Princess Margaret Cancer Foundation

610 University Ave.
Toronto, ON M5G 2M9
President & CEO: Miyo Yamashita
Board Chair: Richard Rooney

Charitable Reg. #:88900 7597 RR0001


Ci's Star Rating is calculated based on the following independent metrics:

[Charity Rating: 3/5]



Audited financial statements for current and previous years available on the charity’s website.



Grade based on the charity's public reporting of the work it does and the results it achieves.



The demonstrated impact per dollar Ci calculates from available program information.


Charity's cash and investments (funding reserves) relative to how much it spends on programs in most recent year.



For a dollar donated, after overhead costs of fundraising and admin/management (excluding surplus) 62 cents are available for programs.

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About Princess Margaret Cancer Foundation:

Princess Margaret Cancer Foundation is a 3-star rated charity. It has an average results reporting score and is financially transparent. However, this charity has overhead spending outside of Ci’s reasonable range and enough in its reserve funds to cover almost five years of program spending. 

Founded in 1982, Princess Margaret Cancer Foundation (PMCF) raises money to support research, education, and patient care at Princess Margaret Cancer Centre (PMCC). This Centre is a part of the University Health Network (UHN) in Toronto. It treats over 200 types of cancer and receives 254,000 clinic visits each year. Currently, cancer is the number one cause of death in Canada, with over 200 people dying from the disease every day. 

Princess Margaret Cancer Foundation has not yet posted its F2023 annual report at the time of this update. The overview and results refer to F2022 and earlier. 

In F2022, PMCF granted $114.5m to Princess Margaret Cancer Center. The charity reports spending for the majority of its work under the heading of Research, Education, & Patient Care but does not provide a breakdown of spending between these different areas. 

Research, Education, and Patient Care represented 93% of grants ($106.5m by Ci calculations) in F2022. Through its research work, PMCF had over 1,200 peer-reviewed publications in F2022. During the year, PMCF introduced the new Yamana Gold Discovery to Impact Grant for high-risk, high-reward projects. Drs. Khokha, Kislinger, and Berman received this grant to research ways to target fatty acid metabolism to prevent breast cancer. In terms of education, PMCF supports training programs for students and fellows. The charity did not provide the total number of students for F2022, but in F2020 it had 270 research trainees, 176 fellows, and 146 residents. For patient care, PMCF reports that it treats about 18,000 new patients and performs over 6,000 surgeries each year. In F2022, the charity started a genetic testing program for all 1,300 of its breast cancer patients. PMCF reports that 22% of patients at PMCC are enrolled in clinical trials, which is almost double the average in Canada. 

In F2022, the remaining program spending was split between Buildings (4% - $4.6m) and Equipment (3% - $3.4m). Princess Margaret Cancer Foundation raised funds to open C-labs in PMCC. These labs allow for more collaboration between doctors.

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Results and Impact

Princess Margaret self-identifies as one of the top five cancer research centres in the world. It states that it is the top research hospital in Canada and has been for the last 11 years. PMCF also ranks itself as 2nd in terms of the proportion of research papers published in high-impact oncology journals. It ranks itself as 5th in terms of highly cited research papers.  

In F2022, Dr. John Dick, a researcher at PMCC, received the Canada Gairdner International Award worth $100,000. He discovered new stem cells which can be used to treat acute myeloid leukemia. In F2020, PMCF started a seed grant program to provide up to $20,000 for early-stage research projects. That year, Drs. Giuliani and Papadakos received a seed grant and finished their project in F2022. They created a course to teach people how to translate research findings into practice which will be launched in 2023.  

At PMCC, the Global Oncology Leadership Development (GOLD) program was founded in F2018. Since then, 119 fellows from 28 countries have graduated from this program and become leaders in cancer care. 

While Ci highlights these key results, they may not be a complete representation of Princess Margaret Cancer Foundation's results and impact. This charity is not yet rated on impact (n/r).

