated in the donor's name or transferred to Fred Victor Centre's name.  If donated in the donor's name, the certificates must be signed and a photocopy of the front and back of the donor's drives license, or a signature guarantee on the certificate from the donor's bank included, along with a letter from the donor directing the certificates to Fred Victor Centre.  Please contact Fred Victor Centre at 416-364-8228 ext. 303 for more details.

5. How does Fred Victor Centre handle flow through shares?

Answer: As long as the shares have a Committee on Uniform Securities Identification Procedure (CUSIP) number and are eligible for sale on a Canadian stock exchange, the process for donating flow through shares is the same as regular traded shares.  Please contact Fred Victor Centre at 416-364-8228 ext. 303 for more details.

6. I'm with a discount brokerage.  Will this impact the timing of the process?

Answer: Yes, typically the processing time to transfer the share from a discount broker can take up to 14 business days.  In the case of mutual funds, the process can take longer.  Please contact Fred Victor Centre at 416-364-8228 ext. 303 for more details.

7. What is Fred Victor Centre's process for handling exchangeable shares?

Answer: Exchangeable shares can be donated to Fred Victor Centre (typically in certificate form) or donated after they are exchanged.  If the shares are donated directly, Fred Victor Centre's broker will exchange them for shares of the underlying company, which could take up to one week.  The donor is receipted based on the closing price of the underlying shares on the date the exchange is complete.  If the shares are exchanged prior to donation to Fred Victor Centre, the process is the same as any other share and the donor will receive a charitable tax receipt for the closing price on the day that the shares are received in Fred Victor Centre's account.