Alumni Spotlight
 | Denis Turcotte Creates Engineering Award for StudentsJuly 26, 2007
When Lakehead University alumnus and President and CEO of Algoma Steel, Denis Turcotte, was approached to be a lead donor to Lakehead's Scholarship Campaign, the decision was easy, says Turcotte. “Giving back to my alma mater by supporting current and future students was something I had been thinking about for some time. In addition, with the federal government modifying the capital gains tax on gifts of securities I was able to contribute shares in a more tax efficient way”, explains Turcotte. The elimination of the capital gains tax, included in the May 2006 federal budget, has resulted in a much greater advantage in donating shares directly rather than selling shares and donating cash. Turcotte accounts his experiences with Lakehead’s Engineering program as some of his “most enlightening and rewarding years.” “My time at Lakehead really opened my eyes to the business world and its possibilities. I am happy to give back, helping students who may one day become our future leaders.” Turcotte’s gift of securities will create a $50,000 endowed award (includes matching funds from the Ontario Trust for Student Support – OTSS provincial program). The award, honouring his parents, will be designated to Faculty of Engineering students who demonstrate financial need and hold a minimum B average. As an endowment the award will exist in perpetuity and provide $2,500 annually to a qualifying student. Most gifts of securities are made through an electronic bank-to-bank transfer, and can be done in a very short timeframe. Individuals wishing to make a gift of securities are required to sign a simple transfer of securities form authorizing the gift. For more information about donating gifts of securities, please contact: Laurie Hill |