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Princess Margaret Cancer Foundation is a Major 100 charity, one of Canada’s largest in terms of donations. It received $105.0m in donations and special events revenue in F2023. PMCF also received $72.6m in net lottery revenue, representing 40% of revenues during the year. Combined administrative and fundraising costs are 38% of revenues (less investment income and net lotteries). For every dollar donated to the charity, 62 cents go to the cause. This is just outside of Ci’s reasonable range for overhead spending. 

PMCF has reserve funds of $860.6m, of which $192.9m is donor endowed. Excluding donor-endowed funds, the charity’s funding reserves can cover almost five years of annual grant costs. Its funding reserves do not include a $16.7m endowment fund held by the University of Toronto for the benefit of graduate students conducting research at Princess Margaret Cancer Centre. 

PMCF’s funding reserves contributed $16.5m in investment income in F2023, at an estimated rate of return of 2% (compared to an investment income of $37.1m at a return of 5% in F2022). Over the last three years, Ci estimates that the charity’s investment returns have averaged 8%. PMCF has outstanding commitments to invest $9.1m in private capital over the next three to five years. 

Princess Margaret Cancer Foundation discloses multiple related party transactions with University Health Network (UHN). In F2023, it paid $144.0m in grants to UHN (by Ci calculation). It paid UHN a further $17.1m for salaries, $1.7m for a lease payment for office space, and $75k for general office expenses. PMCF also paid $846k to UHN towards its outstanding accounts payable. 

PMCF received funding from UHN during the year as well. In F2023, PMCF collected $7.2m from UHN to pay off outstanding accounts receivable from prior years. The charity additionally received $1.1m in royalty payments which was included as fundraising revenue in the audited financial statements. 

Included in donations for PMCF, $10.9m came from affiliated foundations in F2023. This is money that travels from donors through UHN to PMCF. PMCF received $6.6m in F2022 and $480k in F2021 from affiliated foundations, so this amount has been steadily increasing. 

Charity Intelligence has sent this update to Princess Margaret Cancer Foundation for review. Changes and edits may be forthcoming. 

Updated on July 28, 2023 by Clive Stevens.

Financial Review

Financial Ratios

Fiscal year ending March
Fundraising & admin costs as % of revenues 38.4%34.5%32.2%
Total overhead spending 38.4%34.4%32.2%
Program cost coverage (%) 496.8%659.6%517.8%

Summary Financial Statements

All figures in $000s
Donations 88,31380,97976,778
Fees for service 0043
Lotteries (net) 72,62991,65946,398
Special events 16,69910,6466,385
Investment income 16,45337,140114,444
Other income 000
Total revenues 194,094220,424244,048
Program costs 000
Grants 144,029111,225125,109
Fundraising & administrative costs 40,33531,56126,745
Total spending 184,364142,786151,854
Cash flow from operations 9,73077,63892,194
Capital spending 000
Funding reserves 860,555863,887785,722

Note: According to its financial notes, PMCF includes licensing and royalty payments from other cancer charities within special events revenue. Ci reclassified these amounts as fees for service. To report on a cash basis, Ci adjusted for deferred donations from non-government sources. This affected revenues by $92k in F2023, $93k in F2022, and ($2.7m) in F2021. Ci adjusted grants to UHN by changes in amounts payable to UHN. This affected revenues and expenses by $846k in F2023, ($1.1m) in F2022, and $12.1m in F2021. Ci removed lease payments to UHN for office space from grants and included it in fundraising and administrative costs instead. 

Salary Information

Full-time staff: 99

Avg. compensation: $148,155

Top 10 staff salary range:

$350k +
$300k - $350k
$250k - $300k
$200k - $250k
$160k - $200k
$120k - $160k
$80k - $120k
$40k - $80k
< $40k

Information from most recent CRA Charities Directorate filings for F2022

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Comments & Contact

Comments added by the Charity:

No comments have been added by the charity.

Charity Contact

This email address is being protected from spambots. You need JavaScript enabled to view it. Tel: 416-946-6560


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Charitable Registration Number: 80340 7956 RR0001