Scotia Private Client Group today launched Aqueduct Foundation, a philanthropic planning solution that provides Canadians with flexible options when planning significant charitable donations.

“We created Aqueduct Foundation to serve as a channel for supporting other charities and to facilitate sophisticated philanthropic planning in a timely and cost efficient manner,” said Malcolm Burrows, head, philanthropic advisory services, Scotia Private Client Group, in a news release. “Canadians now have options available to manage their philanthropic giving with the flexibility of a professionally managed Foundation.”

Established and administered by Scotia Private Client Group, Aqueduct Foundation is a public charity that enables clients to make the most of their philanthropic gift through the use of donor advised funds. These funds offer the benefits of simple set-up and low administration costs, as well as the ability for donors to maintain an involvement in the use of their donation by making recommendations to Aqueduct’s independent board of directors as to which charities their fund supports.

With a minimum contribution of $250,000, donor advised funds, one of the options within Aqueduct Foundation, can be set-up in as little as 24 hours, while providing the lowest fees among foundations offered by financial institutions. Aqueduct accepts common gifts such as: cash, bequests by Will, and public securities, which are not subject to capital gains. Aqueduct also accepts complex property such as: real estate, private company shares, and employee stock options.

“Our clients tell us they want a charity that will organize their giving, but don’t want limits on what they can donate or what charities they support,” said Burrows. “Now, donors can set up long-term endowments, and also recommend grants of their fund capital to other charities.”

Donors can also establish personalized Legacy Funds which can be set-up at no cost, require no immediate donation, and are funded at death with a bequest in a Will or a life insurance policy. This option enables the creation of a personal legacy and the long-term support of a number of charities or causes.