Earlier today, banking titan BMO announced the donation of a $21 million gift to fund upgrades for seven Toronto academic medical institutions associated with the University of Toronto's Faculty of Medicine. To be granted over the next decade, these funds will help maintain Toronto's position as a global leader in medical research and patient care through improvements to the Centre for Addiction & Mental Health (CAMH), The Hospital for Sick Children, the Princess Margaret Cancer Centre, St. Michael's Hospital, the Sinai Health System, and Toronto Western Hospital.

BMO, Toronto, hospital fundingSunnybrook Hospital, image by Dale Roddick via Flickr

"This level of private sector funding and support for these world-class hospitals is an example of what makes Toronto a leader in research and innovation," said Toronto Mayor John Tory in a prepared statement issued today. "We are proud to be home to a growing and diverse talent pool that will continue to elevate Toronto's standing as a global hub for medical research and patient care, and look forward to the benefits this announcement will have for patients and families in Toronto and abroad."

At CAMH, the new funding will be put towards naming rights for the facility's new geriatric wing, to be known as the BMO Financial Group Geriatric Ambulatory Services. Funds donated to the Hospital for Sick Children be used to establish the new Kids Health Alliance, an innovative tech platform capable of bringing together healthcare providers around the province. At the nearby Princess Margaret Cancer Centre, funds will support the establishment of the BMO Financial Group Chair in Precision Genomics, a position given to Dr. Lillian Siu, Senior Staff Physician, Division of Medical Oncology & Hematology. Over at St. Michael's Hospital, funding is set to be earmarked for the BMO Ambulatory Care Area, which will be a component in the new Slaight Family Emergency Department. The Sinai Health System will be using their new funding to build a new Diabetes Complications Prevention Clinic, and to develop new culture-specific diabetes programming for First Nations. At Sunnybrook, funding will help create a new prostate cancer centre, while Toronto Western Hospital will be using their added funds for their BMO Education & Conference Centre.

BMO, Toronto, hospital fundingSt. Mike's Patient Care Tower under construction, as seen in July, image by Forum contributor ProjectEnd

A prepared statement issued by Bill Downe, Chief Executive Officer, BMO Financial Group, reads "this is the biggest philanthropic commitment in our company's 200 year history. It is truly transformative, and focuses on helping these seven global centres of excellence continue to push the boundaries of medical science."

Let us know what you think using the comments section at the bottom of this page.