A Toronto cancer hospital has received a $50 million donation, which marks the biggest-ever private gift for cancer research in Canadian history.

The funds for the Princess Margaret Cancer Foundation are earmarked to advance the development of personalized cancer medicine.

The money comes from Canadian philanthropists Emmanuelle Gattuso, Allan Slaight and the Slaight family.

"I have been touched by cancer, as have so many friends and family members. I believe in the Princess Margaret’s vision to conquer cancer in our lifetime," said Gattuso.

The donation will be delivered over 10 years to the Princess Margaret Cancer Foundation's Billion Dollar Challenge campaign.

It will create what the foundation is calling a superfund to support superstars in cancer research.

"This unprecedented ‘superfund’ allows us to build and support research teams focused on precision genomics, advanced tumour biology, immune therapy and molecular imaging," said Dr. Benjamin Neel, Research Director of the Princess Margaret Cancer Centre.

Gattuso is a 10-year survivor of cancer and, with her husband, has given generously to it and other causes.

Including Monday’s donation, the total money and grants received from Gattuso and her family has reached over $72 million.

In April 2012 the foundation launched their Billion Dollar Challenge and has raised $243 million in a combination of donations and grants.

with files from The Canadian Press