Turn Your Family Deposit into a Lasting Legacy
When you joined Mulgrave, you paid a Family Deposit of either $20,000 or $25,000 (depending on your admission year), which remains with the school until your youngest child graduates or your family departs. During this time, your deposit does not gain interest and cannot be used or withdrawn.
However, your Family Deposit can do far more than sit idle for 10-15 years losing value to inflation, you can donate all or a part of your deposit now. Doing so turns a static asset into one that creates immediate, meaningful impact for students and potential long-term benefits for your family.
Why Donate Your Family Deposit?
Your donation has an immediate impact on the funding area of your choice for Mulgrave students. Your gift supports new opportunities for our leaders of tomorrow.
You receive a charitable tax credit for the full amount of your donation, meaning you could receive up to half the value of your gift back as a tax refund.
Instead of your deposit losing value due to inflation, you can invest your tax refund and see it grow, or use it to meet an immediate financial need.
How to Donate Your Deposit
Simply let us know how much of your deposit you would like to donate and which Momentum funds or projects you wish to support; you are welcome to split your gift between multiple funding priorities. We will then send you an electronic agreement to sign. You will receive a charitable donation receipt for the full amount of your gift, to use either on your current year's tax return or at any time over the next five years.
Contact Advancement@Mulgrave.com if you have additional questions, or fill out the form linked below to start the process. As long as we receive your instructions or the form before midnight on December 31, 2025 (Pacific Standard Time) we can issue a 2025 tax receipt.
What Could You Do With Your Tax Refund?
Use it for Current Needs
Have some upcoming or unexpected expenses on the horizon? Depending on your combined federal and provincial tax rates, you could receive up to 53.5% of your donated deposit amount back in the form of a tax credit.
Perhaps this will help with home renovations, a new car, or a family vacation. Whatever the case, it might be more useful to have the money in your hands now, rather than many years in the future.
Invest for the Future
By investing your refund (e.g. in a TFSA, RRSP, your child's RESP, or similar), you can potentially grow the funds to match or exceed the original deposit amount. Meaning, your generosity and the extra investment in your child's education could cost you nothing, or even leave you better off than if you hadn't donated your deposit.
Speak to your financial advisor about the best options for your family and check out this info sheet to see how this choice could work for you.
Amplify Your Impact
Employ a strategy of donating the tax refunds from your gifts to meet your long-term philanthropy goals, without drawing on your current finances.
Each reinvested refund generates a new tax receipt for the next year, enabling you to repeat this cycle of generosity.
This consistent giving supports your school over multiple years and helps you to reach your philanthropic targets, e.g. for a personal passion project or a family recognition opportunity - all stemming from one original donation.