Clear and Simple

The planned gift concept is straightforward. You apply for a life insurance policy similar to the one you probably already own to protect your loved ones in the event of your death. But this policy is somewhat different: the beneficiary and owner at your end is a registered charitable organization of the foundation of your choice. A wide range of life insurance products is available. Who said you couldn’t afford to give?

Advantageous

The Planned Gift concept lets you make a substantial financial contribution on your death to a charitable organization or foundation without affecting your current standard of living. On the one hand, the payment methods offered fit easily into any budget. On the other, the premiums paid are considered charitable donations and, as such, result in exciting tax savings.

Features of the Planned Gift concept

• Apply for a new life insurance policy
• Designate a registered charitable organization or foundation as the sole beneficiary and policy owner
• Select a flexible payment method (preauthorized monthly debit, annual billing)

Advantages

• The value of the eventual donation can increase tenfold
• Affordable payments that do not affect your current standard of living
• Choice of a charitable organization in keeping with your values and concerns
• Selection of life insurance products
• Annual charitable donation tax credits are calculated according to the premiums paid in the year.

Tax Considerations

Federal Tax Credit

Provincial Tax Credit

Source: Desjardins Financial Services

Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds are sold through Shah Financial Planning Inc., the Mutual Fund Dealer.
Lotus Loans and Mortgage ltd. is the principal mortgage broker.