John Bocock, '57 BSc(Ag), surveys his central Alberta farm
There are several options for giving real estate to the University of Alberta, depending on what you would like that gift to support. For example, if your interest is student scholarships or bursaries, the property could be sold and the proceeds would go to establishing an endowment that would support financial aid for students for many years after you are gone. If you want your property to be used in a way that will support research and education, an agreement can be created between you and UAlberta that outlines expectations and obligations with respect to how the land will be used and for how long.
Promised Land in Trusted Hands
John Bocock, ’57 BSc(Ag), was just seven years old when he drove a tractor for the first time. His small hands reached for the clutch, bright eyes peering through the steering wheel of the John Deere. Post-Second World War labour shortages meant it wasn’t unusual for farm kids to start young, and John and his older brother Bill were keen to learn whatever they could about the family business. The years passed and their Sturgeon County farm flourished, but the Bococks grew concerned about the threats of industrial and urban development on prime farmland like theirs.
“My generation inherited a bountiful, sustainable homeland,” says Bill. “Our greatest gift to the ones we love would be a legacy of productive farmland.”
As they wrestled with how to protect their land from developers, a friend suggested that the University of Alberta might be able to use their land for research. The family’s gift of 777 acres of land directly south of their home resulted in the establishment of the St. Albert Research Station within the Faculty of Agricultural, Life & Environmental Sciences.
The Bococks' gift allows UAlberta scientists to explore the link between agricultural practices and greenhouse gas emissions, and to research water management, soil erosion prevention and sustainable crop development. The brothers get the satisfaction of knowing that this research will help farmers everywhere feed the world.
Donate now or as part of your estate
Option to retain interest in the property
Independent appraisal required
How it Works
A supporter gives real estate valued at $1 million to UAlberta:
- Donor receives a tax receipt for $1 million.
- Donor receives a tax credit of $500,000. *
- The credit can reduce up to 75% of donor’s taxable income (100% in year of death).
- If the donation is the donor’s principal residence or ecologically sensitive land, there is no tax payable on the capital gain.
- For gifts of real estate that are not the donor’s principal residence, 50% of the capital gain is taxed. However, the tax credit will likely exceed the tax on the capital gain tax, resulting in a net tax saving.
* Tax credit depends on donor’s income and specific circumstances